Last checked at 1 Nov 2012 18:30
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1 November 2012
Ingenious Entertainment VCT 1 plc and Ingenious Entertainment VCT 2 plc (the "Companies")
New Share Offer
The Companies are pleased to announce that they intend to launch a public offer for subscription for new ordinary H shares of 1p each ("H Shares") in the share capital of each of the Companies (the "New Offer") in December 2012, with a target of raising up to, in aggregate, £15,000,000, with an over-allotment facility of a further £10,000,000.
The New Offer follows the Companies' successful offer for subscription dated 21 November 2011 (the "G Share Offer") which closed on 31 August 2012 having raised approximately £7 million, in aggregate.
The funds raised by the New Offer will enable the Companies to make more investments and allow them to spread their fixed costs over a larger asset base which will result in economies of scale that will ultimately increase the Companies' profitability to the benefit of all investors.
As with the G Share Offer, the investment manager will deploy a minimum of 70% of the funds in qualifying assets with the remaining funds being invested in non-qualifying assets.
The New Offer will be for up to, in aggregate, 15,000,000 'H' Shares comprising up to 7,500,000 'H' Shares in the share capital of each of the Companies at an issue price of 100p per 'H' Share payable in full on application, together with an over-allotment facility of up to, in aggregate, a further 10,000,000 'H' Shares comprising 5,000,000 'H' Shares in the capital of each of the Companies.
The highlights of the New Offer are expected to be as follows:
Funds sought - up to £15,000,000 with an over-allotment facility of £10,000,000 (in both cases in aggregate and before expenses)
Offer price -100p per 'H' Share
30% income tax relief on subscriptions up to £200,000 in 2012/13 & 2013/14 tax years
Minimum investment £3,000
Share buy-back policy - market purchases at a discount to NAV
Enquiries to:
Sarah Cruickshank
Company Secretary
Ingenious Entertainment VCT 1 plc
15 Golden Square
London
W1F 9JG
020 7319 4000
Paul Bedford
Senior Investment Director
Ingenious Media Investments Limited
15 Golden Square
London
W1F 9JG
020 7319 4000
Copyright Business Wire 2012