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ProVen Growth & Income VCT Plc


Beringea's portfolio company Abzena raises £20 million through AIM listing

London, 22nd July 2014 - Beringea, the growth capital investor that manages the ProVen Venture Capital Trusts, has announced that Abzena Plc, previously known as Polytherics, has raised £20 million, by way of a placing of 25 million new ordinary shares at 80 pence per share (the "Placing Price") in conjunction with the admission of its ordinary shares to trading on the AIM market of the London Stock Exchange. 3.4 million existing ordinary shares are also being sold at the Placing Price. Beringea first invested in Polytherics through ProVen Growth and Income (PGI) and ProVen Health (now merged with PGI) in September 2011.

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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:

For more information on the ProVen Growth & Income VCT, please use our contact form or call 0845 686 0225.

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".

Current NAV 85.0p per Share

Please note that past performance is no guide to future performance.

Original share class Tax year Allotment date(s) Income tax relief Net cost with initial income tax relief Dividends received 1 Current valuation 2 Total return
Ordinary 2000/01 All dates 20% 80.0p 157.7p 52.4p 210.1p
Ordinary 2001/02 All dates 20% 80.0p 157.7p 52.4p 210.1p
Ordinary 2007/08 All dates 30% 70.0p 53.1p 49.9p 103.0p
Ordinary 2008/09 All dates 30% 70.0p 53.1p 49.9p 103.0p
Ordinary 2009/10 All dates 30% 70.0p 22.0p 106.9p 128.9p
Ordinary 2010/11 To 28/05/10 30% 70.0p 22.0p 106.9p 128.9p
Ordinary 2010/11 From 29/05/10 30% 70.0p 19.3p 93.8p 113.1p
Ordinary 2011/12 To 02/06/11 30% 70.0p 19.3p 93.8p 113.1p
Ordinary 2011/12 24/08/11 30% 70.0p 15.1p 98.5p 113.6p
Ordinary 2011/12 31/10/11 30% 70.0p 15.4p 100.7p 116.1p
Ordinary 2012/13
All dates 30% 70.0p 10.0p 100.2p 110.2p
Ordinary 2012/13
All dates 30% 70.0p 10.3p 103.4p 113.7p
Ordinary 2013/14
To 30/05/13 30% 70.0p 10.0p 100.2p 110.2p
Ordinary 2013/14
To 30/05/13 30% 70.0p 10.3p 103.4p 113.7p
Ordinary 2013/14
From 30/05/13 30% 70.0p 9.2p 91.6p 100.8p
Ordinary 2013/14
From 30/05/13 30% 70.0p 9.4p 94.4p 103.8p
Ordinary3 2013/14 From 06/08/13 0% 100.0p3 5.4p 101.6p 107.0p
C 2005/06 All 40% 60.0p 27.1p 85.0p 112.1p
D All All 30% 70.0p 9.7p 97.1p 106.8p

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: Interim Management Statement for the three months ended 31 May 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" ( 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.


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