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LONDON - ProVen VCT plc and ProVen Growth and Income VCT plc announced Wednesday their intention to utilize an over allotment facility to increase their fundraising capacity following strong investor interest in their current offer for subscription.
The venture capital trusts (VCTs) will now seek to raise up to £20 million each, up from the initial £15 million target per company when the offer launched on November 6, 2024. This brings the combined potential fundraising to £40 million, up from the original £30 million target.
According to the announcement, the directors of both companies decided to activate the over allotment facility "to ensure capacity for those wishing to invest in the Companies."
The current offer for subscription, which was previously extended on April 22, 2025, will remain open until September 30, 2025, unless fully subscribed earlier. The directors retain the discretion to extend the offer further, but not beyond November 5, 2025.
The VCTs’ original prospectus, published in November 2024, included provisions for this additional fundraising capacity through the over allotment mechanism, which the boards have now chosen to implement.
The announcement comes as VCTs continue to attract investor interest due to their tax-efficient structure for investments in early-stage companies.
Investors and financial advisers can obtain the securities note and full prospectus from the companies’ registered office or download it from their website.
This article is based on a press release statement from ProVen VCT plc and ProVen Growth and Income VCT plc.
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