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Ingenious Ent VCT 1 (IEC1)

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Friday 15 May, 2009

Ingenious Ent VCT 1

Interim Management Statement

Interim Management Statement

Ingenious Entertainment VCT 1 plc

Ingenious Entertainment VCT 1 plc (“the Company”)

Interim Management Statement

For the period 1 January to 15 May 2009

INVESTMENT ACTIVITIES & PERFORMANCE

Since the close of the fundraising of the ordinary share offer at the end of July 2008, the Company has actively sourced and reviewed a number of investment opportunities jointly with Ingenious Entertainment VCT 2 plc (“Entertainment VCT 2”).

80s REWIND FESTIVAL

In December 2008, the Company and Entertainment VCT 2 jointly invested over £500,000, alongside a further investment of over £500,000 from the Ingenious Live VCTs, to co-promote the 80s Rewind Festival. This was the first investment by its ordinary share fund.

The 80s Rewind Festival, a new 2 two day music festival, will take place in Henley-Upon-Thames on 22 – 23 August 2009. The event expects to attract over 20,000 people with a line up which includes Kim Wilde, Rick Astley, Bananarama, Billy Ocean, Belinda Carlisle, Kid Creole, Heaven 17 and Paul Young. To date over 10,000 tickets have been sold.

The Company has continued to source investments during the period, with the following further deal being added to the ordinary share fund portfolio.

LET’S DANCE

In January 2009, the Company and Entertainment VCT 2 invested £1 million, alongside a further £1 million from the Ingenious Live VCTs, to back an exciting new entertainment format, Let’s Dance, which was commissioned by the BBC for Comic Relief.

The programme, hosted by Claudia Winkleman and Steve Jones, saw a number of celebrities re-enacting well known dance routines. Over its 4 week run on Saturday evenings on BBC One in February and March the show’s ratings increased week on week peaking at 8.6 million viewers for the final. This marked a 35% share of people watching television on Saturday evening, 13 percentage points above the next highest rated programme. Discussions are already underway about rolling out the show internationally; the format is being represented by Fremantle Media who produce programming in numerous territories around the world.

In relation to the 2 investments described above, it is too early to ascertain the financial performance of these investments and their impact on the financial position of the Company.

NON-QUALIFYING INVESTMENTS

Currently, £11.2 million of the remaining proceeds raised by the Company under its ordinary share offer and the C share offer (see below) is invested by the Manager in a number of cash funds (OEICs) 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 C SHARES

In September 2008, the Company and Entertainment VCT 2 jointly launched a C share offer to raise additional capital. As at 5 April 2009, the Company had allotted 2,451,855 C Shares. The C share offer has been extended to 3pm on 31 July 2009 or such earlier date on which the directors of the Company and Entertainment VCT 2 may resolve to close the offer.

NET ASSET VALUE

   
Ordinary Shares
 
31 March 2009 31 December 2008
 
Net assets attributable to shareholders (£'000) 9,710 9,728
 
Shares in issue (number) 10,205,011 10,205,011
 
 
‘C’ Shares
 
30 April 2009 31 December 2008
 
Net assets attributable to shareholders (£'000) 2,317 -
 
Shares in issue (number) 2,451,855 -

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 SecretaryCompany Secretary
Ingenious Entertainment VCT 1 plcIngenious Entertainment VCT 1 plc
15 Golden Square15 Golden Square
LondonLondon
W1F 9JGW1F 9JG

0207 319 4000


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