ProVen VCTs Explore Merger Under Insolvency Act

ProVen VCT plc and its sister venture capital trust, ProVen Growth and Income VCT plc, are in advanced discussions to merge under Section 110 of the Insolvency Act 1986, a structure distinct from standard takeover codes. The proposed consolidation aims to simplify administrative processes, reduce costs, and achieve greater operational scale, according to insider sources. Under the plan, assets and liabilities of the smaller entity, ProVen Growth and Income VCT, would be transferred to ProVen VCT, with shareholders in the latter receiving new shares in the former based on their relative net asset value. Approval from shareholders in both trusts is required for the merger to proceed, with no specified timeline for a vote or finalization beyond the existing subscription offer deadlines.