Proven and ProVen Growth & Income confirm merger details

Proven VCT PLC and ProVen Growth & Income VCT PLC on Friday confirmed terms for their proposed merger and recommended their shareholders vote in favour of the deal at upcoming general meetings.

The two venture capital trusts, owned by London-based Beringea LLP, said in September that they were considering a merger aimed at achieving "simplicity, cost savings, administrative efficiency and scale".

Under the proposed deal, ProVen Growth & Income will transfer its assets and liabilities to Proven VCT in exchange for shares in the latter. The combined entity would have a market capitalisation of around £308.3 million.

General meetings for shareholders of both companies have been scheduled for December 9. If approved, the merger is expected to become effective on December 17.

Proven VCT said it also launched a new fundraising of up to £30 million on Friday, with an over-allotment facility of up to a further £10 million.

Proven VCT shares fell 2.7% to 54.50 pence, while ProVen Growth & Income rose 3.0% to 44.60p on Friday afternoon in London.

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