Proven Growth & Income VCT plc : Offer by Subsc...
ProVen Growth and Income VCT plc
20 October 2017
Offer for Subscription
ProVen Growth and Income VCT plc (the "Company") announces that it has published an offer document (the "Offer Document") to raise up to £4.4 million, approximately the Sterling equivalent of €5 million, through an offer for subscription (the "Offer") of new ordinary shares ("New Ordinary Shares").
The Offer opens on 20 October 2017 and will close at 1pm on 20 December 2017 or as soon as the Offer is fully subscribed or such earlier time as the Directors in their absolute discretion may decide.
The Offer will be available exclusively for shareholders (and their spouse or civil partner) of the Company, ProVen VCT plc and ProVen Planned Exit VCT plc until 8 November 2017.
Applicants who had an existing shareholding, or whose spouse or civil partner had an existing shareholding, in the Company, ProVen VCT plc or ProVen Planned Exit VCT plc on 20 October 2017 will be entitled to additional New Ordinary Shares equivalent to 1% of the amount subscribed.
Pursuant to the Offer, Beringea LLP, the Company's investment manager ("Beringea"), will receive a fee for acting as promoter of the Offer equal to five and a half (5.5) per cent. of the gross funds raised under the Offer from applications received through execution only brokers or directly from investors and three (3) per cent. of the gross funds raised under the Offer from applications received through financial advisers. Out of the fee Beringea will pay all costs agreed between the Company and Beringea, including charges and expenses of or incidental to the Offer. This arrangement constitutes a smaller related party transaction under Listing Rule 11.1.10.
A copy of the Offer Document is available free of charge from the registered office of the Company or from:
Beringea LLP
39 Earlham Street
London WC2H 9LT
To obtain a copy of the Offer Document, private investors and Financial Advisers should call the investment manager, Beringea, on 020 7845 7820. A downloadable version of the Offer Document will shortly be available from www.provenvcts.co.uk.
A copy of the Offer Document will be submitted to the National Storage Mechanism and will shortly be available for viewing online at the following website address:
http://www.morningstar.co.uk/uk/NSM
For further information please contact:
Shane Elliott on 020 7845 7820
Beringea LLP
Company Secretary
Telephone 020 7845 7820
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Proven Growth & Income VCT plc via Globenewswire
Latest directors dealings
- 1 day ago Savannah Energy
- 1 day ago Buccaneer Energy PLC
- 1 day ago Savannah Energy
- 1 day ago Carclo
- 1 day ago Schroder Japan Growth Fund