ProVen Growth and Income VCT: New Shares Issued for Growth
ProVen Growth and Income VCT plc Enhances Shareholder Value
ProVen Growth and Income VCT plc is taking significant steps to boost its capital and reinforce its commitment to shareholders. Recently, it announced the allotment of new ordinary shares as part of its Dividend Reinvestment Scheme, aimed at creating a mutually beneficial arrangement for both the company and its dedicated investors.
Details of the Recent Share Allotment
The company has allotted 1,094,340 ordinary shares, each valued at 1.6187p, in response to the enthusiasm of shareholders who opted to subscribe for these shares. This move not only reflects the company's proactive approach but also highlights the trust it has in its shareholders.
The shares were issued at a price of 50.25p per share, which was determined based on the latest published Net Asset Value, adjusted for the dividend recently distributed. This dividend, calculated at 1.25p per ordinary share, signifies a solid return on investment for shareholders, encouraging more participation in the scheme.
Implications for Existing Shareholders
With the new shares issued, they will rank equally alongside existing ordinary shares. This parity will ensure that all shareholders, old and new, have an equal stake in the company’s future growth. Such measures are essential for maintaining investor confidence and ensuring collective progress.
Regulatory Approvals and Market Trading
The company is in the process of obtaining the necessary approvals from the Financial Conduct Authority and the London Stock Exchange for the new shares to be listed. It is anticipated that these new shares will be officially admitted to the market shortly, allowing for seamless trading and engagement.
Impact on Total Ordinary Shares
After this latest issuance, the total number of ordinary shares in circulation reaches an impressive 316,620,312. This figure coincides with the total voting rights available to shareholders, reinforcing their influence within the company. Such strategic moves denote transparency and commitment to shareholder rights.
Future Outlook for ProVen Growth and Income VCT
As ProVen Growth and Income VCT plc continues to innovate and adapt, the future appears promising. The infusion of new shares is expected to provide the necessary capital for various growth initiatives, setting the stage for increased profitability and enhanced shareholder value. Investors can look forward to seeing how these changes unfold in the marketplace.
Company Contact Information
Beringea LLP serves as the Company Secretary, available to assist with any inquiries via telephone at 020 7845 7820. This accessibility underscores the company’s commitment to its investors.
Frequently Asked Questions
What is the purpose of the new shares issued by ProVen?
The new shares are issued under the Dividend Reinvestment Scheme to strengthen the company’s capital base and provide additional funds for growth.
How does the issuance affect existing shareholders?
Existing shareholders will see their shares rank pari passu with new shares, ensuring equal rights and benefits for all shareholders involved.
When is the expected listing date for the new shares?
The company expects the new shares to be admitted to the market and available for trading around the end of January 2025.
Who can I contact for more information regarding this issue?
Shareholders and interested parties can contact Beringea LLP, the Company Secretary, at 020 7845 7820 for further details.
What is the significance of the Dividend Reinvestment Scheme?
This scheme allows shareholders to automatically reinvest dividends into additional shares, assisting in compounding their investments and maximizing returns over time.
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