VCT News
ProVen VCT launches £20m Ordinary Share Offer
London, 22 October 2013: ProVen VCT today launched a new Offer of Ordinary shares to raise up to £20 million. The Offer enables investors to subscribe for shares in a mature VCT with an established portfolio of 28 small and medium sized private companies. The funds raised by the Offer will be used to support further investments by ProVen VCT in qualifying companies which, in the opinion of the Manager, have the potential for rapid growth.
ProVen VCT was launched in 2000 and is the best performing VCT of its vintage by Total Return (NAV plus cumulative dividends)1. Investors in the original ordinary share issue have received a total return (excluding the initial tax relief) of £1.66 for each £1 invested. This includes tax-free dividends of 1.16p per share.
ProVen VCT is managed by Beringea LLP, a specialist growth capital investment manager, with over 25 years experience of investing in smaller UK unquoted companies and which has managed VCTs since they were first launched in 1995. The Beringea group currently has over £300 million under management.
Stuart Veale, Managing Partner of Beringea, said: "The ProVen VCT Offer combines the ability for investors to gain exposure to a portfolio of private companies selected by the Manager as having the potential for rapid growth, with the attractive tax benefits available for investment in a VCT".
The Offer opened on 22 October 2013 and will close on 4 April 2014 in respect of the 2013/14 tax year and 30 May 2014 in respect of the 2014/15 tax year, unless it is extended by the directors. The number of shares allotted to subscribers will be calculated using the most recently announced NAV per share. The minimum subscription amount is £5,000.
Existing shareholders in one or more of the ProVen VCTs will benefit from a 2% discount for applications received by 31 January 2014, while new investors will receive a 1% discount in respect of applications received by this date.
ProVen VCT has agreed to facilitate the payment of fees from clients to advisers. For further information, please see the Securities Note.
Risk Warning: An investment in a VCT carries certain risks and is not suitable for everyone. Please refer to the Risk Warnings in the prospectus. Potential investors who are in any doubt about the suitability for them of an investment in ProVen VCT should consult an authorised Financial Adviser.
1 www.taxefficientreview.com, 21 October 2013
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.