Welcome to ProVen VCTs
LATEST NEWS
ProVen VCTs launch £20 million Linked Offer
London, 20th November 2008—Private equity firm Beringea today announced it has launched a £20 million Linked Offer across its two VCT funds, ProVen VCT and ProVen Growth & Income VCT.
The Offer aims to raise up to £20 million through the issue of up to 10 million new D shares in both ProVen VCT and ProVen Growth & Income VCT, with investor subscriptions divided equally between the two funds. The subscriptions for the new D share class will be invested into an entirely new portfolio of investments, but through VCTs with a proven track record of performance and by an award winning fund management team.
The ProVen VCTs are managed by Beringea, a specialist private equity fund manager which has been established for over 20 years1. It is one of the most experienced managers of VCTs, having launched its first in 1996. Beringea manages the ProVen family of VCTs, comprising ProVen VCT and ProVen Growth & Income VCT. ProVen Growth & Income VCT (PGI VCT) and ProVen VCT are the highest rated funds of their respective launch years, according to www.taxshelterreport.co.uk.
1 Beringea was previously known as ProVen Private Equity and Guinness Mahon Development Capital.
For more information on ProVen VCTs, use our
contact form or call 0845 686 0225.
Please note: An investment in a VCT is not suitable for all investors. Potential investors are advised to take appropriate financial advice on the suitability for them of investing in a VCT before doing so. See the risk warning on this page and our terms of use for further information.
Download ProVen D Share Linked Offer Securities Note with application form (PDF, 248k) | Download Adobe Reader
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Source: interim accounts for the period ended 31 August 2008. Please note: this table shows how the ProVen VCTs have performed historically. However, past performance is no guide to future performance. |
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| ProVen VCT Ordinary Shares (Launched February 2000) | ProVen VCT C Shares (Launched November 2006) | ProVen Growth & Income VCT Ordinary Shares (Launched February 2001) | ProVen Growth & Income VCT C Shares (Launched November 2005) | |
|---|---|---|---|---|
| Current NAV | 77.6 | 81.0 | 94.6 | 85.0 |
| Cumulative dividends paid since launch | 77.95 | 2.75 | 101.9 | 6.25 |
| Total return (NAV + dividends paid) | 155.55 | 83.75 | 196.5 | 91.25 |
ProVen VCTs' Current Share Prices
The current share prices as provided by the London Stock Exchange:
- ProVen VCT ordinary share price
- ProVen Growth & Income VCT ordinary share price
- ProVen Growth & Income VCT "C Share" price
- ProVen VCT "C Share" price
Shares of a VCT can be bought and sold in the same way as any other quoted company on the London Stock Exchange via a stockbroker. Investors are reminded that there may be tax implications in respect of this and are therefore advised to consult their independent financial adviser if they have any queries.
The VCTs operate a policy of buying in their own shares for cancellation as they become available. The VCTs are, however, unable to buy back shares direct from shareholders, and so shareholders will need to use a stockbroker. Downing Management Services Limited is able to provide details of close periods (when the VCTs are prohibited from buying in their own shares) and details of the prices at which the VCTs have bought in shares. Downing can be contacted at Kings Scholars House, 230 Vauxhall Bridge Road, London SW1V 1AU; telephone: 020 7416 7780.
Beringea have proved over the last few years that they can and do add value and make money for investors in their VCTs. They have made a number of successful exits and have paid healthy dividends to their investors. I am happy to recommend them as one of my VCT choices for this tax year.
— Ben Yearsley, Head of VCT research, Hargreaves Lansdown
The ProVen VCTs have performed well over recent years since the current management took over... Since June 2002 the manager has made efforts to increase the value of the portfolio, and in the last 12 months they have borne fruit. The VCT has seen a significant uplift to NAV and made significant capital distributions to shareholders.
— Richard Allen, Director, Allenbridge Tax Shelter Research
Terms of use
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Please read the following terms of use for this website then click on the link above to confirm acceptance:
The information on these pages relating to VCTs managed by Beringea Ltd, is directed at United Kingdom residents only. Shares in venture capital trusts ("VCTs") referred to on these pages will not be offered to non-residents.
No reliance is to be placed on the information contained on this website in making an application to subscribe for shares in VCTs managed by Beringea.
Any such application may only be made on the basis of the relevant prospectus, which can be downloaded from this website or obtained from: Beringea Limited, 39 Earlham Street, London WC2H 9LT (telephone: 0845 686 0225). Prospective investors should ensure that they read the risk warnings set out in the prospectus. Beringea does not provide and nothing on these web pages should be construed as investment or tax advice.An investment in a VCT should be considered a long-term investment and is not suitable for all individuals. Under current legislation shares must be held for a minimum of 3 years for maximum tax benefits and may be affected by future legislation. The market price of VCT shares may not reflect the full underlying net asset value ("NAV") of shares and shareholders may have difficulty in selling their shares and any sale is likely to be at a discount to the NAV. Potential investors in VCTs managed by Beringea should consult their financial advisors.
The value of shares in a VCT and the income from them may fluctuate and investors may not get back the amount they invested. The market price of VCT shares is unlikely fully to reflect their underlying net asset value. It is possible that there may not be a liquid market in the shares of VCTs and shareholders may have difficulty in selling their shares. Any sale is likely to be at a discount to net asset value.
VCTs invest in a portfolio of small companies, which by their nature carry greater risk than larger, quoted companies.
The tax reliefs available to investors in a VCT are dependent on it maintaining Inland Revenue approval. A failure to meet the qualifying requirements could result in adverse tax consequences to investors, including a requirement to repay the 40 per cent income tax relief obtained. Investors must retain their VCT shares for three years to retain the initial tax relief. The tax rules and regulations governing VCTs are subject to change.
The past performance of Beringea Limited as a fund manager is no guide to the future performance of its VCTs.
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Any information you provide to us will be used to administer your requirements for information from us. Occasionally, we may also use your details to inform you of other features, services and products which we think you may be interested in and we may contact you by post, fax, email or telephone. We will keep your personal information confidential except to the extent that we are compelled to disclose it by law or to comply with an instruction of a regulatory body of competent jurisdiction. To comply with the requirements of the Data Protection Act 1998, we adhere to strict security procedures and have taken all appropriate measures to ensure that no unauthorised disclosures of your details are made to a third party without your permission and unauthorised access to it is prevented.
The information in this website does not constitute an invitation, inducement or offer to engage in investment activity, or to subscribe for or purchase shares or other securities. It is intended for general information purposes only and not as investment, or other advice, and is not to be relied upon in connection with any investment decision.
Any potential investor should seek independent, professional financial advice and read the relevant prospectus or offering memorandum prior to making an investment decision.
This Site is aimed at persons who qualify as "professional clients" or "eligible counterparties" (these terms are defined in the rules of the Financial Services Authority ("FSA") and the former generally entails a certain minimum net worth or level of expertise. The Site is therefore not directed at private customers and such persons should not rely upon information on the Site and will not be able to avail themselves of the services referred to on it.
Issued by Beringea Limited which is authorised and regulated by the Financial Services Authority registered number: 138888.