Proven Growth & Inc. Proven Growth & Income Vct Plc : Offer For Subscription

 
TIDMPGOO 
 
 
   ProVen Growth and Income VCT plc 
 
   21 September 2016 
 
   Offer for Subscription 
 
   ProVen Growth and Income VCT plc (the "Company") announces that it has 
published a Prospectus (comprising a Securities Note, Registration 
Document and Summary) (the "Prospectus") to raise up to GBP30 million 
with an over allotment facility of up to a further GBP10 million through 
an offer for subscription (the "Offer") of new ordinary shares ("New 
Ordinary Shares"). 
 
   The Offer opens on 21 September 2016 and will close not later than 1.00 
pm on 5 April 2017 in respect of the 2016/2017 Offer and not later than 
1.00 pm on 31 May 2017 in respect of the 2017/2018 Offer, or as soon as 
the Offer is fully subscribed. The Directors in their absolute 
discretion may decide to increase the size of the Offer up to maximum of 
GBP40 million, close the Offer earlier or extend the closing date of the 
2017/2018 Offer to a date no later than 21 September 2017. 
 
   Applicants (and their spouses) who had an existing shareholding in the 
Company, ProVen VCT plc or ProVen Planned Exit VCT plc on 1 August 2016 
and whose application form is received by 1.00pm on 13 January 2017 will 
be entitled to additional New Ordinary Shares equivalent to 2% of the 
amount subscribed.  All other applicants whose application forms are 
received by 1.00pm on 13 January 2017 will be entitled to additional New 
Ordinary Shares equivalent to 1% of the amount subscribed.  Applicants 
(and their spouses) who had an existing shareholding in the Company, 
ProVen VCT plc or Proven Planned Exit VCT plc on 1 August 2016, and 
whose Application Form is received after 1.00 pm on 13 January 2017 and 
prior to the close of the Offer, will be entitled to additional New 
Ordinary Shares equivalent to 0.5% of the amount subscribed. 
 
   Pursuant to an agreement dated 21 September 2016 between, inter alia, 
the Company and Beringea LLP, the  Company's investment manager 
("Beringea"), Beringea will receive a fee (the "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. 
 
   Pursuant to a deed of variation dated 21 September 2016, the investment 
management agreement (the "IMA") between the Company and Beringea will 
be varied as a result of the Offer to provide for an increase in the 
compensation payable to Beringea (the "Additional Compensation") in the 
event of an early termination of the IMA. The maximum amount of 
Additional Compensation payable is the sum of GBP1,080,000. 
 
   The Fee and Additional Compensation are smaller related party 
transactions under Listing Rule 11.1.10. 
 
   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 will shortly be 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 LLP 
 
   39 Earlham Street 
 
   London WC2H 9LT 
 
   Copies of the Prospectus will be submitted to the National Storage 
Mechanism and will shortly be available for viewing online at the 
following web-site address: 
 
   http://www.hemscott.com/nsm.do 
 
   For further information please contact: 
 
   Shane Elliott or Kate Justham on 020 7845 7820 
 
   Beringea LLP 
 
   Company Secretary 
 
   Telephone [phone] 
 
   - End 
 
   This announcement is distributed by Nasdaq Corporate Solutions on behalf 
of Nasdaq Corporate Solutions clients. 
 
   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 
 
 
 
 

(END) Dow Jones Newswires

September 21, 2016 12:27 ET (16:27 GMT)

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