ProVen Growth & Income VCT Plc
LATEST NEWS
London, 13th October 2014 - Simplestream, a leading provider of 'Over the Top' (OTT) live streaming services for broadcast TV channels, is pleased to announce it has secured substantial funding from Beringea, the Manager of the ProVen VCTs. The investment will accelerate the expansion of TVPlayer, Simplestream's B2C live TV streaming service, and facilitate the addition of more channel packs and multi-channel catch-up functionality.
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ProVen Growth & Income VCT plc is a generalist fund that invests in a diversified portfolio of UK based unquoted companies that have significant potential for growth.
After it has invested in a business, Beringea remains closely involved, aiming to add value wherever possible. As the values of the investments increase, Beringea aims to identify opportunities for profitable realisations. Capital gains made on disposals of the investments are not subject to tax and are distributed to shareholders in ProVen Growth & Income VCT as tax free dividends.
ProVen Growth & Income VCT plc is the best-performing VCT launched in the tax year - 2001/2002 and the 2nd best performing VCT of all time. Source: www.taxefficientreview.com.
For more information on the ProVen Growth & Income VCT, please use our contact form or call 0845 686 0225.
Current Offers
PGI VCT Securities Note (PDF)
An investment in ProVen VCT should be based on all the information in the Securities Note or Offer Document, including the Risk Factors section.
Venture capital trusts are not suitable for all investors. If you are in any doubt about the suitability of an investment in ProVen VCT you should consult an authorised Independent Financial Adviser. The sale of VCT shares within 5 years will result in the loss of the initial tax relief, so an investment in a VCT should be considered a long-term investment. The value of shares in a VCT may fluctuate and you may not get back the amount you invested. There is no certainty as to the level of dividends. You may have difficulty selling your shares and any sale is likely to be at a discount to the net asset value. VCTs invest in a portfolio of small companies, which by their nature carry greater risk than larger, quoted companies.
The tax reliefs available are dependent on ProVen VCT maintaining its status as a VCT. A failure to meet the qualifying requirements could result in adverse tax consequences to investors, including a requirement to repay the income tax relief obtained. Investors must retain their shares for the minimum period required to retain their initial tax relief. The tax rules and regulations governing VCTs are subject to change.
The past performance of Beringea LLP as a fund manager is no guide to the future performance of its VCTs.
Performance Tables
As at 30 June 2014, the Company's issued share capital comprised 62,231,290 Ordinary Shares. The total number of voting rights in the Company as at 30 June 2014 is, therefore, 62,231,290.
The table below shows the investment returns per £1 invested for each fundraising. No account has been taken of the possible benefit of any capital gains tax deferral (available for new investments up to and including tax year 2003/2004) or of additional shares that may have been available through early bird or financial intermediary discounts. The analysis assumes that 'C' Shareholders did not take part in the 'C' Share tender offer in July 2009; for those 'C' Shareholders who did take part, the total return would remain unchanged but the shareholder would have received an additional distribution offset by a reduced "current valuation".
Please note that past performance is no guide to future performance.
Net cost with initial income tax relief, dividends received, current valuation and total return are shown per £1 invested, excluding impact of discounts on subscription, reinvested initial commission, tender offers and enhanced share buybacks.
- 1 Calculated as: Dividends per Share x 100/Subscription Price
- 2 Calculated as: Current NAV per Share x 100/Subscription Price
- 3 Ordinary Shares issued to former ProVen Health VCT plc shareholders. Based on net asset value of 83.6p per ProVen Growth & Income Share on 6 August 2013 and no initial income tax relief.
- Source: Unaudited net asset value as at 31 August 2014.
The Company first launched an offer for ordinary shares in February 2001, an offer for C shares in November 2005 and an offer for D shares in November 2008. Additional fundraisings on both the ordinary shares and D shares took place subsequent to the initial offers.
The ordinary shares in existence today were created from the consolidation of the original ordinary shares and C shares in October 2009. One original ordinary shares converted into approximately 0.6178 ordinary shares and one original C share converted into one ordinary share.
In October 2012, the D shares were converted into new ordinary shares; D shareholders received approximately 1.1427 new ordinary shares for each D share held. The net asset value per new ordinary share at 30 November 2012 was 80.1p.
ProVen Growth & Income VCT Current Share Price
The current share price on the London Stock Exchange is provided below:
Selling Shares
Shares of a VCT can be bought and sold on the London Stock Exchange via a stockbroker. There is, however, likely to be a very limited secondary market for shares. Investors are reminded that there may be tax implications in respect to selling VCT shares and are therefore advised to consult their independent financial adviser if they have any queries.
Buy Back Policy
The ProVen VCTs have a policy of buying back shares at a discount of 5% (0% for ProVen Planned Exit VCT) to the last published net asset value adjusted for any dividends subsequently paid, subject to there being sufficient liquidity and the respective VCT not being in a "close period" (i.e.in the period prior to the announcement of the full year and half year results).
As the VCTs are unable to buy back shares directly from Shareholders, a stockbroker will need to be appointed to sell the shares. Shareholders considering selling their shares or trading in the secondary market, should contact the Company's Corporate Broker, Panmure Gordon (UK) Limited.
Panmure Gordon Ltd is able to provide details of close periods (when the company is prohibited from buying shares) and details of the price at which the VCT has bought in shares. They can be contacted as follows:
Chris Lloyd: 0207 886 2716
Paul Nolan: 0207 886 2717
Please do call Beringea for further clarification on 0207 845 7820.
Circulars
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