TIDMIEV2
Ingenious Entertainment VCT 2 plc ("the Company")
Interim Management Statement
For the period 1 January 2013 to 14 May 2013
OVERVIEW AND FUNDRAISING
With the Ordinary, C and D Share classes now fully invested, the
Company continues to actively seek new investments to complement
the current investment portfolio and to deploy any remaining funds
on behalf of the E Shares, F Shares, G Shares and H Shares jointly
with Ingenious Entertainment VCT 1 plc (together "the Entertainment
VCTs").
The H Share Offer raised a gross amount of GBP3.39 million
during the period from the opening of the Offer to 5 April 2013
across the Entertainment VCTs. The Company has also announced that
the H Share Offer has been extended to 5pm on 30 August 2013.
ACTIVITY
In February 2013, the Entertainment VCTs made an investment into
Saturn Star Limited to promote a brand new music festival, As One
in the Park, which is to be aimed predominately at the vibrant gay
community in London and beyond. Our partners in the event already
run a series of successful gay clubs and, with the event to be held
on Sunday 26 May as a site share with our already well-established
Field Day event (to be held on 25 May), we consider that the
reduced cost base of the event makes for an even more compelling
opportunity to create yet another unique event brand.
In March 2013, the VCTs also made an investment into Hop Farm
Comedy Limited in order to produce a unique comedy based festival
to be staged in summer 2014. The event will also focus upon
delivering a brand new event in an area of entertainment that has
become incredibly popular and which regularly attracts large live
audiences.
In terms of the current portfolio, ticket sales for the summer
2013 events have begun well and Field Day, Love Supreme and
Shakedown are all showing encouraging levels of sales in spite of
the rather long period of winter weather experienced in the first
quarter of the year and beyond.
The Liverpool Sound City 2013 conference and live music event
was also held between 2 and 4 May. The event attracted record
attendances and continues to go from strength to strength.
The fifth series of Let's Dance took place in February and March
2013 and achieved its usual strong audience ratings. We are
delighted to announce that Let's Dance for Comic Relief 2013 has
been nominated for a prestigious Rose D'Or European television
award.
DIVIDEND PAYMENT
The Company announced dividends of 20p per share on the Ordinary
Share class and 5p per share on the C Share, D Share, E Share and F
Share classes on 30 January 2013 (2012: 5p per Ordinary, C, D, E
and F Share classes). These dividends were paid on 28 February 2013
to shareholders on the register on 8 February 2013. The Company
also announced dividends of 5p per share on the G Share class on 10
April 2013 (2012: GBPNil) which were paid on 9 May 2013 to
shareholders on the register on 19 April 2013.
NON-QUALIFYING INVESTMENTS
Currently, GBP6.8 million of the remaining proceeds raised by
the Company under its Ordinary Share, 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 5 April 2013 the
Entertainment VCTs had each allotted 1,735,921 H Shares.
Period ended 5 April 2013 31 December 2012
Net asset value GBP'000
Ordinary Share 5,611 7,637
C Share 1,797 1,934
D Share 4,916 5,285
E Share 2,292 2,451
F Share 1,323 1,371
G Share 3,256 3,282
H Share 1,640 -
Period ended 5 April 2013 31 December 2012
Net asset value total return GBP'000
Ordinary Share 9,183 9,168
C Share 2,359 2,356
D Share 5,926 5,959
E Share 2,577 2,593
F Share 1,480 1,450
G Share 3,256 3,282
H Share 1,640 -
Period ended 5 April 2013 31 December 2012
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 1,735,921 -
Enquiries to:
Sarah CruickshankCompany SecretaryIngenious Entertainment VCT 2
plc15 Golden SquareLondonW1F 9JG
0207 319 4000
Powerscourt GroupJustin Griffiths/Carmen Murray
Tel: 0207 250 1446ingenious@powerscourt-group.com
This information is provided by Business Wire
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