ProVen growth and income VCT manager Beringea is aiming to raise 25m through a “C” share offer.
The VCT aims to return at least 25p per 1 invested within 3.5 years of the offer closing, through a combination of tax-free dividends and a tender offer. This is intended to reduce the net cost of each 1 invested in the offer to 35p when combined with the 40p per share income tax relief on the initial investment.
Beringea focuses on investing in companies where an exit of 3 to 4 years is reasonably forseeable, and aims to pay regular half-yearly tax-free dividends. PGI VCT was launched four years ago and has recently exited a number of investments including Notability Solutions, Copyright Promotions Group and Nectar Taverns.
Beringea managing director Stuart Veale says: “The new share offer will provide additional capital to ensure that we can continue to take advantage of a strong pipeline of new investment opportunities.”