Proven Health VCT Plc : Issue of Equity


 
TIDMNHF 
 
NOT  FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE 
UNITED  STATES, CANADA, AUSTRALIA, JAPAN OR  SOUTH AFRICA OR ANY JURISDICTION IN 
WHICH  THE SAME  COULD BE  UNLAWFUL. THE  INFORMATION CONTAINED  HEREIN DOES NOT 
CONSTITUTE AN OFFER OF SECURITIES FOR SALE IN ANY JURISDICTION, INCLUDING IN THE 
UNITED STATES, CANADA, AUSTRALIA, JAPAN OR SOUTH AFRICA. 
 
 
PROVEN HEALTH VCT PLC 
 
13 APRIL 2012 
 
RESULTS  OF ENHANCED SHARE BUYBACK AND OFFER FOR SUBSCRIPTION (IN RESPECT OF THE 
2012/13 TAX YEAR) 
 
The Board of ProVen Health VCT plc (the "Company") refers to the circular and 
prospectus published by the Company on 10 February 2012.  The Company hereby 
announces the results of the Enhanced Share Buyback and the Offer (in respect of 
the 2012/13 tax year). 
 
Results of the Enhanced Buyback 
 
Valid  applications  were  received  in  respect  of 1,025,322 Existing Ordinary 
Shares  in respect  of the  2012/13 tax year.   All valid applications have been 
satisfied  in  full  and  1,025,322 Existing  Ordinary  Shares  have  today been 
purchased  by the  Company at  the Tender  Price with  the sale proceeds used to 
subscribe  for New Ordinary Shares  at the ESBB Issue  Price.  The unaudited Net 
Asset Value of an Existing Ordinary Share for the purposes of the Enhanced Share 
Buyback  (where applications were made for  the 2012/13 tax year) was 43.3p, the 
Tender  Price was 43.3p per Existing Ordinary Share and the ESBB Issue Price (in 
respect of the 2012/13 tax year) was 45.4p per New Ordinary Share. Participating 
Qualifying Shareholders therefore received approximately 953 New Ordinary Shares 
for  every  1,000 Existing  Ordinary  Shares  in  respect  of which a successful 
application was made (where the application was made for the 2012/13 tax year). 
 
977,859 New Ordinary Shares in aggregate will be issued under the Enhanced Share 
Buyback  to participating Qualifying Shareholders  in respect of the 2012/13 tax 
year. 
 
Results of the Offer (in respect of tax year 2012/13) 
 
The  Offer has now  closed.  Applications have  been received for   GBP5,000 of New 
Ordinary  Shares under the Offer in respect  of the 2012/13 tax year.  The Offer 
Price  (being  the  Net  Asset  Value  per  Ordinary  Share divided by 0.945) is 
45.9p.  10,893 New  Ordinary have therefore been  issued to applicants under the 
Offer in respect of the 2012/13 tax year at the Offer Price of 45.9p per share. 
 
Admission and dealings 
 
The  1,025,322 Ordinary Shares purchased by the Company pursuant to the Enhanced 
Share  Buyback (in respect  of the 2012/13 tax  year) have been  acquired by the 
Company  on  the  London  Stock  Exchange  and  such  shares  will be cancelled. 
Applications  have been made  to the UK  Listing Authority for  the New Ordinary 
Shares  allotted under the Enhanced  Share Buyback and the  Offer (in respect of 
the  2012/13 tax year)  to be  admitted to  the premium  segment of the Official 
List.   Applications have also been  made to the London  Stock Exchange for such 
New  Ordinary Shares  to be  admitted to  trading on  its Main  Market. Such New 
Ordinary  Shares issued in respect  of the 2012/13 tax year  will be admitted to 
the Official List and to trading on the Main Market of the London Stock Exchange 
on 17 April 2012. 
 
Timetable 
 
                                                                 all dates 2012 
 
 Closing  date for the  Offer (in respect                   12 noon on 13 April 
 of 2012/13 tax year) 
 
 Purchase  of  Existing  Ordinary  Shares                              13 April 
 under  the  Enhanced  Share  Buyback (in 
 respect of the 2012/13 tax year) 
 
 Allotment  of New  Ordinary Shares under                              13 April 
 the Enhanced Share Buyback and the Offer 
 (in respect of the 2012/13 tax year) 
 
 Admission  and dealings  commence in the                              17 April 
 New  Ordinary Shares  issued pursuant to 
 the Enhanced Share Buyback and the Offer 
 (in respect of the 2012/13 tax year) 
 
 Share and tax certificates dispatched in       Within 15 Business Days of each 
 respect  of  New  Ordinary Shares issued                             allotment 
 under the Enhanced Share Buyback and the 
 Offer 
 
 
 
Voting rights 
 
Each  Ordinary Share  has one  vote and  following the  purchase of the Existing 
Ordinary Shares where applications were made under the Enhanced Share Buyback in 
respect  of the 2012/13 tax year and the  issue of New Ordinary Shares under the 
Enhanced  Share Buyback and the  Offer (in respect of  the 2012/13 tax year) the 
Company has  21,344,364 Ordinary Shares in issue.  The Company does not hold any 
shares  in  treasury.   Accordingly,  the  total  number of voting rights in the 
Company  is 21,344,364 and this  figure may be  used by Ordinary Shareholders as 
the  denominator for the calculations  by which they will  determine if they are 
required  to notify  their interest  in, or  a change  to their interest in, the 
Company under the Disclosure and Transparency Rules. 
 
 
Definitions 
 
Terms defined in the circular published by the Company on 10 February 2012 have 
the same meanings in this announcement unless the context requires otherwise. 
 
Further information 
 
For further information please contact. 
 
  Steven Tuckley      Beringea LLP         020 7845 7820 
 
  Douglas Armstrong   Dickson Minto W.S.   020 7649 6823 
 
 
Notes 
 
This announcement is for information purposes only and does not purport to be 
full or complete and any decision regarding the Proposals should be made only on 
the basis of the Circular and the Prospectus. 
 
This  announcement does  not constitute  or form  part of  any offer to issue or 
sell,  or any solicitation of any offer to subscribe or purchase, any investment 
in  any jurisdiction, nor  shall it (or  the fact of  its distribution) form the 
basis of, or be relied on in connection with, any contract therefor. 
The  issue and  the distribution  of this  announcement, the Circular and/or the 
Prospectus  in certain jurisdictions  may be restricted  by law and persons into 
whose   possession   any   document   or other   information  referred  to  this 
announcement,  the Circular and/or the Prospectus comes should inform themselves 
about  and  observe  any  such  restriction.   Any  failure to comply with these 
restrictions  may  constitute  a  violation  of  the securities laws of any such 
jurisdiction. 
 
 
 
 
 
This announcement is distributed by Thomson Reuters on behalf of 
Thomson Reuters clients. The owner of this announcement warrants that: 
(i) the releases contained herein are protected by copyright and 
    other applicable laws; and 
(ii) they are solely responsible for the content, accuracy and 
     originality of the information contained therein. 
 
Source: Proven Health VCT Plc via Thomson Reuters ONE 
[HUG#1602391]
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