Ingenious Media Active Capital Ltd Corporate Update (0600R)

TIDMIMAC

RNS Number : 0600R

Ingenious Media Active Capital Ltd

08 September 2014

For immediate release

8 September 2014

Ingenious Media Active Capital Ltd

("IMAC" or the "Company")

Corporate Update

As previously announced in the Company's unaudited interim results for the six months ended 30 September 2013, the Company had received a claim for GBP2.8 million in relation to the sale of one of the Company's investments and the Company was in the process of appointing an independent expert to resolve the dispute. The independent expert has now determined its final binding decision on the completion accounts as a result of which the Company will make a payment to the purchaser of GBP1.17 million after escrow balances and including interest. As previously announced, the Board intends to wind-up the Company and distribute the remaining cash to shareholders as soon as possible and currently anticipates that detailed proposals, including the latest NAV, will be announced this month, to be considered at this year's Annual General Meeting, which is expected to be held in October. A further announcement is expected to be made shortly.

Enquiries:

IMAC

Patrick McKenna/ Duncan Reid

Tel: [phone]

Beaumont Cornish Limited (Nominated Adviser and Broker)

Michael Cornish

Tel: [phone]

Powerscourt Group (PR Adviser)

Carmen Murray & Victoria Palmer-Moore

020 7250 1446 / [e-mail]

A copy of this announcement is available on the Company's website at www.imaclimited.com

ENDS

This information is provided by RNS

The company news service from the London Stock Exchange

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