Proven VCT plc : Result of Tender Offer - Repla...

Proven VCT plc : Result of Tender Offer - Replacement

ProVen VCT plc 
Result of Tender Offer - Replacement

13 February 2012

The announcement released by the Company at 17:40 on 1 February 2012 entitled Results of Tender Offer as HUG1581962 contained an error in respect of the number of shares for which applications had been received to tender. There were applications to tender 655,309 Ordinary Shares, representing 2.39% of the Company's issued Ordinary Share capital, as opposed to 647,193 Ordinary Shares, representing 2.36%. The full corrected version of the announcement is as follows:

ProVen VCT plc ("the Company") announces the results of its Tender Offer to Ordinary Shareholders pursuant to the Circular dated 8 December 2011 and following the approval of the requisite resolutions at the Company's General Meeting held on 26 January 2012.

Applications to tender 655,309 Ordinary Shares, representing approximately 2.39% of the Company's issued Ordinary Share capital as at the Record Date, were received by the deadline of 1pm on 31 January 2012. Accordingly, all tender applications will be satisfied in full. 

In accordance with the terms of the Tender Offer, the Ordinary Shares will be purchased by the Company at a tender price of 47.7p per Ordinary Share, being the net asset value per Ordinary Share as at 30 November 2011 of 55.0p, less the amount of the interim dividend of 6.25p per Ordinary Share to be paid on 2 February 2012 and the related performance incentive payment of 1.05p per Ordinary Share. The Ordinary Shares tendered and purchased will be cancelled and not re-issued. The proceeds arising from the Tender Offer will be used to subscribe for new Ordinary Shares under the Company's current Offer for Subscription dated 8 December 2011. It is expected that this process will be completed by 15 February 2012.

For further information, please contact Beringea LLP, the investment manager, on 020 7845 7820.

-End




This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.

The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.

Source: Proven VCT plc via Thomson Reuters ONE

HUG#1585219

Companies

ProVen VCT (PVN)
UK 100

Latest directors dealings