Understanding the New Prospectus from ProVen VCT plc
ProVen VCT plc (LEI: 21380091P1TTU2Z2AW75) and ProVen Growth and Income VCT plc (LEI: 213800K1RM776QM8XG84) have recently made a significant announcement regarding their newest investment opportunities, aimed at enhancing shareholder value.
Details of the Offer
The Companies have initiated a call for investment through their newly published Prospectus, which includes a Securities Note, Registration Document, and Summary. They aim to raise a total of £30,000,000 by issuing new ordinary shares, allowing an additional £10,000,000 from an over-allotment facility. Each Company seeks to secure a maximum of £20,000,000, with investments payable in full in cash upon application.
Application Timeline
The investment opportunity opens to applicants and will close no later than noon on 1 April for the 2025/2026 Offer, and by 5 p.m. on 30 April for the 2026/2027 Offer, or until the investment is fully subscribed. Directors retain the discretion to extend the closing date of the 2026/2027 Offer until 16 November of the following year.
Incentives for Early Applicants
For those who held shares in either Company as of 14 November, early applicants can benefit. If valid applications for each Company reach the first £5 million limit by 9 a.m. on 15 December, they will receive additional shares valued at equivalent to 1% of their subscription. Others in the same bracket may enjoy a 0.5% additional share benefit.
Management and Fee Structure
Beringea LLP acts as the Companies' investment manager and will cover the subscription price for additional shares offered to early applicants. According to an agreement effective from the announcement date, Beringea is entitled to receive a deliberate fee—a substantial 3.5% of gross funds raised from direct applications and 3% from advisor-led applications. This fee will encompass all agreed-upon costs associated with the Offer.
Value for Shareholders
The boards of both Companies are committed to ensuring that the fee structure remains fair and advantageous for existing shareholders. To this end, Howard Kennedy Corporate Services LLP has been appointed to provide guidance in this area, affirming the board's belief that the offers are beneficial.
Accessing the Prospectus
Investors interested in the Securities Note should reach out to Beringea at 020 7845 7820 for a copy or access the downloadable version from their website. Additionally, the Prospectus is available free of charge from both Companies' registered offices.
A further supply of the Prospectus will be submitted to the National Storage Mechanism, thus ensuring transparency and access to potential investors across various platforms.
Contact Information
For more information relating to this Offer or to clarify any queries regarding the Prospectus, individuals can contact Shane Elliott at 020 7845 7820. Beringea LLP serves as the Companies' Secretary, operating at the same contact point to assist investors with their concerns.
Frequently Asked Questions
1. What is the purpose of the new Prospectus from ProVen VCT plc?
The Prospectus is published to raise funds for new ordinary shares, offering investment opportunities to potential investors.
2. How much capital do the Companies aim to raise?
They aim to raise up to £30 million in total through the issuance of new shares.
3. What are the key dates for the investment Offer?
The Offer opens on 17 November and closes on specified dates between April 2026 and November 2026, depending on subscription levels.
4. Are there incentives for early investors?
Yes, early applicants can receive additional shares valued at 1% or 0.5% of their subscription amount depending on their application timing.
5. How can investors get a copy of the Prospectus?
Investors can contact Beringea at 020 7845 7820 or download it from the designated company website.
