VCT News
ProVen VCTs Announce Total Interim Dividends of £6 million
10 October 2008 - London - ProVen VCT and ProVen Growth & Income VCT, managed by private equity firm Beringea, have announced total interim dividends in excess of £6 million for the six months ended 31 August 2008.
ProVen Growth & Income VCT plc has announced dividends of 31.0p per share to Ordinary shareholders and 2.0p per share to C shareholders while ProVen VCT plc has announced dividends of 14.5p per share to Ordinary shareholders and 1.0p per share to C shareholders. This latest dividend brings the total dividend paid out on the Ordinary shares of ProVen Growth & Income VCT since launch to over 132p per share and on the Ordinary shares of ProVen VCT to 92.4p per share. Dividends will be paid by 31 October 2008 to shareholders on the register at 17 October 2008.
The interim Ordinary share dividends are largely due to the successful exit of iLG Digital, a leading digital media agency. The deal, which valued iLG Digital in excess of £45.5 million, generated a return of 3.3x the VCTs' original investment within 2.5 years.
Beringea Managing Director, Stuart Veale, commented: "Both ProVen VCT and Proven Growth & Income VCT have produced robust performances over the past year, achieving a number of notable exits and some exciting new investments. The ProVen VCTs have a track record of making regular distributions to investors and this latest dividend is a clear endorsement of our investment strategy and of the investment team responsible for the continued strong performance of the funds."
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.