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