Proven VCT plc : Publication of circular

PROVEN VCT PLC
PUBLICATION OF A CIRCULAR
27 June 2013

ProVen VCT plc (the "Company") has today published and issued to Shareholders a circular approved by the UK Listing Authority (the "Circular") in relation to recommended proposals to approve changes to the Company's investment policy and the performance fee elements of the investment management fee arrangements.

The Circular convenes a general meeting of the Company to be held at 11.30 a.m. on 30 July 2013 (the "General Meeting"). The resolutions which will be proposed at the General Meeting are as follows:

1. Resolution 1, which will be proposed as an ordinary resolution, to approve the adoption of an amended investment policy of the Company to allow the Company to invest part of the non-qualifying portion of its portfolio in debt and debt-related securities of growth companies; and   

2. Resolution 2, which will be proposed as an ordinary resolution, on which only Independent Shareholders may vote, to approve amendments to the investment management fee arrangements relating to the performance incentive fees introduced in August 2011 (the "Amended Performance Fee Arrangements"). 

Beringea is a related party of the Company under Chapter 15 of the Listing Rules and the Amended Performance Fee Arrangements will constitute a related party transaction for the purposes of the Listing Rules.  In accordance with Chapter 11 of the Listing Rules, the Amended Performance Fee Arrangements must be approved by shareholders of the Company other than Beringea and its Associates.

Copies of the Circular will shortly be available for inspection at http://www.morningstar.co.uk/uk/NSM.

Copies of the Circular are also available in electronic form on the Company's website: http://www.provenvcts.com and, until 30 July 2013, are available for collection from the registered office of the Company at 39 Earlham Street, London WC2H 9LT.

Terms used and not defined in this announcement have the meanings given in the Circular.

Enquiries

For further information please contact:

Beringea LLP
Stuart Veale                    020 7845 7820

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(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.

Source: Proven VCT plc via Thomson Reuters ONE

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