ProVen VCT plc Announces Allotment of New Ordinary Shares
ProVen VCT plc Announces Allotment of New Ordinary Shares
ProVen VCT plc has recently made headlines with its remarkable allotment of new equity. The company, known for its focus on early-stage investments, took a significant step forward with the issuance of ordinary shares as part of its ongoing mission to provide returns to its shareholders.
Details of the Allotment
On a noteworthy occasion, the company announced an allotment of ordinary shares, each valued at 10p. This move follows the opening of a subscription offer on November 6, 2024, allowing investors to seize the opportunity to gain a stake in ProVen's future growth. A total of 1,930,047 shares were allotted at an average price of 65.03p per share, reflecting the company’s robust performance.
Understanding the Pricing
The average price for these shares was determined based on the company's latest net asset value (NAV), which stood at 62.9p per share as of August 31, 2024. This strategic pricing showcases ProVen's commitment to providing value for its investors while also ensuring adequate capital for operational and investment pursuits.
Future Plans for the Shares
As part of the share allotment process, ProVen VCT plans to make an application for these shares to be admitted to the Official List of the Financial Conduct Authority. This step paves the way for trading on the London Stock Exchange, where the shares will contribute to enhancing market liquidity and investor access.
What it Means for Existing Shareholders
These newly issued shares will hold the same rights as the existing ordinary shares, ranking pari passu with them. This connectedness uplifts the existing shareholder value and reinforces the company's transparency and commitment to its investor community.
Impact on the Company's Capital Structure
With this latest allotment, ProVen’s issued share capital now totals 270,953,118 ordinary shares. This increase not only strengthens the company's balance sheet but also lays the foundation for future investments and expansions, aligning with their strategic objectives.
Connecting with ProVen VCT
Beringea LLP, the company secretary, is the point of contact for any inquiries related to the allotment. Their office can be reached at 020 7845 7820 for any shareholder questions or further clarification regarding the share issuance.
Frequently Asked Questions
What is ProVen VCT plc?
ProVen VCT plc is a venture capital trust that invests in small and growing businesses in the UK, supporting their growth and development.
How many shares were allotted in the recent issuance?
A total of 1,930,047 ordinary shares were allotted in the recent issuance on December 5, 2024.
What was the average price of the newly issued shares?
The newly issued shares were allotted at an average price of 65.03p per share.
Where will the shares be traded?
The shares will be applied for admission to the Official List of the Financial Conduct Authority and will be traded on the London Stock Exchange.
Who can I contact for more information?
For more information, you can contact Beringea LLP at their office telephone number 020 7845 7820.
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