Ingenious Media Active Capital Ltd Corporate Update (0600R)
September 08 2014 - 7:00AM
UK Regulatory
TIDMIMAC
RNS Number : 0600R
Ingenious Media Active Capital Ltd
08 September 2014
For immediate release
8 September 2014
Ingenious Media Active Capital Ltd
("IMAC" or the "Company")
Corporate Update
As previously announced in the Company's unaudited interim
results for the six months ended 30 September 2013, the Company had
received a claim for GBP2.8 million in relation to the sale of one
of the Company's investments and the Company was in the process of
appointing an independent expert to resolve the dispute. The
independent expert has now determined its final binding decision on
the completion accounts as a result of which the Company will make
a payment to the purchaser of GBP1.17 million after escrow balances
and including interest. As previously announced, the Board intends
to wind-up the Company and distribute the remaining cash to
shareholders as soon as possible and currently anticipates that
detailed proposals, including the latest NAV, will be announced
this month, to be considered at this year's Annual General Meeting,
which is expected to be held in October. A further announcement is
expected to be made shortly.
Enquiries:
IMAC
Patrick McKenna/ Duncan Reid
Tel: 020 7319 4000
Beaumont Cornish Limited (Nominated Adviser and Broker)
Michael Cornish
Tel: 020 7628 3396
Powerscourt Group (PR Adviser)
Carmen Murray & Victoria Palmer-Moore
020 7250 1446 / ingenious@powerscourt-group.com
A copy of this announcement is available on the Company's
website at www.imaclimited.com
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
END
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