ProVen VCT launches Ordinary Shares top-up offer
November 19th 2012
Excellent track record of investment and tax-free dividends
(London, UK) ProVen VCT has an outstanding track record. Its original Ordinary share issue is the best performing VCT offer of its launch year* and investors in the original offer have received a total return to date of nearly £1.65 for every £1 invested (prior to any tax relief obtained), including tax free dividends of £1.14 per £1 invested. Past performance is not a guide to future performance, however.
VCT industry expert Martin Churchill, of Tax Efficient Review, said: “ProVen 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)
An established portfolio creating the opportunity for early dividends
This Offer will enable investors to subscribe to a fund with an existing and mature portfolio of 28 VCT qualifying investments, which may provide investors with a potential early stream of dividends. Beringea intends to sell a number of these investments over the next 2-3 years, in order to generate dividend payments for shareholders. No guarantee is given or implied that the realisation of strategy will be achieved or about the future level of dividends.
Managed by a long established, award winning VCT manager
ProVen VCT is managed by Beringea, an experienced investment manager with over 25 years experience of investing into smaller UK unquoted companies, and which has managed VCTs since they were first launched in 1995.
The Offer details
The Offer for subscription opened on 19 November 2012, and is expected to close on 5 April 2013. The Offer price will be calculated based on the latest net asset value, divided by 0.945 (to allow for issue costs of 5.5%), rounded up to the nearest tenth of a penny. The minimum investment amount is £5,000. Existing ProVen VCT shareholders will benefit from a 2% discount to the Offer price for all applications, while existing shareholders in all other ProVen VCTs will receive a 1% discount; the discount will be given in the form of additional shares.
1. *Source: www.taxefficientreview.com, VCT Performance Page 14 as at 31 October 2012, based on annual rate of return since launch.