1 Nov 2012 12:45
Ingenious Entertainment VCT 1 plc ("the Company")
Interim Management Statement
For the period 1 July 2012 to 31 October 2012 ("the Period")
OVERVIEW AND FUNDRAISING
With the Ordinary Share class and C Share class now fully invested in qualifying investments for the purposes of HMRC rules, the Company is continuing to actively seek new investments to complement the current portfolio of investments and to deploy funds on behalf of the D Shares, E Shares, F Shares and G Shares jointly with Ingenious Entertainment VCT 2 plc (together "the Entertainment VCTs").
The G Share Offer raised a gross total amount of approximately £1.5 million from 6 April 2012 to 31 August 2012 across the Entertainment VCTs.
ACTIVITY
In July 2012, the Entertainment VCTs successfully exited their investment in the venue XOYO through the sale of their shareholding in Essential Experience Limited to a third party. The Entertainment VCTs each made a profit of around £15k on their investment.
The Period saw a significant amount of activity by investee companies in the portfolio. The Rewind Festivals, in Henley and Scotland, were both held and were well attended. Over 65,000 tickets were sold, with the Henley festival selling out in record time, and Rewind Festival North, held in Perth, Scotland, saw a 42% increase in ticket sales on last year.
The second Shakedown festival was also held during the Period in Brighton. It saw a substantial increase in ticket sales with over 110% more tickets sold than in its first year, and the capacity was doubled to cope with demand.
Early bird sales for 2013 events including Field Day and the Rewind Festivals are already underway with sales well ahead of 2012's sales to date.
NON-QUALIFYING INVESTMENTS
Currently, £10 million of the remaining proceeds raised by the Company under its Ordinary Share, C Share, D Share, E Share, F Share and G Share Offers (see below) is invested by the Manager in a number of cash funds (OEICs) and in relation to the remaining proceeds of the F Share Offer 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 G SHARES
In November 2011, the Entertainment VCTs launched the G Share Offer to create further pools of capital. After the close of the offer on 31 August 2012 the Entertainment VCTs had each alloted a total of 3,518,044 G Shares. 761,284 G Shares were allotted by each of the Entertainment VCTs during the Period.
Period ended | 30 September 2012 | 30 June 2012 | |||||
Net asset value £'000 | |||||||
Ordinary Share | 7,760 | 7,694 | |||||
C Share | 1,973 | 1,966 | |||||
D Share | 5,322 | 5,352 | |||||
E Share | 2,469 | 2,480 | |||||
F Share | 1,378 | 1,375 | |||||
G Share | 3,305 | 2,585 |
Period ended | 30 September 2012 | 30 June 2012 | ||||
Net asset value total return £'000 | ||||||
Ordinary Share | 9,291 | 9,225 | ||||
C Share | 2,395 | 2,388 | ||||
D Share | 5,996 | 6,026 | ||||
E Share | 2,611 | 2,622 | ||||
F Share | 1,457 | 1,454 | ||||
G Share | 3,305 | 2,585 |
Period ended | 30 September 2012 | 30 June 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 | 2,756,760 |
Period ended | 30 September 2012 | 30 June 2012 | |||||
Net Asset Value (pence per share) | |||||||
Ordinary Share | 76.0 | 75.4 | |||||
C Share | 70.2 | 70.0 | |||||
D Share | 79.0 | 79.5 | |||||
E Share | 86.8 | 87.1 | |||||
F Share | 87.7 | 87.5 | |||||
G Share | 93.9 | 93.8 | |||||
A copy of this Interim Management Statement can be obtained from the following websites:
www.londonstockexchange.com
www.ingeniousvcts.co.uk
Enquiries to:
Sarah Cruickshank
Company Secretary
Ingenious Entertainment VCT 1 plc
15 Golden Square
London
W1F 9JG
0207 319 4000
Paul Bedford
Senior Investment Director
0207 319 4000
Copyright Business Wire 2012