Beringea UK launches New ProVen Growth & Income VCT offer
October 3rd 2016
The funds raised by the Offer will be used to support further investments by PGI VCT in qualifying companies
(London, UK) ProVen Growth & Income VCT (PGI VCT) has launched a new £30 million Offer for Ordinary Shares. The Offer enables investors to subscribe for shares in a mature VCT with an established portfolio of small and medium sized private companies. The funds raised by the Offer will be used to support further investments by PGI VCT in qualifying companies which, in the opinion of the Manager (Beringea LLP), have the potential for rapid growth.
PGI VCT is managed by Beringea LLP, an award winning venture capital investment manager which has over 25 years’ experience of investing in unquoted companies and which has managed PGI VCT since it was launched in 2001. PGI VCT’s NAV Total Return over the last 10 years is £256 for every £100 invested1, the second highest out of the thirty-one VCTs with a ten year track record.
Stuart Veale, Managing Partner of Beringea said “Over the last few years we have seen exceptionally high demand for our VCT offers and we are currently seeing a strong pipeline of exciting investment opportunities. This offer is an opportunity to invest in a mature diversified portfolio of dynamic UK businesses which have been selected for their potential for rapid growth. So far, 2016 has been an excellent year for PGI VCT. In the last nine months Beringea has achieved profitable realisations from seven of PGI VCT’s portfolio companies and made a number of new investments.”
The Offer opened on 21 September 2016 and will close on 5th April 2017 in respect of the 2016/17 tax year and 31 May 2017 in respect of the 2017/18 tax year, unless it is fully subscribed at an earlier date, or the offer period is extended by the Directors. The number of shares allotted to subscribers will be calculated using the most recently announced NAV per share. The minimum subscription amount is £5,000.
Existing shareholders in one or more of the ProVen VCTs will benefit from a 2% discount on the amount subscribed for valid applications received by 1.00pm on 13 January 2017, while new investors will receive a 1% discount in respect of valid applications received by this date.
To obtain a copy of the Securities Note, private investors and Financial Advisers should call the Manager, Beringea, on 020 7845 7820. A downloadable version of the Securities Note is available from www.provenvcts.co.uk.
Risk Warning: An investment in a VCT involves risk and is not suitable for everyone. Please refer to the Risk Warnings in the Securities Note which is available from the ProVen VCTs’ website www.provenvcts.co.uk. Potential investors who are in any doubt about the suitability for them of an investment in PGI VCT should consult an authorised Financial Adviser.
1Source: www.aicstats.co.uk at 31 August 2016. NAV total return is the theoretical total return on shareholders’ funds per share, reflecting the change in value of the NAV per share assuming dividends paid to shareholders were reinvested in the NAV on the last trading day of the month the shares were quoted ex-dividend. 51 share classes were quoted in the ranking table of which 45 have a 5 year record and 31 have a 10 year record.