Proven VCT

Investment Objectives

Achieve a total return significantly greater than that available from direct investment in quoted businesses by investing in a portfolio of carefully selected small and medium sized smaller companies with excellent growth prospects;
Minimise the risk of each investment and the portfolio as a whole; and
Obtain and maintain VCT status in order to secure the substantial tax benefits available for investment in a VCT.

Investment Strategy

ProVen VCT seeks to make investments in VCT qualifying companies with the following characteristics:

A strong, balanced and well motivated management team with a proven track record of achievement and a substantial shareholding in the business;
A defensible market position;
Good growth potential;
An attractive entry price for the Company;
A clearly identified route for a profitable realisation within a 3-4 year period.

ProVen VCT invests in companies at various stages of development, including those requiring capital for expansion and management buyouts, but not in start-ups. Investments are spread across a range of different sectors.

After it has invested in a business the manager, Beringea, remains closely involved, adding value wherever possible. As the values of the investments increase, Beringea aims to identify opportunities for profitable realisations. Capital gains made on disposals of the investments are not subject to tax and are distributed to shareholders in ProVen VCT as tax-free dividends. (See About VCTs section for more info on tax).

Directors

Neal Ransome

Chairman - Proven VCT

Barry Dean

Director - Proven VCT

Malcolm Moss

Director

Lorna Tilbian

Director - Proven VCT

Manager

Malcolm Ross

Chairman - Proven VCT

Stuart Veale

Managing Partner

Karen Mccormick

Chief Investment Officer

Maria Wagner

Partner

Eyal Malinger

Partner

Further Information

Content textProVen VCT has a target dividend yield of approx. 5% of Net Asset Value (NAV) per year. The VCT may pay a special dividend in addition to this, in the event of there being a realistion from the portfolio which results in an exceptionally large gain. The objective of paying a dividend of approx 5% of NAV each year is a target and there is no guarantee at this will be achieved.

A Historical Dividend document can be download below. Please note: This historical dividend document shows how ProVen VCT has performed historically. However, past performance is no guide to future performance.

Download Historical Dividends Document

Selling Shares

This is the default rich text value for a symbol field.Shares of a VCT can be bought and sold on the London Stock Exchange via a stockbroker. There is, however, likely to be a very limited secondary market for shares. Investors are reminded that there may be tax implications in respect to selling VCT shares and are therefore advised to consult their independent financial adviser if they have any queries.

Shareholders considering selling their shares, or trading in the secondary market, should contact the Company's Corporate Broker, Panmure Gordon (UK) Limited.

Panmure Gordon Ltd is able to provide details of close periods (when the company is prohibited from buying shares) and details of the price at which the VCT has bought in shares. They can be contacted as follows:

Chris Lloyd: 0207 886 2716 | Chris.lloyd@panmure.com

Paul Nolan: 0207 886 2717 | Paul.nolan@panmure.com

Buy Back Policy

ProVen VCT has a policy of buying back shares at a discount of 5% to the last published net asset value adjusted for any dividends subsequently paid, subject to there being sufficient liquidity and the respective VCT not being in a "close period" (i.e. in the period prior to the announcement of the full year and half year results).

As the VCTs are unable to buy back shares directly from Shareholders, a stockbroker will need to be appointed to sell the shares.

Please call Beringea for further information on 020 7845 7820.

IMPORTANT NOTE: Selling shares less than 5 years from subscription will result in the shareholder having to repay the initial tax relief.

Historical Information

Historic Mergers

This is the default rich text value for a symbol field. The Company first launched an offer for ordinary shares in February 2000, an offer for C shares in November 2006 and an offer for D shares in November 2008. Additional fundraisings on both the ordinary shares and D shares took place subsequent to the initial offers. In October 2012, the ordinary shares were consolidated into new ordinary shares on a 1 for 2 basis and the C shares and D shares were converted into new ordinary shares; C shareholders received approximately 0.9213 new ordinary shares for each C share held and D shareholders received approximately 0.8720 new ordinary shares for each D share held. The net asset value per new ordinary share at 30 November 2012 was 102.7p.

Corporate Governance

Read our AGM notice.

Recent corporate governance documents - comprising Audit Committee Terms of Reference, Nomination Committee Terms of Reference, Anti Bribery Policy and Remuneration Committee Terms of Reference - are available in the literature section of the website.

ProVen VCT plc is registered in England & Wales under registered number 3911323. The Company's registered office is Charter House, 55 Drury Lane, London, WC2H 5SQ.

As at 1 September 2021, the Company's issued share capital comprised 193,566,539 Ordinary shares. The total number of voting rights in the Company as at 1 September 2021 is, therefore, 193,566,539.

Disclaimer
‍
Venture Capital Trusts (VCTs) are high risk investments and not suitable for all investors due, in particular, to the underlying illiquidity, the early-stage nature of the investments and the need to hold the investment for a significant period for tax reasons.

The information contained on this website is an advertisement and not a prospectus. Investors should only subscribe for shares in the ProVen VCT on the basis of information contained in the prospectus, including the risk factors, a full copy of which is available on this website whilst any offer is open.

Nothing on this website should be construed as investment, tax, financial or legal advice. We recommend investors seek advice from a regulated Financial Adviser.Past performance is not a reliable indicator of future results.

Key Facts

Net Asset Value (NAV) 77.0p (as at 11 February 2022)

Original Launch date - February 2000

Investment Manager – Beringea LLP

Fund Size - £144.7m (as at 30 November 2021)

Contact

For more information on Proven VCT call us on:

020 7845 7820

Contact us

Registrar - Link Group

Email: shareholderenquiries@linkgroup.co.uk
Tel: 0371 664 0300
Address: Link Group, 10th Floor, Central Square, 29 Wellington Street, Leeds, LS1 4DL
Portal: Signal Shares

Investment Objectives

Achieve a total return significantly greater than that available from direct investment in quoted businesses by investing in a portfolio of carefully selected small and medium sized smaller companies with excellent growth prospects;

Minimise the risk of each investment and the portfolio as a whole; and

Obtain and maintain VCT status in order to secure the substantial tax benefits available for investment in a VCT.

‍

Investment Strategy

ProVen VCT seeks to make investments in VCT qualifying companies with the following characteristics:

a strong, balanced and well motivated management team with a proven track record of achievement and a substantial shareholding in the business;

a defensible market position;

good growth potential;

an attractive entry price for the Company;

a clearly identified route for a profitable realisation within a 3-4 year period.

ProVen VCT invests in companies at various stages of development, including those requiring capital for expansion and management buyouts, but not in start-ups. Investments are spread across a range of different sectors.

After it has invested in a business the manager, Beringea, remains closely involved, adding value wherever possible. As the values of the investments increase, Beringea aims to identify opportunities for profitable realisations. Capital gains made on disposals of the investments are not subject to tax and are distributed to shareholders in ProVen VCT as tax-free dividends. (See About VCTs section for more info on tax).

‍

Key Documents

Half-Yearly Report

Download

Key Information Document

Download

Admin/Literature archive

Selected Portfolio

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Directors

Further Information

Dividends

Content textProVen VCT has a target dividend yield of approx. 5% of Net Asset Value (NAV) per year. The VCT may pay a special dividend in addition to this, in the event of there being a realistion from the portfolio which results in an exceptionally large gain. The objective of paying a dividend of approx 5% of NAV each year is a target and there is no guarantee at this will be achieved.

A Historical Dividend document can be download below. Please note: This historical dividend document shows how ProVen VCT has performed historically. However, past performance is no guide to future performance.

‍

Download Historical Dividends Document