ProVen VCT plc and ProVen Growth and Income VCT plc have entered discussions over a possible merger, the boards of both venture capital trusts said.
The talks may not lead to an agreement. If a deal is reached, the stated objectives are to achieve cost savings, administrative efficiency and greater scale.
Under the proposed structure, ProVen Growth and Income VCT — described as the smaller entity — would transfer its assets and liabilities to ProVen VCT via a scheme of reconstruction under section 110 of the Insolvency Act 1986. Shareholders of ProVen Growth and Income VCT would receive new shares in ProVen VCT based on the relative net asset value of each company.
The transaction requires approval from shareholders of both trusts. It would not fall under the City Code on Takeovers and Mergers. The announcement was classified as inside information under the UK version of the Market Abuse Regulations.
A previous announcement was made on April 29, 2026. The current offer for subscription is set to close on September 30, 2026 at 1pm BST, or earlier if fully subscribed or approved by the boards.
If the merger completes, ProVen VCT intends to launch a new offer for subscription covering the 2026-27 and 2027-28 tax years later in the year.
