VCT News
ProVen VCTs Top Up Offers
Priority Application Period for C Shareholders Now Open
Offers for subscription for ordinary shares in ProVen VCT and ProVen Growth and Income VCT for the tax years 2007/2008 and 2008/2009
ProVen VCT and ProVen Growth and Income VCT have launched Offers for Subscription for Ordinary Shares for the tax years 2007/08 and 2008/09. The ProVen VCT Offer will be for up to 1.7 million Ordinary shares and the ProVen Growth and Income VCT Offer will be for up to 625,000 Ordinary shares.
Applications from existing C shareholders, on the registers on 14 January 2008, will now be given priority (along with applications from existing Ordinary shareholders) until 25 March 2008. Applications will be dealt with on a first come first served basis.
These "top-up" Offers provide shareholders with the opportunity to make further investment in these two top-performing 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).
By investing in these "top-up" Offers investors will gain access to a mature portfolio of unquoted companies, which means that sales of underlying investments are likely to occur sooner than with a new VCT. This may result in a higher level of dividend payments over the first few years of the investment (although subscribers to the Offers will not be entitled to any dividends paid in relation to the financial year ending on 29 February 2008).
ProVen VCT plc and ProVen Growth and Income VCT plc will be writing to all existing C shareholders to inform them of the Offers, recommending that shareholders contact their advisers to discuss the opportunity. A copy of this correspondence, along with a copy of the Offer Document, can be found on our website.
The C shareholder priority application period will end at 5pm 25 March 2008.
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.