Introduction to ProVen VCT plc
ProVen VCT plc (LEI: 21380091P1TTU2Z2AW75) and ProVen Growth and Income VCT plc (LEI: 213800K1RM776QM8XG84) have come together to present an exciting opportunity for investors. This offer is designed to support their growth and benefit their shareholders.
A Significant Fundraising Initiative
These Companies have formally introduced a Prospectus that outlines an offer for subscription, with the goal of raising up to £30 million in total through the issuance of new ordinary shares. Each company may raise up to £20 million, inclusive of an over-allotment facility of £10 million, all payable in cash upon application.
Offer Details and Timeline
The offer is set to open on 6 November and will close no later than 5:00 p.m. on 3 April, with a possibility of extension to 30 April for the 2025/2026 Offer. It is important for potential investors to understand that the directors of the Companies may extend this offer until 5 November 2025 at their discretion.
Additional Shares for Existing Shareholders
Particularly beneficial for existing shareholders, there’s a chance to receive additional new ordinary shares. Applicants (along with their spouses or civil partners) who held shares on 5 November and submit a valid application within specified months may qualify for extra shares based on their investment amount. This is a great incentive to encourage existing shareholders to participate further.
Incentives for New Investors
New investors are also invited to join in on this offer. While the percentages differ, they still stand to benefit from this subscription opportunity. Detailed parameters (comprising percentages of shares received based on the subscription amount) have been established to ensure both existing and new investors can reap rewards.
The Role of Beringea LLP
Beringea LLP, the investment manager for the Companies, plays a crucial role in this process. They facilitate early subscription price agreements and handle various financial aspects associated with this offer to ensure smooth operation and transparency.
Fairness and Transparency
The board of each Company believes the payment terms to Beringea are fair for shareholders and have received guidance on this matter from Howard Kennedy Corporate Services LLP, the appointed sponsor. This consideration reflects a commitment to uphold shareholder interests.
Accessing the Prospectus
Investors interested in more details can easily access the Securities Note by contacting Beringea at 020 7845 7820. Additionally, the Securities Note can be downloaded from their dedicated website.
Contact Information
For further queries or if you require more information, you can reach out to Shane Elliott at Beringea LLP, located at Charter House, 55 Drury Lane, London WC2B 5SQ. Beringea's company secretary can also be contacted at the same number for any inquiries you might have regarding the offer.
Frequently Asked Questions
What is the purpose of the offer for subscription?
The aim is to raise funds to support the growth of ProVen VCT plc and ProVen Growth and Income VCT plc by issuing new ordinary shares.
When does the offer open and close?
The offer opens on 6 November and closes on 3 April, though it can be extended until 30 April for the subsequent offer.
Who qualifies for additional new ordinary shares?
Existing shareholders and new applicants willing to invest in specified months are eligible for additional shares based on set percentages.
How can I access the Prospectus?
The prospectus is available by contacting Beringea or can be downloaded directly from their website.
Who should I contact for more information?
For any inquiries, Shane Elliott at Beringea LLP is available at 020 7845 7820 for assistance.
