VCT News
ProVen Growth & Income VCT launches "C" Share offer
28 November 2005 - Beringea, the manager of the ProVen VCT funds, announced today that it has re-opened ProVen Growth & Income VCT for investment with the aim of raising up to £25 million through a "C" share offer.
Beringea leads £2.2m investment in i-level
16 November 2005 - Beringea Ltd., the international private equity firm, announced today that it has led a £2.2 million investment round in i-level, Europe's largest independent online media buyer. Beringea's ProVen VCT and ProVen Growth & Income VCT have invested in the London-based company along with syndicate partner Chrysalis VCT.
Beringea Announces Appointment of Three New Directors
4 November 2005 - Beringea Limited, the manager of the ProVen Venture Capital Trusts and Global Rights Private Equity Funds, today announced promotions of Jeff Cornish, Trevor Hope and Jamie Kennell to director.
Beringea Receives Cash Offer for LFR from Premium Casual Dining Limited
19 October 2005 - Beringea, the international private equity firm, today announced the terms of a recommended cash offer from Premium Casual Dining Limited ("PCD") for portfolio company Loch Fyne Restaurants ("LFR"), a branded seafood restaurant chain. The Offer, for the entire issued and to be issued capital of LFR, which is wholly in cash, will be £10.00 for each LFR Share and values the entire existing issued share capital of LFR at approximately £21.8 million.
ProVen Growth & Income VCT and ProVen VCT announce increases in Total Return
11 October 2005 - Leading Venture Capital Trusts ProVen Growth & Income VCT and ProVen VCT have announced their interim results to 31st August 2005.
Beringea sells Nectar Taverns - ProVen VCTs achieve 35% ROI
3 October 2005 - Private equity company Beringea announces the sale of Nectar Taverns ("Nectar"), a leading operator of community pubs, to Lincoln Capital Limited, a newly formed private investment company. Beringea's ProVen VCT and ProVen Growth & Income VCT have realised a total return of 2.5 times their original investment from the sale.
ProVen VCT and ProVen Growth & Income VCT exit Copyright Promotions Licencing Group - Beringea secures 3x capital return
12 September 2005 - ProVen VCT and ProVen Growth & Income VCTs have exited from portfolio company Copyright Promotions Licensing Group (CPLG). With the disposal, Beringea, who manages the ProVen VCTs and the Global Rights Fund II (GRFII), which invested in CPLG alongside them, has achieved a return on capital of nearly 3x and an IRR of 40%. The Beringea funds' entire equity interest in the company was acquired by CPLG's senior management team.
Copyright Promotions' management acquires equity from VC partner
Beringea generates 40% IRR
12 September 2005 - The senior management of Europe's leading licensing agency, Copyright Promotions Licensing Group (CPLG), announces today that it has acquired the entire equity interest in the company of funds managed by private equity and investment banking firm Beringea. With the disposal, Beringea has achieved a return on capital of nearly 3x and an IRR of 40%.
Beringea Portfolio Company Zenith Entertainment re-commissioned to produce second series of King Arthur's Disasters
23 May 2005 - CiTV has commissioned a second series of the highly entertaining animation King Arthur's Disasters from Beringea portfolio company Zenith Entertainment. Julian Scott, Zenith's Head of Children's Drama and Animation, also announced a pan-European deal with Cartoon Network that will see the first series broadcast in France, Benelux and Russia.
Beringea Portfolio Company Subtv Boosts Audience Share to 75 Per Cent
25 April 2005 - Beringea portfolio company SUBtv, the national youth TV channel which targets university students, announced today that it has significantly increased its audience share. It is now fully established as the premier student medium, reaching 1.5 million students each week, 75 per cent of the total student population in the UK.
ProVen VCT exits portfolio company Notability Solutions in trade sale to Logicalis Group
4 March 2005 - Beringea's ProVen VCT and Barclays Ventures today announced the sale of investee company Notablity Solutions Ltd. to Logicalis Group Ltd, the UK subsidiary of Johannesburg Stock Exchange listed, Datatec. The sale of Notability represents a return of 2.4 times capital in two years and a cash to cash IRR of 57% for the two investment firms who backed the MBO of the company in 2003.
Beringea's ProVen Media VCT invests in Marketing services group Gyro
11 February 2005 - Beringea Ltd today announced the management buy-out of Gyro Group PLC, the UK's leading integrated, B2B brand communications agency. Beringea's ProVen Media VCT formed part of a syndicate of funds in a total investment of £3m. Other funds in the syndicate included Electra Unquoted Management, Matrix Private Equity and Octopus Asset Management.
Proven Investments Named Amongst 50 Fastest Growing UK Media Companies
7 February 2005 - ProVen VCT and ProVen Media VCT, venture capital trusts managed by Beringea, the international private equity and investment banking firm, announced today that two of their investment portfolio companies have been named amongst the 50 fastest growing media companies in the UK.
ITN invests in Beringea Portfolio Company Espresso Education
13 January 2005 - Independent Television News (ITN) has made a strategic investment in Beringea portfolio company, Espresso Education, the UK's market leader in the provision of video-rich digital teaching materials to schools. The new partnership will enable Espresso to develop its multi-media service, which is built to support core curriculum requirements, and explore opportunities to market the Espresso concept outside the UK.