Proven VCT plc Proven Vct Plc : Offer For Subscription
20 October 2017 - 11:07PM
UK Regulatory
TIDMPVN
ProVen VCT plc
20 October 2017
Offer for Subscription
ProVen VCT plc (the "Company") announces that it has published an offer
document (the "Offer Document") to raise up to GBP4.4 million,
approximately the Sterling equivalent of EUR5 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 Growth and Income 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 Growth and
Income 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
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 VCT plc via Globenewswire
(END) Dow Jones Newswires
October 20, 2017 08:07 ET (12:07 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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