ProVen Growth & Income VCT PLC commences an Equity Buyback Plan for 33,659,195 shares, representing 14.99% of its issued share capital, under the authorization approved on August 10, 2020.
August 28, 2020 at 09:30 am IST
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ProVen Growth & Income VCT PLC (LSE:PGOO) commences share repurchases on August 28, 2020, under the program mandated by the shareholders in the Annual General Meeting held on August 10, 2020. As per the mandate, the company is authorized to repurchase up to 33,659,195 shares, representing 14.99% of its issued share capital. The minimum price which may be paid for an ordinary share is £0.016187 per ordinary share. The maximum price which may be paid for such ordinary shares shall be an amount equal to 5% above the average of the middle market quotations for such class of the company’s shares, as derived from the Daily Official List of the London Stock Exchange for the five business days immediately preceding the day on which the purchase was made. The program shall expire at the earliest of the conclusion of the next Annual General Meeting in 2020, or after 15 months, whichever is earlier. As of June 30, 2020, the company had 224,544,331 ordinary shares issued.
ProVen Growth and Income VCT plc is a United Kingdom-based venture capital trust. The Company's investment objective is to achieve long-term returns greater than those available from investing in a portfolio of quoted companies, by investing in a portfolio of carefully selected qualifying investments in small and medium sized unquoted companies with growth prospects and a portfolio of non-qualifying investments permitted for liquidity management purposes. It is focused on minimizing the risk of each investment and the portfolio as a whole. It invests in companies at various stages of development, including those requiring capital for expansion, but not in start-ups or in management buy-outs or businesses seeking to use funding to acquire other businesses. Its portfolio comprises approximately 52 investments across various sectors, including business services, media/advertising technology, healthcare, consumer/e-commerce and others. Its investment manager is Beringea LLP.
ProVen Growth & Income VCT PLC commences an Equity Buyback Plan for 33,659,195 shares, representing 14.99% of its issued share capital, under the authorization approved on August 10, 2020.
PROVEN GROWTH & INCOME VCT PLC 
