The Lemon Fool

The Board of ProVen Growth and Income VCT plc announces that the allotment for 31 January 2017, under the Offer for Subscription launched on 21 September 2016, has been postponed and that the next scheduled allotment date for the tax year 2016/2017 will be 3 March 2017.

I wonder why? Maybe not enough purchases to warrant an allotment? Or maybe some significant purchase/disposal underway which will affect NAV?

£11 M raised on Clubfinance , this is a bit of a worry.

Maybe not enough purchases to warrant an allotment?

Certainly a valid reason.

They have already issued 9,474,341 Ordinary Shares on 9 November under the current Offer for Subscription which accounts for about £7.5m.

HL have them down as having raised £4m so some confusion there. The £11m figure Karellan quotes seems a more likely total assuming HL have quoted what has been subscribed but not allotted yet.

I don't know their accounting year but perhaps if there is a potential disposal they want to use an audited figure whether the disposal has gone through or not?
Another thought is to start the investment period for those funds a month later though I wouldn't have thought one month in 36 that important.

What puzzles me is the lack of a reason for the delay
Back in March 2014 Elderstreet pulled an issue, but gave some indication why:-

In relation to the New Ordinary Share Offer to raise up to £10 million, the Offers for the tax years 2013/14 and 2014/15 are being withdrawn from the market forthwith due to a potential acquisition of one of the portfolio companies which may lead to a material uplift in NAV if the acquisition were to complete and on the terms being discussed
This turned out to be the sale of WASP - quite a Bonanza

Putting on Rose Tinted Glasses - could a similar event be in the offing?

scotia wrote:Putting on Rose Tinted Glasses - could a similar event be in the offing?

That's for us to guess, and ...

Putting on a cynic's hat, if a manager decided they'd like to support the share price with fewer buybacks, how better than to send an enticing signal to speculators in the market? No, I don't think that's what's happening (after all, they're known to be flush with cash already raised), but if we're speculating ...

The real counter-narrative to yours is that something bad is in the pipeline: some major investee heading for the administrators, or even the criminal courts. Or of course that it's just noise and has no significance.

It transpires that if they wait until early March 2017 then it gives them a bit more flexibility in terms of the timing of future investments, rather than the actual investments themselves.

The issue will go ahead this financial year , all to do with year ends and regulations etc.

Relieved to hear it, K.

I was beginning to envisage the effect of a Somali hijack upon my income in retirement.

Wow! Looks like we have the first Big Offer of the season to fill early. I guess the moral is, get in as soon as you can for any offer.
http://www.investegate.co.uk/proven-gro ... 0809H2020/

After hours interims from the 2 Provens. Not much of note.

http://www.investegate.co.uk/proven-vct ... 5818H2162/

http://www.investegate.co.uk/proven-gro ... 5218H2156/

On 18 January 2017, the Company announced that the Offer for Subscription which opened on 21 September 2016 (the "Offer") will close to further applications at 5 p.m. on Tuesday 31 January 2017. The final allotment for the 2016/17 tax year is expected to take place on 3 March 2017. There will be a further allotment for the tax year 2017/18 to follow as soon as practicable after 5 April 2017, following which the Offer will close.