ProVen VCT plc: Intention to Utilise Over-Allot...

ProVen VCT plc
ProVen Growth and Income VCT plc

31 March 202 2

Intention to u tilise remaining Over-Allotment Facility

On 11 January 2022, ProVen VCT plc and ProVen Growth and Income VCT plc (the “Companies”) launched offers for subscription (the “Offer”) to raise up to £40.0 million by way of an issue of new ordinary shares ("New Ordinary Shares") in the Companies, with each of the Companies raising up to £20.0 million, together with an over-allotment facility of up to a further £40.0 million (being up to £20.0 million for each of the Companies). Full details of the Offer are contained in a prospectus (comprising a Securities Note, Registration Document and Summary (the “Prospectus")), which was published by the Companies on 11 January 2022.

Under the terms and conditions of the Offer, as set out in the Prospectus, the directors of the Companies have the ability (at their discretion) to utilise the over-allotment facility and increase the number of New Ordinary Shares available for subscription in order to raise further amounts under the Offer of up to £20.0 million in each of the Companies. On 9 March 2022, the Companies announced the utilisation of part of the over-allotment facility of up to £10 million for each of the Companies.

Each of the Companies expects to reach the increased £30.0 million capacity under their respective Offer shortly. Accordingly, the directors of both Companies are pleased to announce that they intend to utilise their respective remaining over-allotment facility at this time, in the amount of £10.0 million for each Company.

The Offer opened on 11 January 2022 and will close not later than 1.00 p.m. on 4 April 2022 in respect of the 2021/2022 Offer and not later than 1.00 p.m. on 29 April 2022 in respect of the 2022/2023 Offer, or if earlier as soon as the Offer is fully subscribed. The directors of each of the Companies may decide to extend the Offer in respect of their Company at their absolute discretion to a date no later than 12 December 2022.

To obtain a copy of the Securities Note private investors and Financial Advisers should call the investment manager, Beringea LLP, on 020 7845 7820. A downloadable version of the Securities Note (and the entire Prospectus) is also available from www.provenvcts.co.uk. A copy of the Prospectus is also available, free of charge, from the registered office of the Companies:

Beringea LLP
Charter House
55 Drury Lane
London WC2B 5SQ

If the registered office or Beringea’s office is closed due to government restrictions, copies may be requested by email to [e-mail] or by calling Beringea on 020 7845 7820.

For further information please contact:

Shane Elliott on 020 7845 7820

Beringea LLP
Company Secretary
Telephone [phone]