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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Ingenious 1 | LSE:ILV1 | London | Ordinary Share | GB00B1G17L31 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 42.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMILV1
RNS Number : 1404U
Ingenious Live VCT 1 plc
16 December 2011
Ingenious Live VCT 1 plc
Ingenious Live VCT 1 plc to Exit Creamfields Festival Investment
Ingenious Live VCT 1 plc (ILV1) today announces along with Ingenious Live VCT 2 plc (ILV2) that they have agreed terms to exit from their combined investment in the Creamfields festival for a total consideration of GBP2.78 million.
The deal will see The Cream Group's festival vehicle, C.I. (Events) Limited, acquire the whole of the share capital of CFDT Limited, a company which was set up by ILV1, ILV2, The Young Vic Company and C.I. (Events) Limited in 2008 to help promote the festival when it switched from being a one day to a weekend camping event.
The Creamfields UK festival has performed strongly over the last few years with the August 2011 festival selling out in advance of the event, for the third year running, despite an increase in capacity from 40,000 the previous year to 50,000 per day.
Under the proposed exit deal, C.I. (Events) Limited will acquire the shares of ILV1, ILV2 and The Young Vic Company for a total aggregate consideration of GBP1.084 million and will also repay the loan notes that were issued to ILV1 and ILV2 under the original investment deal in the aggregate amount of GBP1.19 million, along with a premium of GBP510,000 (i.e. GBP255,000 payable to each of ILV1 and ILV2, respectively). ILV1 (along with ILV2) will also retain a share of further upside over the two years following the completion of the deal, in the event that there is a sale of the Creamfields brand for an amount in excess of an agreed exit multiple.
It is anticipated that the exit will give rise to a special dividend in excess of 20p being paid to shareholders of ILV1 (and ILV2) in February 2012.
The terms of the exit have been approved by the board of ILV1 as it approaches its fifth anniversary, with a view to delivering strong returns to its shareholders in line with its stated five year liquidity strategy. The deal will represent a significant return on ILV1's original investment in Creamfields.
The VCT currently retains investments in a number of other festival brands such as Rewind and Field Day, as well as exhibitions such as Taste of Christmas and Golf Live.
For further information please contact:
Sarah Cruickshank
Company Secretary
Ingenious Live VCT 1 plc
15 Golden Square
London W1F 9JG
020 7319 4000
For Press Inquiries please contact:
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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