Ingenious Ent VCT 1 Interim Management Statement

 
TIDMIEV1 
 
 

30 October 2013

Ingenious Entertainment VCT 1 plc ("the Company")Interim Management StatementFor the period 1 July 2013 to 29 October 2013

OVERVIEW AND FUNDRAISING

The ordinary 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 - one distribution in December 2013 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 C & D 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 E shares, F shares, G shares and H shares jointly with Ingenious Entertainment VCT 2 plc (together "the Entertainment VCTs")

The H share offer raised a gross total amount of approximately GBP5.2 million across the Entertainment VCTs.

ACTIVITY

In early July 2013, the Entertainment VCTs saw the first staging of the Love Supreme Festivalwhich saw both jazz and mainstream music fans come together to enjoy performances by the likes of Bryan Ferry, Chic, Robert Glasper and Marcus Miller. The event was held on the hottest weekend of the year and was extremely well received editorially, although audience numbers fell materially below expectations and a significant loss was incurred. The Company is working closely with its co-promotion partners to assess the viability of staging a future Love Supreme event.

In late September 2013 the third Shakedown festival was held. Attendance was very much in line with 2012 levels and the event has established itself in the calendar of Brighton music lovers and continues to be profitable. The promoters agreed to stage a second event, SD2, which would share the event infrastructure on the following day. Unfortunately attendance for this event was lower than forecast in spite of headliners such as The Wanted and The Saturdays performing. It is unlikely that SD2 will take place in 2014 and the Company has now made provision for the losses incurred. The partners are, however, actively seekingopportunities to share the site in future years in order to reduce the cost base for each event.

DIVIDEND PAYMENT

The Company announced a dividend of 53p per ordinary share on 3 July 2013. The dividend was paid on 8 August 2013 to ordinary shareholders on the register on 12 July 2013.

NON-QUALIFYING INVESTMENTS

Currently, GBP8.3 million of the remaining proceeds raised by the Company under its C share, 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.

ALLOTMENT OF H SHARES

In December 2012, the Entertainment VCTs launched the H share offer to create further pools of capital. As at 30 August 2013, the last day for subscription in this share class, the Entertainment VCTs had each allotted 2,660,842 H shares.

 
Period ended                  30 September 2013    30 June 2013 
Unaudited net asset value     GBP'000                GBP'000 
Ordinary share                137                  5,574 
C share                       1,722                1,781 
D share                       4,712                4,914 
E share                       2,205                2,278 
F share                       1,255                1,297 
G share                       3,024                3,059 
H share                       2,477                1,628 
Period ended                  30 September 2013    30 June 2013 
Unaudited net asset           GBP'000                GBP'000 
value total return 
Ordinary share                9,117                9,146 
C share                       2,284                2,343 
D share                       5,722                5,924 
E share                       2,490                2,563 
F share                       1,412                1,454 
G share                       3,200                3,235 
H share                       2,477                1,628 
Period ended                  30 September 2013    30 June 2013 
Shares in issue (number) 
Ordinary share                10,205,011           10,205,011 
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            1,735,921 
 
 

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 [e-mail]

 
 
 
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