ProVen VCT plc
Offer Update
4 December 2017
On 20 October 2017, ProVen VCT plc (the "Company") published an offer document (the "Offer Document") to raise up to £4.4 million, approximately the Sterling equivalent of €5 million, through an offer for subscription (the "Offer") of new ordinary shares ("New Ordinary Shares"). The Offer 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.
As at 21 November 2017, valid applications for subscription totalling, in aggregate, £3.2 million had been received and allotted in respect of the Offer.
On 22 November 2017, following the Autumn Budget Statement, Her Majesty's Government introduced a number of changes to the rules governing Venture Capital Trusts. Further details of these changes were set out in the first draft of the Finance (No. 2) Bill 2018 (the "Finance Bill") published on 1 December 2017.
As of the date of this announcement, the Board does not believe that these rule changes will materially affect either the purpose for which funds are being raised under the Offer or the Company's investment policy and strategy.
Therefore, the Board confirms that the Offer remains open and the Company expects to make a final allotment of New Ordinary Shares on 20 December 2017 unless the Offer is fully subscribed before then in which case the final allotment may be made at an earlier date.
Beringea LLP
Company Secretary
Telephone 020 7845 7820
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Source: Proven VCT plc via Globenewswire
