VCT News
ProVen Growth & Income VCT Announces Special Dividend of 50p per Ordinary Share Following Sale of Mergermarket
ProVen VCT Announces Special Dividend of 31p per Ordinary Share
19 October 2006 - London - The ProVen VCTs, managed by Beringea Ltd, have announced large dividend payouts following the sale of portfolio company Mergermarket Limited to the FT Group on 29 September.
Leading Venture Capital Trusts ProVen Growth & Income VCT and ProVen VCT, already the top performing VCTs in their launch years1, have announced special dividends of 50.0p and 31.0p per Ordinary Share respectively. This will bring the total dividends per Ordinary share paid by the two VCTs since launch to 68.9p and 53.2p respectively. The dividends for both VCTs will be paid on 7 December 2006 to Ordinary Shareholders on the Register at 3 November 2006.
The special dividends were announced this week, with the interim results for each VCT to 31 August 2006. ProVen Growth and Income VCT announced an increase in total return per Ordinary share (net asset value plus dividends paid) of 26.9 % compared to 28 February 2006. The increase in total return per ProVen VCT Ordinary share over the same period was 20.1%.
Beringea Managing Director Stuart Veale was delighted by the results. "The sale of Mergermarket, supported by strong performance across the rest of the VCTs' investments, has produced exceptional results for the last six months. Both funds' portfolios continue to develop well and include several companies with encouraging prospects for extracting further value for shareholders in the future".
For more information please call 020 7845 7820, email info@beringea.co.uk or visit www.beringea.co.uk.
1 Source: www.taxefficientreview.com
About Beringea
Beringea is an international venture capital firm with offices in London and Detroit. In the UK Beringea manages ProVen VCT, ProVen Health VCT, ProVen Growth & Income VCT and Global Rights Fund II. Beringea launched its first VCT in 1996, making it one of the most experienced VCT managers in the UK. ProVen Growth & Income and ProVen VCT are highest performing VCTs of their launch years, respectively, according to www.taxefficientreview.com. For more information please visit www.provenvcts.co.uk.