VCT News
ProVen VCTs Exit Gyro
Second Interim Dividend Announcement
8 February 2008 - London - ProVen Growth and Income VCT and ProVen VCT, managed by Beringea Ltd, have announced second interim dividend payments for the year ended 29 February 2008.
ProVen Growth & Income VCT plc
- 18.5 per share to ordinary shareholders
- 2.0p per share to C shareholders
ProVen VCT plc
- 2.5p per share to ordinary shareholders
These dividends will be paid on 14 March 2008 to shareholders on the register at 22 February 2008.
The dividend payments follow a successful exit earlier this month from Gyro International, one of the UK’s leading B2B digital marketing agencies. ProVen G&I VCT initially invested in the MBO of Gyro in February 2005 as part of a syndicate. The deal provided £3m of funding and enabled the buy out of one of the original partners as well as further alignment of the management team’s interests. Both ProVen VCTs then participated in a second round of funding in October 2006 to support new acquisitions. Since February 2005, Gyro has made five acquisitions and opened offices in both Europe and the US. ProVen Growth and Income VCT’s and ProVen VCT’s investment in Gyro has delivered a combined IRR of 58.6 %.
The exit has been facilitated by an investment of over £50m from a US private equity house. The investor has taken a majority stake with the intention of driving further international growth.
The realisation is the first exit of 2008 for Beringea’s awarded winning VCTs. Both ProVen VCT and ProVen Growth and Income VCT are currently the top rated VCTs in their respective launch years (source: www.taxefficientreview.com - based on IRR since launch). ProVen Growth and Income VCT also has the highest annual rate of return (IRR) since launch of all VCTs, at 14.6%, while ProVen VCT is the 4th best performing VCT with an IRR of 8.9% (source: www.taxshelterreport.co.uk as at 30 January 2008). ProVen Growth and Income VCT received the 2008 award for Specialist Investment Vehicle of the Year last week at the Quoted Company Awards.
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.