Ingenious Ent VCT 2 Interim Management Statement

 
TIDMIEV2 
 
 

1 November 2012

Ingenious Entertainment VCT 2 plc ("the Company")

Interim Management Statement

For the period 1 July 2012 to 31 October 2012 ("the Period")

OVERVIEW AND FUNDRAISING

With the Ordinary Share class and C Share class now fully invested in qualifying investments for the purposes of HMRC rules, the Company is continuing to actively seek new investments to complement the current portfolio of investments and to deploy funds on behalf of the D Shares, E Shares, F Shares and G Shares jointly with Ingenious Entertainment VCT 1 plc (together "the Entertainment VCTs").

The G Share Offer raised a gross total amount of approximately GBP1.5 million from 6 April 2012 to 31 August 2012 across the Entertainment VCTs.

ACTIVITY

In July 2012, the Entertainment VCTs successfully exited their investment in the venue XOYO through the sale of their shareholding in Essential Experience Limited to a third party. The Entertainment VCTs each made a profit of around GBP15k on their investment.

The Period saw a significant amount of activity by investee companies in the portfolio. The Rewind Festivals, in Henley and Scotland, were both held and were well attended. Over 65,000 tickets were sold, with the Henley festival selling out in record time, and Rewind Festival North, held in Perth, Scotland, saw a 42% increase in ticket sales on last year.

The second Shakedown festival was also held during the Period in Brighton. It saw a substantial increase in ticket sales with over 110% more tickets sold than in its first year, and the capacity was doubled to cope with demand.

Early bird sales for 2013 events including Field Day and the Rewind Festivals are already underway with sales well ahead of 2012's sales to date.

NON-QUALIFYING INVESTMENTS

Currently, GBP10 million of the remaining proceeds raised by the Company under its Ordinary Share, C Share, D Share, E Share, F Share and G Share Offers (see below) is invested by the Manager in a number of cash funds (OEICs) and in relation to the remaining proceeds of the F Share Offer 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 G SHARES

In November 2011, the Entertainment VCTs launched the G Share Offer to create further pools of capital. After the close of the offer on 31 August 2012 the Entertainment VCTs had each alloted a total of 3,518,044 G Shares. 761,284 G Shares were allotted by each of the Entertainment VCTs during the Period.

 
Period ended              30 September 2012  30 June 2012 
Net asset value GBP'000 
Ordinary Share            7,760              7,694 
C Share                   1,973              1,966 
D Share                   5,322              5,352 
E Share                   2,469              2,480 
F Share                   1,378              1,375 
G Share                   3,305              2,585 
 
 
Period ended                           30 September 2012  30 June 2012 
Net asset value total return GBP'000 
Ordinary Share                         9,291              9,225 
C Share                                2,395              2,388 
D Share                                5,996              6,026 
E Share                                2,611              2,622 
F Share                                1,457              1,454 
G Share                                3,305              2,585 
 
 
Period ended       30 September 2012  30 June 2012 
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          2,756,760 
 
 
Period ended     30 September 2012    30 June 2012 
Net Asset Value (pence per share) 
Ordinary Share   76.0                 75.4 
C Share          70.2                 70.0 
D Share          79.0                 79.5 
E Share          86.8                 87.1 
F Share          87.7                 87.5 
G Share          93.9                 93.8 
 
 

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 2 plc15 Golden SquareLondonW1F 9JG

0207 319 4000

Paul BedfordSenior Investment Director

0207 319 4000