London, 6th August 2013: ProVen Growth & Income VCT is pleased to announce that following receipt of shareholder approval from both companies, the merger of ProVen Health VCT (PHV) with ProVen Growth & Income VCT (PGI) has been completed.
As of 6th August 2013, all shareholders who held shares in PHV, have been issued with new ordinary shares in PGI. PHV is being placed into liquidation and will, in due course, no longer exist.
PGI acquired £6.2m of PHV assets, comprising of 12 investments, including 5 existing portfolio companies (Inskin Media, Cognolink, APM Healthcare, Utility Exchange Online and Skills Matter) and approximately £2.8m in cash and debtors.
The merger was calculated based on the adjusted net asset values of PHV and PGI as at close of business on 2nd August 2013. These figures were 30.23p per share for PHV and 83.64p per share for PGI. Therefore existing PHV shareholders will receive approximately 0.3614 Ordinary shares in PGI, for each PHV share previously held (rounded down to the nearest whole share).
For PHV shares that were held in uncertificated form in CREST, new shares will be credited to accounts on 7th August 2013. If the PHV shares were held in certificated form, new PGI share certificates will be issued during the week commencing 19th August 2013. These will replace any existing PHV share certificates, which are now invalid and should be destroyed.
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.