Ingenious Media Active Capital Ltd Portfolio Update (9666K)
June 30 2014 - 10:40AM
UK Regulatory
TIDMIMAC
RNS Number : 9666K
Ingenious Media Active Capital Ltd
30 June 2014
For immediate release
30 June 2014
Ingenious Media Active Capital Ltd
("IMAC" or the "Company")
Sale of Passhold Limited and Fulford Public Relations Pte
Limited ("BrandRapport Subsidiaries")
The Board of IMAC announces that its investee company,
BrandRapport Group Limited, formerly QobliQ Limited, ("Brandrapport
Group"), has today sold its 100% owned operating subsidiaries,
Passhold Limited and Fulford Public Relations Consultancy Pte
Limited ("Disposal"). The companies have been sold to Bansols
Seventy-One ("Purchaser"), a company incorporated by the directors
of BrandRapport Limited, the 100% owned operating subsidiary of
Passhold Ltd. BrandRapport is a UK based sports marketing company
which was acquired in December 2007 by IMAC.
The consideration comprises GBP50,000 in cash ("Consideration")
payable to BrandRapport Group on completion. As previously
announced, while the Manager of IMAC is continuing to seek exits
for the remaining companies in IMAC's portfolio in a timely manner,
the Board expected that the consideration for Brandrapport would
not be material, reflecting the current non-renewal of certain of
BrandRapport's customer contracts. IMAC has an 88.06 per cent
interest in BrandRapport Group's issued share capital ("Shares").
Following completion, BrandRapport Group will then be subsequently
wound-up. The Board of IMAC anticipates that on completion of the
winding-up, IMAC will receive approximately GBP40,000 in repayment
for its interest in BrandRapport Group. Following completion of the
sale of its portfolio companies, the Board intends to wind-up the
Company and distribute the remaining cash to shareholders
IMAC is a closed-ended, Guernsey-registered investment company
which invests predominantly in unquoted media and entertainment
companies. IMAC is managed by Ingenious Ventures ("Manager"), the
private equity division of investment and advisory group,
Ingenious. IMAC's investing policy is to focus on realising its
existing portfolio of investments and return where possible the
proceeds of any disposals to shareholders. IMAC retains its
portfolio investment in Whizz Kid Entertainment Limited.
The Board anticipates distributing the proceeds of the Disposal
to Shareholders in due course.
The Disposal is a Related Party Transaction under the AIM Rules
as the directors of the Purchaser are directors of BrandRapport
Limited, an indirect subsidiary of BrandRapport Group, an 88.06%
owned subsidiary of IMAC. The Board of IMAC believe, having
consulted with the Company's Nominated Adviser, that the terms of
the Disposal are fair and reasonable insofar as all shareholders
are concerned. In particular the Board has considered that the
Manager has taken all reasonable steps to secure the best sale
price for IMAC's investment in BrandRapport Group and effect the
transaction on terms which are the best available for IMAC in the
circumstances at this time reflecting the BrandRapport Group's
current trading and outlook. The net book value of IMAC's
investment in BrandRapport Group (comprising the Shares and
outstanding loan stock) amounted to GBP1,300,000 as at 30 September
2013, the date of IMAC's last published unaudited balance sheet.
For the 12 months ended 31 March 2014, BrandRapport Group's
unaudited consolidated loss before taxation amounted to
GBP2,267,871.
Enquiries:
IMAC
Patrick McKenna/ Duncan Reid
Tel: 020 7319 4000
Beaumont Cornish Limited (Nominated Adviser and Broker)
Michael Cornish
Tel: 020 7628 3396
Powerscourt Group (PR Adviser)
Carmen Murray & Victoria Palmer-Moore
Tel: 020 7324 0496 / ingenious@powerscourt-group.com
A copy of this announcement is available on the Company's
website at www.imaclimited.com
About IMAC:
IMAC is a closed-ended, Guernsey-registered investment company,
which was admitted to AIM in April 2006, with an actively-managed
portfolio in the unquoted media and entertainment sector. IMAC's
activities are managed by Ingenious Ventures, the private equity
division of Ingenious.
About Ingenious:
Ingenious is a market-leading financial services group providing
investment and advisory expertise operating through four divisions.
Ingenious is one of the leading investors in the UK's creative
industries and was founded by its Chief Executive, Patrick McKenna
in 1998.
Ingenious Ventures is the private equity division of
Ingenious.
For further information, please visit
www.ingeniousmedia.co.uk
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
END
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