VCT News
ProVen VCTs Announce Dividend Payments Following Disposal of Saffron Digital
15th February 2011 - Following their disposal last week of their investments in Saffron Digital for 5.8 times the original cost, ProVen VCT and ProVen Growth & Income VCT have announced dividend payments to Ordinary shareholders.
ProVen VCT - Dividend Of 6.25p Per Ordinary Share
ProVen VCT will pay a dividend of 6.25p per Ordinary share on 29 July 2011 to shareholders on the register on 3 June 2011. The directors of ProVen VCT have also announced it is their intention that the Company will pay a further dividend of approximately 6.25p per Ordinary share in 2012.
The dividend in July 2011 will bring the total tax-free dividends paid to Ordinary shareholders since the Ordinary share class was launched in April 2000 to 107.7p per share. This is an average of nearly 10p per Ordinary share per annum.
ProVen VCT currently has a top-up Offer for Ordinary shares open, to raise up to £1.37 million. Investors in the Offer whose application is received prior to the Offer being fully subscribed and by 31 May 2011 will be entitled to receive the dividend to be paid on 29 July 2011. The dividend of 6.25p is a yield of 14.6% on the net cost per share, based on the expected Offer Price of 61.0p per Ordinary share.
ProVen Growth & Income VCT – Dividend of 4.5p Per Ordinary Share
ProVen Growth & Income VCT will pay a dividend of 4.5p per Ordinary share on 29 July 2011 to shareholders on the register on 3 June 2011. The directors of ProVen Growth & Income VCT have also announced it is their intention that the Company will pay a further dividend to Ordinary shareholders in 2012, in order to distribute the balance of the realised profits on the disposal of Saffron Digital.
The dividend in July 2011 will bring the total tax-free dividends paid to investors in the original Ordinary share issue in 2001 to 150p per £1 invested (prior to initial tax relief). The total return (dividends paid plus net asset value) to investors in the original Ordinary share issue is 200p per £1 invested. The cumulative dividends of 150p are equivalent to an average tax-free dividend of 15p per original Ordinary share per annum.
ProVen Growth & Income VCT currently has an Offer for Ordinary shares open, to raise up to £15 million. Investors in the Offer whose application is received prior to the Offer being fully subscribed and by 31 May 2011 will be entitled to receive the dividend to be paid on 29 July 2011. The dividend of 4.5p is a yield of 7.1% on the net cost per share, based on the expected Offer Price of 90.6p per Ordinary share.
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.