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28 Mar 2019 16:22
ProVen Growth and Income VCT plc: Statement re Offer for Subscription - Intention to Utilise Over-Allotment Facility
ProVen VCT plcProVen Growth and Income VCT plc
28 March 2019
Announcement of Intention to Utilise Over-Allotment Facility
On 11 January 2019, ProVen VCT plc and ProVen Growth and Income VCT plc (the “Companies”) launched an offer for subscription to raise up to £60.0 million by way of an issue of new ordinary shares ("New Ordinary Shares") in the Companies, with an over-allotment facility of up to a further £20.0 million, payable in full in cash on application (the “Offer”). Full details of the Offer are contained in a prospectus (comprising a Securities Note, Registration Document and Summary ("the Prospectus")), which was published by the Companies on 11 January 2019.
Under the terms and conditions of the Offer, as set out in the Prospectus, the directors of the Companies have the ability (at their discretion), if their respective Offer is oversubscribed, to increase the number of Shares available for subscription under the Offer to raise further amounts under the Offer of up to £10.0 million in each Company.
Each of the Companies expects to reach the full £30.0 million capacity under their respective Offer shortly. Accordingly the directors of both Companies are pleased to announce that they intend to utilise their respective £10.0 million over-allotment facility.
The Offer opened on 11 January 2019 and will close not later than 1.00 pm on 5 April 2019 in respect of the 2018/2019 Offer and not later than 1.00 pm on 30 April 2019 in respect of the 2019/2020 Offer, or as soon as the Offer is fully subscribed. The directors of each of the Companies may decide to extend the Offer in respect of their Company at their absolute discretion to a date no later than 10 January 2020.
To obtain a copy of the Securities Note private investors and Financial Advisers should call the investment manager, Beringea, on 020 7845 7820. A downloadable version of the Securities Note is also available from www.provenvcts.co.uk. A copy of the Prospectus is available, free of charge, from the registered office of the Company or from:
Beringea LLP39 Earlham StreetLondon WC2H 9LT
For further information please contact:
Shane Elliott on 020 7845 7820
Beringea LLPCompany SecretaryTelephone 020 7845 7820