ProVen VCT plc (LSE: PVN) commences an Equity Buyback Plan for 25,570,060 shares,14.99% of its issued share capital, under the authorization approved on August 6, 2020.
August 28, 2020 at 12:00 am
Share
ProVen VCT (LSE: PVN) commences share repurchases on August 28, 2020, under the program mandated by the shareholders in its Annual General Meeting on held on August 10, 2020. As per the mandate, the company is authorized to repurchase up to 25,570,060 ordinary shares, representing 14.99% of its issued share capital. The minimum price which may be paid for an ordinary share is £0.1 per share. The maximum price which may be paid for an ordinary share shall be equal to 5% above the average of the middle market quotations for such shares as derived from the Daily Official List of the London Stock Exchange, for five business days immediately preceding the day on which the share is contracted to be purchased. The authority will be valid till the next Annual General Meeting or 15 months, whichever is earlier. As of June 30, 2020, the company had 170,580,786 ordinary shares issued.
ProVen VCT plc is a United Kingdom-based venture capital trust (VCT). The Companyâs 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 excellent growth prospects, and a portfolio of non-qualifying investments permitted for liquidity management purposes within the conditions imposed on all VCTs and to minimize the risk of each investment and the portfolio as a whole. The Company invests in companies at various stages of development, including those requiring capital for expansion, but not in start-ups or management buy-outs or businesses seeking to use funding to acquire other businesses. It invests in various sectors, such as consumer/e-commerce, software as a service (SaaS), business services, healthcare, and others. Its investment manager is Beringea LLP.
ProVen VCT plc (LSE: PVN) commences an Equity Buyback Plan for 25,570,060 shares,14.99% of its issued share capital, under the authorization approved on August 6, 2020.
PROVEN VCT PLC 
