Beringea, operator of both the ProVen and ProVen Growth & Income VCT funds, is set for a major cash windfall – courtesy of the Financial Times’ £101 million acquisition of portfolio company mergermarket. The deal sees both trusts realise substantial gains on their previous investment valuations.
Beringea, operator of both the ProVen and ProVen Growth & Income VCT funds, is set for a major cash windfall – courtesy of the Financial Times’ acquisition of portfolio company mergermarket.
Pearson (the Financial Times’ parent company) has agreed to pay £101 million for the business, a disseminator of information related to the financial markets. In turn ProVen VCT has received £10.66 million for its stake, £6 million more than its book value as of February’s year end. ProVen Growth & Income’s interest, meanwhile, fetched £4.3 million, up from £1.9 million earlier in the year.
The mergermarket transaction represents the latest in a series of profitable exits for Beringea, with ProVen VCT alone generating net proceeds of £7.9 million last year. Some of this cash will be set aside for further investment, however, Beringea’s Stuart Veal also notes that ‘a significant dividend payout is quite likely in the not-too-distant future, albeit at our director’s discretion.’