ProVen VCT plc
ProVen Growth and Income VCT plc
Merger Discussions
15 September 2026
The boards of directors of ProVen VCT plc ("ProVen") and ProVen Growth and Income plc ("PGI" and together with ProVen, the "VCTs") announce that they have entered into discussions regarding a possible merger (the "Merger"), which discussions may or may not lead to an agreement to merge the VCTs. The purpose of the Merger would be to achieve simplicity, cost savings, administrative efficiency and scale.
If the Merger proceeds, it would be undertaken by way of a scheme of reconstruction under s.110 of the Insolvency Act 1986 and not under the City Code on Takeovers and Mergers. This would involve the assets and liabilities of PGI, the smaller of the VCTs, being transferred to ProVen in consideration for which shareholders in PGI would receive new shares in ProVen, such number of shares based on the relative net asset value of each VCT. If the Merger proceeds it would require the consent of shareholders in both VCTs.
As announced on 29 April 2026, the current offer for subscription for each of the VCTs will close on 30 September 2026 at 1pm BST (or such earlier date as the respective offer is fully subscribed or as otherwise approved by the Boards). If the Merger proceeds, ProVen intends to launch a new offer for subscription in respect of the 2026-27 and 2027-28 tax years later this year.
A further announcement will be made in due course.
The information contained within this announcement is deemed by the VCTs to constitute inside information as stipulated under the UK version of the Market Abuse Regulations (EU number. 596/2014). Upon the publication of this announcement through a Regulatory Information Service, this inside information is now considered to be in the public domain.
For additional information, please contact:
Shane Elliott on 020 7845 7820
Beringea LLP
Company Secretary
Telephone 020 7845 7820
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