Ingenious Ent VCT 1 Interim Management Statement

 
TIDMIE1E 
 
 

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 9JG

0207 319 4000

Powerscourt GroupJustin Griffiths/Carmen Murray

Tel: [phone] [e-mail]

 
 
 
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