ProVen VCT Plc

ProVen VCT plc is a venture capital trust that invests in a diversified portfolio of UK based unquoted companies. The companies are selected by the Manager as having, in its opinion, significant potential for growth.

Call Beringea on 020 7845 7820 for more information.

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;
  • the ability to structure the investment with a proportion of secured loan notes in order to reduce risk;
  • 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).

FOR FURTHER INFORMATION CLICK/TAP BELOW

  • TOP 10 INVESTMENTS
    Monica Vinader Limited
    Monica Vinader Limited

    Monica Vinader is an award‐winning high‐end fashion jewellery brand. The elegant vibrant collections, which have been showcased across the UK, Europe, Japan and U.S., focus predominately on gold, silver and semi‐precious stones and have demonstrated broad appeal amongst customers, celebrity clients and the fashion press.

    www.monicavinader.com
    SPC International
    SPC International

    SPC specialises in the repair and refurbishment of electronic point of sales equipment. It has operations in the UK, France, Slovakia and India.

    www.spcint.com
    Third Bridge
    Third Bridge

    Third Bridge offers a broad range of research services to private equity firms, hedge funds, asset managers and large consulting businesses.

    www.thirdbridge.com/
    Watchfinder
    Watchfinder

    Since 2002, Watchfinder & Co. has provided a modern, prestigious service for people investing in fine watches. Watchfinder.co.uk is where WF&Co. finds its origins and is one of the most visited watch-related websites in the world with over 4.4 million unique visitors a year. The first bricks-and-mortar store was opened in 2013 and today accounts for 20% of sales, which total over £120 million since inception.

    www.watchfinder.co.uk
    Maplin
    Maplin

    Maplin Electronics is the UK’s biggest and best specialist retailer of consumer electronics. Its national network of stores are a goldmine of useful consumer technologies and gadgets. With over 15,000 different products Maplin Electronics sells everything from MP3 players and Sat Nav systems, to digital cameras ad Wi-Fi connectors, across the broad categories of Sound & Vision, Computer, and Hobbies & Electronics.

    www.maplin.co.uk/
    Chargemaster
    Chargemaster
    Chargemaster Plc is the UK’s leading provider of electric vehicle charging infrastructure. Benefiting from over 25 years of experience working within the telematics and vehicle-orientated industry, Chargemaster provides a comprehensive, flexible and practical range of electric vehicle charging solutions. www.chargemasterplc.com
    Pulpitum Limited
    Pulpitum Limited

    Pulpitum Limited is an acquisition platform company, established with the objective of trading as a digital company, which will look to acquire attractive businesses within the digital sector.

    Perfect Channel
    Perfect Channel

    Perfect Channel combines sophisticated auction theory with robust technology to create identifiable uplift in value for its clients.  Perfect Channel provides an end-to-end auction solution for businesses, with services across auction design, auction management and post-auction analytics. Its platform is designed for scale, managing up to 60,000 simultaneous bidders, across a variety of different verticals on a global basis. 

    www.perfectchannel.com/
    Cogora Group Limited
    Cogora Group Limited

    Cogora Group is a magazine publisher and event organiser in the healthcare sectors. For 25 years the company has enjoyed a first-rate reputation for delivering top quality, timely content and events that supports healthcare professionals with their clinical decision-making and career development.

    www.cogora.com
  • DIVIDENDS

    ProVen 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
  • DIRECTORS

    Andrew Davison Chairman - ProVen VCT

    Andrew Davison

    Barry DeanDirector- ProVen VCT

    Barry Dean

    Malcolm MossDirector

    Malcolm Moss

    Lorna TilbianDirector - ProVen VCT

    Lorna Tilbian

    Andrew Davison

    Andrew Davison

    Andrew Davison

    Chairman - ProVen VCT

    Email: Andrew Davison

    Andrew has over 30 years’ experience of the financial services industry. He was formerly Managing Director of NatWest Ventures, which specialised in venture capital investments, and is a former council member of the British Venture Capital Association.

    He was formerly the chairman of a number of companies including City of London Investment Group plc, The Ethical AIM VCT plc, Business Mortgage Bank PLC, Holliday Dyes & Chemicals PLC and ProVen Growth and Income VCT plc and a director of Downing Income VCT 3 plc.

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    Barry Dean

    Barry Dean

    Barry Dean

    Director- ProVen VCT

    Email: Barry Dean

    Barry has over 25 years’ experience in the venture capital industry, including 14 years as Managing Director of Dresdner Kleinwort Benson Private Equity Limited. He is currently a director of Downing ONE VCT plc and Elderstreet VCT plc. He was formerly a director of Henderson Private Equity Investment Trust plc and Downing Absolute Income VCT 2 plc.

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    Malcolm Moss

    Malcolm Moss

    Malcolm Moss

    Director

    Email: Malcolm Moss

    Malcolm is a Founding Partner of Beringea. Over the last 20 years he has been responsible for the growth, development and management of the private equity business of Beringea in both the UK and the USA.

    In addition to sitting on the boards of ProVen VCT plc, ProVen Growth & Income VCT plc and ProVen Planned Exit VCT plc, he sits on the investment committees of Beringea’s three other venture capital funds and as a non-executive director on several portfolio company boards. 

Prior to founding Beringea, Malcolm gained Europe-wide industrial, planning and analytical experience in healthcare, engineering and financial services with Baxter International, Uniroyal Inc. and Lloyds TSB Group. Malcolm has a MBA from Kingston Business School and a degree in Business Studies.


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    Lorna Tilbian

    Lorna Tilbian

    Lorna Tilbian

    Director - ProVen VCT

    Email: Lorna Tilbian

    Lorna is an Executive Director and Head of the Media Sector at Numis Securities Limited. Lorna has been a top-ranked media analyst by Institutional Investor and Thomson Reuters Extel from 1987 to 2012. She was previously a director at SG Warburg and West LB Panmure. Lorna is a non¬executive director of Jupiter Primadona Growth Trust.

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  • SELLING SHARES

    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

    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

    AGM Results are available here

    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 click here.

    ProVen VCT plc is registered in England & Wales under registered number 3911323. The Company's registered office is 39 Earlham Street, London WC2H 9LT.

    As at 30 April 2017, the Company's issued share capital comprised 98,562,973 Ordinary shares. The total number of voting rights in the Company as at 30 April 2017 is, therefore, 98,562,973.

Returns Illustrator - More info

No account has been taken of the possible benefit of any capital gains tax deferral (available for new investments up to and including tax year 2003/2004) or of additional shares that may have been available through early bird or financial intermediary discounts. The analysis assumes that 'C' Shareholders did not take part in the 'C' Share tender offer in August 2012; for those 'C' Shareholders who did take part, the total return would remain unchanged but the shareholder would have received an additional distribution offset by a reduced NAV.

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Net Cost

Net cost with initial income tax relief, dividends received, current valuation and total return are shown per £1 invested, excluding impact of discounts on subscription, reinvested initial commission, tender offers and enhanced share buybacks.

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Dividends

Calculated as: Dividends per Share x 100/Subscription Price - as at 30 November 2016.

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Current Value

Calculated as: Current NAV per Share x 100/Subscription Price - as at 30 November 2016.

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Note

ALL C AND D SHARES HAVE NOW BEEN CONVERTED TO ORDINARY SHARES. 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

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Terms of Use

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Regulatory Information

The ProVen VCTs are managed by Beringea LLP, a specialist private equity fund manager based in the UK which is authorised and regulated by the Financial Conduct Authority (FCA). Beringea LLP's FCA Firm Reference Number is 496358.

The market price of VCT shares may not reflect the full underlying net asset value ("NAV") of shares and shareholders may have dificulty in selling their shares and any sale is likely to be at a discount to the NAV.

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.

Due to a number of the features and risk factors associated with VCTs, it is an investment that is more appropriate for HNWs/Sophisticated Investors.

To comply with the requirements of the Data Protection Act 1998, we adhere to strict security procedures and have taken all measures.

A copy of these Terms of Use can be found in the Legal and Privacy section of this website.