TIDMIE1G
29 October 2014
Ingenious Entertainment VCT 1 plc ("the Company")
Interim Management Statement
For the period 1 July 2014 to 28 October 2014
OVERVIEW AND FUNDRAISING
The C share class has now reached its five year minimum holding
period and the vast majority of funds have now been distributed to
investors. Due to legal requirements, there will be two further
distributions, the first of which will be paid in December 2014
whereby the net asset value above 1p will be distributed and a
second distribution after that of 1p reflecting the distribution of
the paid share capital.
With the D & E share classes now fully invested in
qualifying investments for the purposes of HMRC regulations, the
Company is continuing to actively seek new investments to
complement the current portfolio of investments and to deploy funds
on behalf of the F shares, G shares and H shares jointly with
Ingenious Entertainment VCT 2 plc (together "the Entertainment
VCTs").
ACTIVITY
In early July 2014, the Entertainment VCTs saw the second
staging of the Love Supreme Festivalwhich saw both jazz and
mainstream music fans come together to enjoy performances by the
likes of Jamie Cullum, Gregory Porter and De La Soul. The event saw
audience numbers increase by 30% year on year and the event became
profitable one year in advance of original prediction. The 2015
event is already on sale with ticket sales well in excess of those
sold at this stage last year.
In mid-July 2014, the fourth Shakedown festival was held. The
event changed both its date and location this year (now held at
Waterhall Playing Fields just outside Brighton), but featured
fantastic sets by the likes of Basement Jaxx, Groove Armada and
Gorgon City. The event has established itself in the calendar of
Brighton music lovers and continues to be profitable, albeit at a
modest level.
The continued success of Field Day Festival has led to the
Company writing up the value of this investment by an amount
slightly in excess of GBP250,000. The effect has been to write up
the underlying unaudited net asset value of the D, E and F share
classes by between 1.6 pence and 2.5 pence per share.
The Company has agreed on two new investment deals during this
period.
The first is a brand new Christmas event, Winterville, which
will take place in East London's Victoria Park. The event will look
to attract a family audience with an ice skating rink, Pantomime,
House of Fairy Tales, music, comedy and many other forms of
entertainment and will run from 2 December 2014 to 2 January
2015.
The second investment relates to a comedy festival format that
would be staged in London during Summer 2015. The partners involved
have many years of experience in the world of comedy and are keen
to establish an event that would initially have a duration of
between one and two weeks.
DIVIDEND PAYMENT
The Company announced a dividend of 38p per C share on 20 August
2014. The dividend was paid on 17 September 2014 to C shareholders
on the register on 29 August 2014.
NON-QUALIFYING INVESTMENTS
Currently, GBP5.6 million of the remaining proceeds raised by
the Company under its D share, E share, F share, G share and H
share offers (see below) 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.
Such investments have been made while the majority of those funds
await investment in suitable VCT qualifying investments.
Period ended 30 September 2014 30 June 2014
Unaudited net asset value GBP'000 GBP'000
C share 32 1,110
D share 4,396 4,255
E share 2,063 2,018
F share 1,179 1,161
G share 2,823 2,841
H share 2,337 2,348
Period ended 30 September 2014 30 June 2014
Unaudited net asset value total return GBP'000 GBP'000
C share 2,224 2,234
D share 5,743 5,602
E share 2,490 2,445
F share 1,415 1,397
G share 3,175 3,193
H share 2,470 2,481
Period ended 30 September 2014 30 June 2014
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
A copy of this Interim Management Statement can be obtained from
the following websites:
www.londonstockexchange.com
www.ingeniousvcts.co.uk
Enquiries to:
Sarah CruickshankCompany SecretaryIngenious Entertainment VCT 1
plc15 Golden SquareLondonW1F 9JG0207 319 4000
Powerscourt GroupJustin Griffiths/Carmen MurrayTel: 0207 250
1446ingenious@powerscourt-group.com
This information is provided by Business Wire
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