ProVen Planned Exit VCT Plc

The Company was launched on 2 November 2010 and raised £4.6 million after issue costs through the issue of one Ordinary share (at 99.9p) and one A Share (at 0.1p) for each 100p invested. Shares were allotted to investors in the tax years 2010/11 and 2011/12 with the final allotment of shares on 16 September 2011. The investment objective set out in the prospectus was to pay an annual dividend of at least 6p per Ordinary Share for five years and to achieve a total return of at least 100p per Ordinary Share. This compared to the net cost per Ordinary Share and A Share, after the initial 30% tax relief, of 70p.

By March 2016 the Company had paid total Ordinary Share dividends of 92p and had realised all of its unquoted investments bar one. At this point the directors decided that it would be in the best interests of the Company’s shareholders to arrange for a solvent winding-up of the Company, to enable all of the remaining assets to be distributed to shareholders by way of final dividends. A Resolution to this effect was passed with requisite majority at a general meeting of the Company held on 30 March 2016 and a liquidator appointed to handle the process.

The Liquidator has confirmed that for all intents and purposes the liquidation can be finalised by making the final distribution to the Company’s shareholders. Computershare has issued the distribution on 14 June 2019 by way of cheque or payment directly to your nominated bank account.
The final distributions comprise an 8.68736p dividend for every Ordinary Share held and a 0.78552p dividend for every A Share held.

These final dividends take the total dividends distributed since inception to 101.47p, which exceeds the 100p target total return outlined in the initial offer for subscription and equates to a total tax-free return of 45% on the net cost of investment, after the initial tax relief, of 70p.

Thank you for your support of the Company and if you have any questions then please feel free to contact Beringea on 020 7845 7820.


Call Beringea on 020 7845 7820 for more information.

KEY FACTS

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  • TOP 0 INVESTMENTS
  • DIVIDENDS

  • DIRECTORS

    Peter Hewitt Chairman - PPE VCT

    Peter Hewitt

    Robin Chamberlayne Director - PPE VCT

    Robin Chamberlayne

    Malcolm MossDirector

    Malcolm Moss

    Peter Hewitt

    Peter Hewitt

    Peter Hewitt

    Chairman - PPE VCT

    Email: Peter Hewitt

    Peter has over 35 years experience in property, company direction and corporate finance. He has been Chairman or Director of some 10 public companies, chairing 6 of these including 7 years as Chairman and CEO of a construction and fit out company which he founded and floated on AIM, exiting in 2004. Subsequently, he established and sold two stock broking businesses and was for 13 years a non-executive director of a £150m Close Brothers Fund. Peter is currently a non-executive director of two other public companies. He is also a member of the Project Merlin Business Finance Roundtable and an elected Alderman in the City of London, where amongst other activities, he chairs the City’s £20m Social Investment Fund.

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    Robin Chamberlayne

    Robin Chamberlayne

    Robin Chamberlayne

    Director - PPE VCT

    Email: Robin Chamberlayne

    Robin Chamberlayne is a Chartered Financial Planner with extensive knowledge of Venture Capital Trusts gained through his role as a partner in Progressive Strategic Solutions LLP, an investment advisory firm specialising in tax based financial solutions, the forerunner to which he founded in 1997. He has a particular interest in energy and is a director of a number of companies in this sector that operate in the solar, renewable heat incentive and STOR markets. Robin is also a Director of Downing Structured Products VCT plc, Armstrong Energy Limited and Downing Planned Exit VCT 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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  • CORPORATE GOVERNANCE

    Following a general meeting held on 30 March 2016, it was resolved that ProVen Planned Exit VCT plc be placed into members’ voluntary liquidation. At the general meeting, Mark Supperstone and Simon Harris of ReSolve Partners Limited were appointed joint liquidators of ProVen Planned Exit VCT plc and will be contacting shareholders directly shortly.

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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.

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