NEWS: ProVen VCT 'C' Share Offer
ProVen_VCT

The ProVen C share offer Share Securities Note can be downloaded here. The terms of use in relation to VCTs must be read.

Offer size: £15m
Raised so far: £5m
Allenbridge rating: AA+

What the Commentators Are Saying

"The management has proven a capable fund manager in the case of both ProVen VCTs with responsibility for the origination of a number of the underlying investments. Of equal importance in our view is the ability of a manager to support investee companies, and specifically engineer profitable realisations from an unquoted portfolio; this is a skill which Beringea has demonstrated to effect on several occasions over recent years. On this basis we believe individuals would be well advised to give the offer close consideration."

Source: Allenbridge:
Tax Shelter Report
www.taxshelterreport.co.uk

For more information on the ProVen VCT 'C' Share Offer, please visit www.provenvcts.com or phone Beringea:
ph : 020 7845 7820.

Please note that past performance of the ProVen VCT fund is no indication of its future performance. Beringea is acting as manager only for Proven VCT.  An investment in Proven VCT should only be made on the information contained in the prospectus.

ProVen Growth & Income VCT is AIC's Top Performing VCT - 2006

LONDON-- The Association of Investment Companies (AIC) has named ProVen Growth & Income VCT as its top performing VCT member in 2006.

According to the AIC, Proven Growth & Income VCT generated a return of 42% over the year to 31 December 20061. The AIC currently has 73 VCT members, which is around 80% of the UK VCT market by assets.

ProVen Growth & Income VCT, managed by Beringea Ltd, was launched in February 2001. After a strong performance over its first five years, ProVen Growth & Income raised a further £25m through a ‘C’ share offer in 2006. The offer was well received in the VCT marketplace and was fully subscribed ahead of schedule.

The fund recently paid out a 50p special dividend to Ordinary shareholders, bringing the total dividends paid since launch on the Ordinary shares to 68.9p.

ProVen Growth & Income VCT invests alongside Beringea’s other venture capital trust, ProVen VCT. Both are generalist funds, although they can invest up to 25% of the portfolio in media companies – an area in which Beringea has specialist expertise.

Fund manager Stuart Veale commented that the AIC’s findings were consistent with the VCT’s longer-term performance. ‘ProVen Growth & Income VCT is the top performing fund of its launch year, and the second highest performing VCT with a track record of three years or more, based on IRR since launch , according to Tax Efficient Review2.

For those interested in investing in the ProVen VCTs, ProVen Growth & Income VCT is closed for investment, however ProVen VCT launched a £15m ‘C’ Share Offer in November. The fund has already raised £5m and is expected to be fully subscribed before the end of the current tax year. This ‘C’ share offer has been rated highly by the independent VCT commentators, Tax Efficient Review (TER) and Tax Shelter Report (TSR), with TER giving it the best ranking for a generalist VCT2, and TSR giving it a AA+ rating3.

The AIC promotes high standards within the investment company industry and publishes guides and industry information for boards and their advisers on emerging issues and trends.

For more information on the ProVen VCTs, please visit www.provenvcts.com, or contract Beringea Sales Director Jeff Cornish on 020 7845 7820.


1.Performance figures are mid market share price with net income reinvested and a 3.5% deduction for charges, stamp duty and market spread. Discrete performance figures - share price total return on £100 lump sum:

Performance From

31/12/05

31/12/04

31/12/03

31/12/02

31/12/01

Performance To

31/12/06

31/12/05

31/12/04

31/12/03

31/12/02

Duration Years.Months

1

1

1

1

1

ProVen Growth and Income VCT

141.68

113.63

125.74

77.2

98.83

(Source : Produced by AIC using Fundamental Data)
2. Tax Efficient Review (www.taxefficientreview.com)
3. Allenbridge (www.taxshelterreport.co.uk)

Notice
There are substantial tax benefits available to subscribers for new VCT shares.  In addition, VCTs offer investors a way to access the potentially attractive returns available from investing in a portfolio of smaller UK companies. It is important, however, that investors who subscribe for VCT shares have a clear understanding of the risks as well as the benefits of the investment.  VCTs are not suitable for all investors.  If you are in any doubt about the suitability of an investment in ProVen VCT you should consult an authorised Independent Financial Adviser.
 The key risks associated with investing in VCTs are set out below. There is futher information on VCTs on the Financial Services Authority Consumer Information website www.fsa.gov.uk/consumer.
 Prospective investors should be aware that the value of VCT shares can fluctuate and that they may not get back the amount they invest. Investment in PVCT should be viewed as a longer-term investment.The past performance of the fund manager or of PVCT is no indication of future performance. There is no guarantee that the partial offer referred to in the Share Securities Note will be made or that the target cash return to investors of 25p per £1 invested, within 5½ years of the ‘C’ share offer closing, will be achieved. Investments will be made in unquoted companies, which carry a higher degree of risk than quoted companies.  Consequently, these companies may not perform as expected and in some circumstances may fail completely.  Under current legislation tax relief is limited to total VCT investments of £200,000 per person per tax year. Initial tax relief is limited to the amount which reduces the investor’s income tax to zero. If the investment is not held for five years, or the VCT does not invest 70% of the funds raised in the ‘C’ share offer in qualifying investments within three years, the investor’s initial tax relief will be withdrawn.  Levels and bases of, and relief from, taxation are subject to change.  There is likely to be a limited secondary market for VCT shares and it is likely that the market value of the ‘C’ Shares will not fully reflect their underlying net asset value.  The management charges for VCTs may be greater than those for Unit Trusts and Open Ended Investment Companies. Subscriptions for shares in PVCT are subject to an initial charge of 5.5%, out of which commission is payable to authorised Independent Financial Advisors, normally at the rate of 3%.

 This document has been approved by Beringea Limited.  Beringea Limited is authorised and regulated by the Financial Services Authority, FRN 138888. You may contact Beringea Limited on 0845 686 0225.   An investment in ProVen VCT should only be made on the information contained in the Share Securities Note and you should pay particular attention to the Risk Warning Notice therein which contains important information on the risks associated with Venture Capital Trusts.  Beringea Limited is acting solely for ProVen VCT plc as manager.

About Beringea Ltd
Beringea Ltd. is an international private equity and investment services firm with offices in London, Detroit and Los Angeles. Beringea is the manager of Proven VCT, ProVen Growth & Income VCT, and Global Rights Fund II, a global media venture capital fund, amongst others.

www.beringea.com / www.provenvcts.com
 
Beringea Ltd is authorised and regulated by the Financial Services Authority
FSA FRN: 138888

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