Interim Management Statement (3158D)
May 15 2012 - 1:00AM
UK Regulatory
TIDMILV1
RNS Number : 3158D
Ingenious Live VCT 1 plc
15 May 2012
15 May 2012
Ingenious Live VCT 1 plc (the "Company")
Interim Management Statement
For the period from 1 January 2012 to 14 May 2012 (the
"Period")
INVESTMENT ACTIVITIES & PERFORMANCE
With the Company having committed all of the required 70% of its
funds in VCT qualifying investments jointly with Ingenious Live VCT
2 plc (the "VCTs"), the management team is now focused upon
creating maximum value for the shareholders through the further
development of the Company's successful live events portfolio.
With strong sales already achieved for a number of events taking
place this summer the Manager is hopeful of further increasing the
net asset value total return per share from its current 99.7p per
share, which is made up of 35p dividends paid to date together with
a residual net asset value of 64.7p per share.
The VCTs exited their share of the Creamfields Festival during
the Period. The total consideration for this sale was GBP2.672
million for the VCTs (GBP1.7 million to repay loan notes and
GBP972,000 to acquire the VCTs' share capital in CFDT Limited).
Following the onward sale of the Cream Group on 9 May to Live
Nation, the VCTs received an additional GBP269,000 in line with the
original exit arrangements.
80s Rewind and Field Day festivals are already ahead of their
2011 sales numbers and both events are forecasting to sell out
their full capacity again.
The fourth season of Let's Dance took place in February of this
year and again received strong ratings with over seven million
viewers regularly tuning in. The series was extended with an
additional prime time show.
The third Golf Live event takes place at the London Club in Kent
between 18 and 20 May and has already firmly secured its place in
the golfing calendar.
dividend payment
The Company announced its third dividend of 21p per share on 2
February 2012 (2011: 7p per share), which was paid on 24 February
2012.
non-qualifying investments
Currently, GBP238,000 of the remaining proceeds raised by the
Company is invested by the Manager in a number of cash funds
(OEICs) in accordance with the Investment Policy.
Period ended 31 March 2012 31 December
2011
------------------------------ -------------- ------------
Net asset value
GBP'000 5,978 7,972
Net asset value total return
per share GBP'000 9,213 9,266
Shares in issue (number) 9,242,845 9,242,845
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 Secretary
Ingenious Live VCT 1 plc
15 Golden Square
London
W1F 9JG
0207 319 4000
MHP Communications
Reg Hoare / Barnaby Fry / Simon Hockridge / Giles Robinson
Tel: 020 3128 8100
ingenious@mhpc.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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