28th Mar 2019 18:29
LONDON (Alliance News) - ProVen VCT PLC and ProVen Growth & Income VCT PLC on Thursday said they intend to utilise their respective GBP10.0 million over-allotment facilities.
In mid-January the ProVen funds launched an offer for subscription to raise up to GBP60.0 million by way of an issue of new shares, with an over-allotment facility of up to a further GBP20.0 million, payable in full in cash on application.
Under the terms and conditions of the offer, both companies have the ability, if their
respective offer is oversubscribed, to increase the number of shares available for subscription and raise up to further GBP10.0 million in each company.
On Thursday, both VCTs said they expect to reach the full GBP30.0 million capacity under open offer. Accordingly, both funds intend to utilise their respective GBP10.0 million over-allotment facilities.
The expanded open offer is expected to close no later than on Friday next week, or as soon as it is fully subscribed.
ProVen VCT shares closed down 1.3% on Thursday at 77.50 pence each, while ProVen Growth ended 1.6% lower at 63.00p.
Related Shares:
Proven VctProven Growth