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24 Feb 2020 09:30
ProVen VCT plc: Statement re Offer for Subscription - Intention to Utilise Over-Allotment Facility
ProVen VCT plcProVen Growth and Income VCT plc
24 February 2020
Announcement of Intention to Utilise Over-Allotment Facility
On 27 January 2020, ProVen VCT plc and ProVen Growth and Income VCT plc (the “Companies”) launched an offer for subscription to raise up to £20.0 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 (being up to £10.0 million for each Company), 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 27 January 2020.
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 £10.0 million capacity under their respective Offer. Accordingly the directors of both Companies are pleased to announce that they intend to utilise part of their respective over-allotment facility, in the amount of £5.0 million for each Company.
The Offer opened on 27 January 2020 and will close not later than 5.00 pm on 2 April 2020 in respect of the 2019/2020 Offer and not later than 1.00 pm on 30 April 2020 in respect of the 2020/2021 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 31 December 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 (and the entire Prospectus) is also available from www.provenvcts.co.uk. A copy of the Prospectus is also 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