ProVen Growth & Income VCT
ProVen VCT and ProVen Growth and Income VCT have announced their intention to launch a combined offer for subscription to raise up to a total of £60 million with an over-allotment facility of up to a further £20 million in the near future.
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ProVen Growth & Income VCT is a well established VCT with around £109 million net assets (31 May 2018) and over 40 companies in the portfolio, ranging from larger, more established companies to younger ones. New investors will benefit from this already diverse portfolio as well as new investments.
- Annual dividend target of 5% (variable and not guaranteed)
- Experienced and respected manager
- Invests in high-growth opportunities
- History of profitable exits and consequent special dividends – remember, past performance is not a guide to the future and dividends are not guaranteed
Beringea LLP has managed the ProVen VCTs since inception. It is an award-winning, specialist venture capital firm managing over £200 million of VCT assets and is part of an international fund management group with more than $600 million of venture capital assets under management.
It has investment teams operating both in the United States and UK, so can offer an international perspective.
Watch an exclusive video interview with Karen McCormick of Beringea:
Investment strategy and portfolio company examples
The VCT’s investment objective is to achieve long-term returns greater than those available from investing in a portfolio of quoted companies. It aims to pay yearly dividends of 5% of NAV. Please remember dividends are variable and not guaranteed.
ProVen Growth & Income VCT targets companies with a strong, balanced and well motivated management team and a proven track record of achievement, preferably with a substantial shareholding in the business.
The companies might be at different stages of development but must have a proven business model targeting a large and growing addressable market.
At 31 August 2017, the latest date for which results have been announced, the portfolio comprised 45 venture capital investments with a cost of £53.4 million and a valuation of £52.4 million and cash of £57.5 million. The VCT has made one more investment since August.
Portfolio company examples – largest holdings
Chess Technologies Ltd
With a valuation of £5.8 million (31 August 2017) Chess Technologies is the largest holding in the ProVen Growth & Income VCT.
Chess Technologies Ltd provides solutions for the defence and security sectors. It marries mechanical and electro-optical engineering with video management software to provide users with discrete surveillance systems. It designs and builds extremely accurate director heads and its own daylight cameras. Unlike many competitors, it also incorporates its own software house.
Beringea originally invested in Chess Technologies in 2008.
Disposable Cubicle Curtains (trading as All In One Medical)
With a valuation of £3.6 million (31 August 2017) Disposable Cubicle Curtains is the third largest holding in the ProVen Growth & Income VCT.
It manufactures and distributes disposable curtains and blinds which actively destroy deadly and harmful pathogens to medical institutions from its manufacturing plant in Wolverhampton.
A typical fabric cubicle curtain that surrounds a hospital bed has a high probability of having developed on its surface pathogens such as MRSA, ECOLI, VRE, or CDIFF. As a result, in certain A&E wards, curtains must be changed and cleaned up to 20 times a year. The replacement of traditional linen products with disposable, anti-microbial curtains, assists medical institutions in preventing and combating the outbreak of infectious diseases amongst patients, staff and visitors.
Beringea originally invested in Disposable Cubicle Curtains in 2014.
This, like all investments available through Wealth Club, is only for experienced investors happy to make their own investment decisions without advice.
VCTs are high-risk so should only form part of a balanced portfolio and you should not invest money you cannot afford to lose. They also tend to be illiquid and hard to sell and value. Before you invest, please carefully read the Risks and Commitments and the offer documents to ensure you fully understand the risks.
Tax rules can change and benefits depend on circumstances.
VCTs can now only invest new money in growth capital deals. Management buyouts, replacement capital deals and investments in mature companies are no longer permitted. This results in considerably higher risks.
How to invest
ProVen Growth & Income VCT has not yet announced its fundraising plans for 2018/19. As soon as more news is available, we will update this page.
In the meantime please register your interest here to be notified as soon as VCT offers open.
Wealth Club aims to highlight investments we believe have merit, but you should form your own view. You should decide based on the provider's documents and ensure you have read and fully understand them before investing. This review is a marketing communication. It is not advice or a personal or research recommendation to buy the investment mentioned. It does not satisfy legal requirements promoting investment research independence and is thus not subject to prohibitions on dealing ahead of its dissemination. 31.08.2018
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