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ProVen Growth & Income VCT launches £15 million ordinary share offer

February 6th 2013

The Offer will enable investors to subscribe for shares in a mature fund with an established portfolio of 31 small and medium sized private companies

(London, UK) Beringea LLP is pleased to introduce a new £15 million Ordinary Share Offer from ProVen Growth & Income VCT (“PGI VCT”).
The original Ordinary Share Offer from PGI VCT has the 2nd highest return of all initial VCT Offers, with a return of over £2 per £1 invested1.  This includes total tax-free dividends of over £1.50 per £1 invested2.

However, past performance is not a guide to future performance.

The Offer will enable investors to subscribe for shares in a mature fund with an established portfolio of 31 small and medium sized private companies.  PGI VCT is managed by Beringea LLP, an experienced manager, with over 25 years experience of investing in smaller UK unquoted Companies, and which has managed VCTs since they were first launched in 1995.  The Beringea group currently has over £300 million of funds under management.

Funds raised will be invested in a number of small and medium sized private companies which have the potential for rapid growth.  As these companies often operate in specific high-growth sectors, such as digital media, their performance is generally much less dependent on the performance of the economy as a whole than larger, quoted companies.

For example, PGI VCT has recently invested in InSkin Media, an innovative digital advertising business which specialises in online video.  InSkin’s advertising formats become part of the video viewing experience, offering the company’s clients superb brand exposure.  Last year, InSkin won the Media Momentum Award as the fastest growing digital business in Europe in 2011.

VCT industry expert Martin Churchill, of Tax Efficient Review, said: 

“PGI VCT’s historic performance has been excellent.  The existing mature portfolio will provide investors with immediate access to a potential dividend stream.  This is a highly rated generalist offer”.
Tax Efficient Review (rating 85/100)

Stuart Veale, Managing Director of Beringea, said: “The PGI VCT Offer combines the ability for investors to gain exposure to a portfolio of potentially high growth smaller companies with the attractive tax benefits available for investment in a VCT.  It will not be suitable for everyone, however – potential investors should seek advice from an authorised investment adviser.” 

The Offers for Subscription opened on 23 January 2013, and are expected to close on 5 April 2013, in respect of the 2012/13 tax year, and 31 May 2013 in respect of the 2013/14 tax year.  The Offer Price will be based on the most recently announced NAV per share, with a minimum investment amount of £5,000.

Existing shareholders in one or more of the ProVen VCTs will benefit from a 2% discount to the Offer Price for all applications received by 1 March 2013, while new investors will receive a 1% discount.

PGI VCT has agreed to facilitate the payment of fees from clients to advisers.  For further information, please see the Securities Note.

1.    Source: www.taxefficientreview.com
2.    Source: Beringea LLP