ProVen pulls fundraising

The crowded VCT fundraising market has seen its first casualty after Beringea, which manages the ProVen and ProVen Media VCTs, pulled its £30 million fundraising for ProVen 3.

Managing director Stuart Veale has lifted the minimum required for this fund to go ahead from £1 million to £5 million. If this is not reached by 24 March, the offer will close. He has done this in order to prevent managing a small fund since this would be ‘unable to diversify without taking on a relatively high level of risk’.

Instead Beringea will now run a series of ten per cent top-up issues for its original ProVen VCT. This could raise up to £11 million for this relatively mature trust, which has recently seen one of its major investments, IT group Notability Solutions, sold to South African concern Logicalis, producing a £1.25 million capital gain, or 5.6p a share.

Veale believes other VCT managers may follow ProVen’s lead since ‘the unexpectedly high number of new issues in the VCT market will result in there being many small funds.’

For further information visit:

Leslie Copeland

Leslie Copeland

Leslie was made Editor for Growth Company Investor magazine in 2000, then headed up the launch of Business XL magazine, and then became Editorial Director in 2007 for the online and print publication portfolio...

Related Topics

VCT