Ingenious Ent VCT 1 Interim Management Statement
October 30 2013 - 3:00AM
UK Regulatory
TIDMIE1C
30 October 2013
Ingenious Entertainment VCT 1 plc ("the Company")Interim
Management StatementFor the period 1 July 2013 to 29 October
2013
OVERVIEW AND FUNDRAISING
The ordinary share class has now reached its five year minimum
holding period and the vast majority of funds have now been
distributed to investors. Due to legal requirements, there will be
two further distributions - one distribution in December 2013
whereby the net asset value above 1p will be distributed and a
second distribution after that of 1p reflecting the distribution of
the paid share capital.
With the C & D share classes now fully invested in
qualifying investments for the purposes of HMRC regulations, the
Company is continuing to actively seek new investments to
complement the current portfolio of investments and to deploy funds
on behalf of the E shares, F shares, G shares and H shares jointly
with Ingenious Entertainment VCT 2 plc (together "the Entertainment
VCTs")
The H share offer raised a gross total amount of approximately
GBP5.2 million across the Entertainment VCTs.
ACTIVITY
In early July 2013, the Entertainment VCTs saw the first staging
of the Love Supreme Festivalwhich saw both jazz and mainstream
music fans come together to enjoy performances by the likes of
Bryan Ferry, Chic, Robert Glasper and Marcus Miller. The event was
held on the hottest weekend of the year and was extremely well
received editorially, although audience numbers fell materially
below expectations and a significant loss was incurred. The Company
is working closely with its co-promotion partners to assess the
viability of staging a future Love Supreme event.
In late September 2013 the third Shakedown festival was held.
Attendance was very much in line with 2012 levels and the event has
established itself in the calendar of Brighton music lovers and
continues to be profitable. The promoters agreed to stage a second
event, SD2, which would share the event infrastructure on the
following day. Unfortunately attendance for this event was lower
than forecast in spite of headliners such as The Wanted and The
Saturdays performing. It is unlikely that SD2 will take place in
2014 and the Company has now made provision for the losses
incurred. The partners are, however, actively seekingopportunities
to share the site in future years in order to reduce the cost base
for each event.
DIVIDEND PAYMENT
The Company announced a dividend of 53p per ordinary share on 3
July 2013. The dividend was paid on 8 August 2013 to ordinary
shareholders on the register on 12 July 2013.
NON-QUALIFYING INVESTMENTS
Currently, GBP8.3 million of the remaining proceeds raised by
the Company under its C share, D share, E share, F share, G share
and H share offers (see below) are invested by the Manager in a
number of cash funds (OEICs) and in a balanced multi-asset
management portfolio, in accordance with the investment policy of
the Company. Such investments have been made while the majority of
those funds await investment in suitable VCT qualifying
investments.
ALLOTMENT OF H SHARES
In December 2012, the Entertainment VCTs launched the H share
offer to create further pools of capital. As at 30 August 2013, the
last day for subscription in this share class, the Entertainment
VCTs had each allotted 2,660,842 H shares.
Period ended 30 September 2013 30 June 2013
Unaudited net asset value GBP'000 GBP'000
Ordinary share 137 5,574
C share 1,722 1,781
D share 4,712 4,914
E share 2,205 2,278
F share 1,255 1,297
G share 3,024 3,059
H share 2,477 1,628
Period ended 30 September 2013 30 June 2013
Unaudited net asset GBP'000 GBP'000
value total return
Ordinary share 9,117 9,146
C share 2,284 2,343
D share 5,722 5,924
E share 2,490 2,563
F share 1,412 1,454
G share 3,200 3,235
H share 2,477 1,628
Period ended 30 September 2013 30 June 2013
Shares in issue (number)
Ordinary share 10,205,011 10,205,011
C share 2,810,596 2,810,596
D share 6,785,624 6,785,624
E share 2,846,122 2,846,122
F share 1,572,095 1,572,095
G share 3,518,044 3,518,044
H share 2,660,842 1,735,921
A copy of this Interim Management Statement can be obtained from
the following websites:
www.londonstockexchange.com
www.ingeniousvcts.co.uk
Enquiries to:
Sarah CruickshankCompany SecretaryIngenious Entertainment VCT 1
plc15 Golden SquareLondonW1F 9JG0207 319 4000
Powerscourt GroupJustin Griffiths/Carmen MurrayTel: 0207 250
1446ingenious@powerscourt-group.com
This information is provided by Business Wire
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