The calculation of basic return per Ordinary share is based on
the return on ordinary activities after tax for the period and on a
weighted average of 10,205,011 Ordinary shares in issue for the six
months ended 30 June 2013 (31 December 2012: 10,205,011; 30 June
2012: 10,205,011). The basic return per C share has been calculated
on a weighted average of 2,810,596 C shares in issue for the six
months ended 30 June 2013 (31 December 2012: 2,810,596; 30 June
2012: 2,810,596). The basic return per D share has been calculated
on a weighted average of 6,735,624 D shares in issue for the six
months ended 30 June 2013 (31 December 2012: 6,735,624; 30 June
2012: 6,735,624). The basic return per E share has been calculated
on a weighted average of 2,846,122 E shares in issue for the six
months ended 30 June 2013 (31 December 2012: 2,846,122; 30 June
2012: 2,846,122). The basic return per F share has been calculated
on a weighted average of 1,572,095 F shares in issue for the six
months ended 30 June 2013 (31 December 2012: 1,572,095; 30 June
2012: 1,572,095). The basic return per G share has been calculated
on a weighted average of 3,518,044 G shares in issue for the six
months ended 30 June 2013 (31 December 2012: 2,302,126; 30 June
2012: 1,353,098). The basic return per H share has been calculated
on a weighted average of 834,393 H shares in issue for the six
months ended 30 June 2013 (31 December 2012: N/A; 30 June 2012:
N/A).
There are no dilutive potential Ordinary shares, C shares, D
shares, E shares, F shares, G shares or H shares, including
convertible instruments, options or contingent share agreements in
issue for the Company. The basic return per share is therefore the
same as the diluted return per share.
3. Non-qualifying Investments
In order to safeguard the capital available for investment in
VCT Qualifying Investments and balance this with the need to
provide good returns to investors, available funds from the net
proceeds are invested in appropriate securities (money market
securities and cash funds) until required for Qualifying Investment
purposes.
4. Net Asset Value per share
The unaudited net asset value per Ordinary share has been
calculated based on 10,205,011 Ordinary shares being the number of
Ordinary shares in issue as at 30 June 2013 (31 December 2012:
10,205,011; 30 June 2012: 10,205,011).
The unaudited net asset value per C share has been calculated
based on 2,810,596 C shares being the number of C shares in issue
as at 30 June 2013 (31 December 2012: 2,810,596; 30 June 2012:
2,810,596).
The unaudited net asset value per D share has been calculated
based on 6,735,624 D shares being the number of D shares in issue
as at 30 June 2013 (31 December 2012: 6,735,624; 30 June 2012:
6,735,624).
The unaudited net asset value per E share has been calculated
based on 2,846,122 E shares being the number of E shares in issue
as at 30 June 2013 (31 December 2012: 2,846,122; 30 June 2012:
2,846,122).
The unaudited net asset value per F share has been calculated
based on 1,572,095 F shares being the number of F shares in issue
as at 30 June 2013 (31 December 2012: 1,572,095; 30 June 2012:
1,572,095).
The unaudited net asset value per G share has been calculated
based on 3,518,044 G shares being the number of G shares in issue
as at 30 June 2013 (31 December 2012: 3,518,044; 30 June 2012:
2,756,760).
The unaudited net asset value per H share has been calculated
based on 1,735,921 H shares being the number of H shares in issue
as at 30 June 2013 (31 December 2012: N/A; 30 June 2012: N/A).
5. Related Party Transactions
a) The Company has appointed Ingenious Media Investments
Limited, a company of which Patrick McKenna is a director, to be
its promoter. Ingenious Media Investments Limited is a wholly owned
subsidiary within the Ingenious Media Holdings plc group of
companies (the Ingenious Group) which is controlled by Patrick
McKenna. The Company incurred a fee of GBP52,000 which is ranging
from 0.6288% and 5.5% of the gross proceeds of the offer for H
shares which was paid in consideration of the service provided.
b) The Company has appointed Ingenious Ventures as Manager.
Ingenious Ventures is a trading division of Ingenious Capital
Management Limited. Patrick McKenna is a director of Ingenious
Capital Management Limited which is a subsidiary within the
Ingenious Group, which is controlled by Patrick McKenna.
The Manager, as per the management agreement, receives a
management fee of 0.4375% of the net asset value payable quarterly
in advance (1.75% annualised). The Manager also receives an
administration fee of GBP110,000 per annum and irrecoverable VAT
from the Company.
c) The funds invested in OEICs are managed by Ingenious Asset
Management Limited, a company of which Patrick McKenna is a
director. Ingenious Asset Management Limited is a subsidiary of the
Ingenious Group, which is controlled by Patrick McKenna. There is
no fee to the Company associated with this transaction.
d) Patrick McKenna is a director and a shareholder of Ingenious
Entertainment VCT 2 plc. The Company and Ingenious Entertainment
VCT 2 plc have jointly agreed to form a new company, Hop Farm
Comedy Limited, to co-promote a range of comedy events that are
planned for the summer of 2014. In March 2013 and June 2013
respectively, the Company invested an aggregate of GBP875,000 for a
total of 20% of the equity in Hop Farm Comedy Limited. Ingenious
Entertainment VCT 2 plc also invested GBP875,000 for 20% of the
equity in Hop Farm Comedy Limited.
e) Patrick McKenna is a director and a shareholder of Ingenious
Entertainment VCT 2 plc. The Company and Ingenious Entertainment
VCT 2 plc have jointly agreed to form a new company, Saturn Star
Limited, to co-promote a new festival called As One In The Park. In
February 2013 the Company invested GBP750,000 for a total of 20% of
the equity in Saturn Star Limited. Ingenious Entertainment VCT 2
plc also invested GBP750,000 for 20% of the equity in Saturn Star
Limited.
During the period the Company has carried out a number of
transactions with the above-mentioned related parties in the normal
course of business and on an arm's length basis:
Expenditure Paid Amounts Due
Entity Note 30 June2013GBP'000 30 June2012GBP'000 31 December2012GBP'000 30 June2013GBP'000 30 June2012GBP'000 31 December2012GBP'000
Ingenious Capital
Management
Limited/
Ingenious Asset
Management
Limited
- Investment b 188 188 374 - - -
management
fee
- Administration b 53 42 90 - - -
fee
- Irrecoverable b - - - 6 3 6
VAT
Ingenious Media
Investments
Limited
- Arrangement fee a 52 152 194 - - -
Transactions Between Related Parties
Ingenious Media Consulting Limited, a company which is a
wholly-owned subsidiary in the Ingenious Group, which is controlled
by Patrick McKenna, has entered into consultancy agreements with
each of the Company's Investee Companies to provide management
services. For the provision of such services, consulting fees
totalling GBP188,000 excluding VAT (31 December 2012: GBP116,000;
30 June 2012: GBP304,000) have been invoiced in the period of which
GBP5,000 remained outstanding as at 30 June 2013 (31 December 2012:
GBP24,000; 30 June 2012: GBPNil).
6. Events After the Balance Sheet Date
a) In July 2013, the following investments were successfully
realised: DRG Media Assets Limited, Golfmania Limited and Jetstream
Events Limited.
b) In August 2013, the Company paid a dividend of 53p per share
to the shareholders in the Ordinary share class. This share class
is in the process of liquidation as it reached its five year
investment period.
The Company's statutory financial statements for the year ended
31 December 2012 have been delivered to the Registrar of Companies.
The auditor's report on those financial statements was unqualified
and did not contain statements under Section 498 (2) or section 498
(3) of the Companies Act 2006.
This condensed interim information for the period does not
constitute statutory financial statements within the meaning of
s434 of the Companies Act 2006.
Copies of the half-yearly financial report are being sent, or
made available electronically, to all shareholders. Further copies
can be downloaded from the Company's website:
www.ingeniousvcts.co.uk
This information is provided by Business Wire
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