VCT News
ProVen VCTs Make the Top 10 Highest VCT Dividend Payers List
22 March 2007 - London - With last week's announcement of further dividend payments of 15p per Ordinary share by ProVen VCT and 7p per Ordinary share by ProVen Growth & Income VCT, both funds have now entered the 'Top Ten Highest VCT Dividend Payers' list (Source: Allenbridge).
The list, produced by Allenbridge, tracks the dividend record of every VCT ever launched in the UK. The appearance of the ProVen VCTs in the list is an impressive achievement, particularly considering that the ProVen VCTs are also the only VCTs in the top ten launched this decade. Both ProVen VCTs are in the top five dividend payers of Generalist VCTs.
| Sector | VCT | Start Date | Total Dividends Paid (p) |
|---|---|---|---|
| Generalist | Foresight Technology VCT plc (Now Foresight VCT plc) | 17/11/97 | 165.22 |
| Generalist | Close Brothers VCT plc | 04/04/96 | 90.80 |
| AIM | Pennine AIM VCT | 04/04/96 | 82.06 |
| Generalist | Baronsmead VCT plc | 13/11/95 | 81.05 |
| Generalist | ProVen Growth & Income VCT plc (Ordinary Shares) | 31/05/01 | 75.90 |
| Generalist | ProVen VCT plc (Ordinary Shares) | 10/04/00 | 68.20 |
| Generalist | Northern VCT plc | 01/11/95 | 61.91 |
| AIM | Close Brothers AIM VCT plc | 17/03/98 | 59.35 |
| Generalist | Baronsmead VCT 2 plc | 03/04/98 | 57.40 |
| AIM | AIM Distribution Truct plc (the) | 03/05/96 | 53.80 |
Both ProVen VCTs have excellent track records of paying out tax-free dividends. Payouts since launch have been an average of nearly 10p per annum for ProVen VCT Ordinary shares, and over 12.5p per annum for ProVen Growth & Income Ordinary shares. A tax-free dividend of 10p per annum from a VCT is equivalent to the post-tax return on a 14.8p per annum dividend generated from a non-VCT share, for a higher rate tax payer. However it should be noted that past performance is no indication of future performance.
Despite the changes to the budget in 2006, VCTs retain an attractive range of tax reliefs. The income tax relief on subsciption is 30%, and all dividends received are tax-free.
ProVen VCT is currently open for investment through a £15m C share offer. Subscription currently stands at £7.5m and is climbing rapidly.
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.