VCT News
Further Dividends Announcement
15 March 2007 - London - ProVen VCT and ProVen Growth and Income VCT, managed by Beringea Ltd, have declared further dividends for the year ended 28 February 2007.
ProVen VCT plc
15p per share to ordinary shareholders
No dividend is payable to the C shareholders (a new offer - currently open for subscription)
ProVen Growth & Income VCT plc
7p per share to ordinary shareholders
2p per share to C shareholders
These dividends will be paid on 5 April 2007 to shareholders on the register at 23 March 2007.
These announcements follow another successful year for the ProVen VCTs. Earlier this month Beringea announced the sale of restaurant chain Ma Potters to Tragus, owners of the Cafe Rouge chain, for £14.15 million (2.5 times the VCTs' initial investment, IRR 27%).
This followed a successful exit in September, when portfolio company Mergermarket was sold to the FT Group, generating a total return of 14 times the VCTs' initial investment (IRR 69%). As a result of this sale, ProVen VCT ordinary shareholders received a special dividend payment of 31p per share, and ProVen Growth and Income ordinary shareholders received a special dividend payment of 50p per share, in December 2006.'
About Beringea Ltd
Beringea Ltd. is an international private equity and investment banking firm with offices in London, Detroit, Los Angeles and Shanghai. Beringea is the manager of funds including Proven VCT, ProVen Growth & Income VCT, and Global Rights Fund II, amongst others.
Beringea launched its first VCT in 1996, making it one of the most experienced VCT managers in the UK. ProVen VCT and ProVen Growth & Income are the highest performing VCTs of their launch years, according to www.taxefficientreview.com. In 2006 the Association of Investment Companies named ProVen Growth & Income as its highest performing VCT member.
www.beringea.com / www.provenvcts.com
Beringea Ltd is authorised and regulated by the Financial Services Authority
FSA FRN: 138888