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ProVen VCTs launch £20 million Linked Offer
London, 20th November 2008—Private equity firm Beringea today announced it has launched a £20 million Linked Offer across its two VCT funds, ProVen VCT and ProVen Growth & Income VCT.
The Offer aims to raise up to £20 million through the issue of up to 10 million new D shares in both ProVen VCT and ProVen Growth & Income VCT, with investor subscriptions divided equally between the two funds. The subscriptions for the new D share class will be invested into an entirely new portfolio of investments, but through VCTs with a proven track record of performance and by an award winning fund management team.
The ProVen VCTs are managed by Beringea, a specialist private equity fund manager which has been established for over 20 years1. It is one of the most experienced managers of VCTs, having launched its first in 1996. Beringea manages the ProVen family of VCTs, comprising ProVen VCT and ProVen Growth & Income VCT. ProVen Growth & Income VCT (PGI VCT) and ProVen VCT are the highest rated funds of their respective launch years, according to www.taxshelterreport.co.uk.
1 Beringea was previously known as ProVen Private Equity and Guinness Mahon Development Capital.
For more information on ProVen VCTs, use our
contact form or call 0845 686 0225.
Please note: An investment in a VCT is not suitable for all investors. Potential investors are advised to take appropriate financial advice on the suitability for them of investing in a VCT before doing so. See the risk warning on this page and our terms of use for further information.
Download ProVen D Share Linked Offer Securities Note with application form (PDF, 248k) | Download Adobe Reader
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Source: interim accounts for the period ended 31 August 2008. Please note: this table shows how the ProVen VCTs have performed historically. However, past performance is no guide to future performance. |
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| ProVen VCT Ordinary Shares (Launched February 2000) | ProVen VCT C Shares (Launched November 2006) | ProVen Growth & Income VCT Ordinary Shares (Launched February 2001) | ProVen Growth & Income VCT C Shares (Launched November 2005) | |
|---|---|---|---|---|
| Current NAV | 77.6 | 81.0 | 94.6 | 85.0 |
| Cumulative dividends paid since launch | 77.95 | 2.75 | 101.9 | 6.25 |
| Total return (NAV + dividends paid) | 155.55 | 83.75 | 196.5 | 91.25 |
ProVen VCTs' Current Share Prices
The current share prices as provided by the London Stock Exchange:
- ProVen VCT ordinary share price
- ProVen Growth & Income VCT ordinary share price
- ProVen Growth & Income VCT "C Share" price
- ProVen VCT "C Share" price
Shares of a VCT can be bought and sold in the same way as any other quoted company on the London Stock Exchange via a stockbroker. Investors are reminded that there may be tax implications in respect of this and are therefore advised to consult their independent financial adviser if they have any queries.
The VCTs operate a policy of buying in their own shares for cancellation as they become available. The VCTs are, however, unable to buy back shares direct from shareholders, and so shareholders will need to use a stockbroker. Downing Management Services Limited is able to provide details of close periods (when the VCTs are prohibited from buying in their own shares) and details of the prices at which the VCTs have bought in shares. Downing can be contacted at Kings Scholars House, 230 Vauxhall Bridge Road, London SW1V 1AU; telephone: 020 7416 7780.
Beringea have proved over the last few years that they can and do add value and make money for investors in their VCTs. They have made a number of successful exits and have paid healthy dividends to their investors. I am happy to recommend them as one of my VCT choices for this tax year.
— Ben Yearsley, Head of VCT research, Hargreaves Lansdown
The ProVen VCTs have performed well over recent years since the current management took over... Since June 2002 the manager has made efforts to increase the value of the portfolio, and in the last 12 months they have borne fruit. The VCT has seen a significant uplift to NAV and made significant capital distributions to shareholders.
— Richard Allen, Director, Allenbridge Tax Shelter Research