Last checked at 14 May 2014 07:00
Ingenious Entertainment VCT 1 plc (“the Company”)
Interim Management Statement
For the period 1 January 2014 to 13 May 2014
OVERVIEW AND FUNDRAISING
On a combined basis, the C Share, D Share, E Share and F Share classes now have more than 70% of their investments in qualifying holdings as measured by the VCT legislation. The Manager continues to actively seek new investments to complement the current investment portfolio and to deploy any remaining funds on behalf of the G Share and H Share classes jointly with Ingenious Entertainment VCT 2 plc (together “the VCTs”).
ACTIVITY
In early March 2014, the VCTs made an investment into Zoo Project Festival Limited to promote an existing music event, The Zoo Project, which is based upon the highly successful event of the same name that is held in Ibiza each year. The event will take place at Donington Park in September 2014.
In March 2014, the VCTs also made an investment into FM3 Limited (“FM3”). The company films and records music festival performances and generates revenues from this content through both traditional TV media and online channels. FM3 also delivers ‘big screen’ installations to festivals and sells advertising space when available.
In terms of the current portfolio, ticket sales for the summer of 2014 events have begun well and Field Day (June 2014), Love Supreme (July 2014) and Shakedown (July 2014) are all showing encouraging levels of sales. Field Day is performing particularly well with its new two day format. The second day, featuring a headline performance from The Pixies, is already estimated to have broken even and so should now trade profitably in its first year, as should the event as a whole.
The Liverpool Sound City 2014 conference and live music event was also held between 1 and 3 May. The event was once again very well received and plans are being considered to significantly increase the event’s footprint in 2015.
DIVIDEND PAYMENT
The Company announced dividends of 20p per C Share and 5p per D Share, E Share, F Share and G Share on 6 February 2014 (2013: 5p per C Share, D Share, E Share, F Share and G Share). These dividends were paid on 7 March 2014. The Company also announced a dividend of 5p per H Share on 9 April 2014 (2013: £Nil) which was paid on 9 May 2014.
NON-QUALIFYING INVESTMENTS
Currently, £5.9 million of the remaining proceeds raised by the Company under its previous share offers (and held in its C Share, D Share, E Share, F Share, G Share and H Share classes) 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.
| Period ended | 31 March 2014 (unaudited) | 31 December 2013 (audited) | |||||
| Net asset value £’000 | |||||||
| C Share | 1,137 | 1,707 | |||||
| D Share | 4,309 | 4,679 | |||||
| E Share | 2,032 | 2,189 | |||||
| F Share | 1,170 | 1,258 | |||||
| G Share | 2,859 | 3,048 | |||||
| H Share | 2,489 | 2,488 | |||||
| Period ended | 31 March 2014 (unaudited) | 31 December 2013 (audited) | |||||
| Net asset value total return £’000 | |||||||
| C Share | 2,261 | 2,269 | |||||
| D Share | 5,656 | 5,689 | |||||
| E Share | 2,459 | 2,474 | |||||
| F Share | 1,406 | 1,415 | |||||
| G Share | 3,211 | 3,224 | |||||
| H Share | 2,489 | 2,488 | |||||
| Period ended | 31 March 2014 | 31 December 2013 | |||||
| Shares in issue (number) | |||||||
| 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 | 2,660,842 | |||||
Enquiries to:
Sarah Cruickshank
Company Secretary
Ingenious Entertainment VCT 1 plc
15 Golden Square
London
W1F 9JG
Tel: 0207 319 4000
Powerscourt Group
Justin Griffiths/Carmen Murray
Tel: 0207 250 1446
ingenious@powerscourt-group.com
Copyright Business Wire 2014