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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Ingenious Music | LSE:IGM | London | Ordinary Share | GB00B05L0J61 | 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% | 67.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:3448T Ingenious Music VCT PLC 28 October 2005 Ingenious Music VCT Plc CHAIRMAN'S STATEMENT Introduction This is my first statement since Ingenious Music VCT plc first opened for subscription and I would like to welcome all shareholders to the Company. I am pleased to report that more than #15 million was raised in the period from 17 January 2005 to 30 June 2005, which was an excellent outcome and I would like to thank our shareholders for their support. Whilst this period has been largely dominated by fund raising, we are now in advanced discussions regarding our first investment and are currently in the process of finalising the legal documentation. Full details of our first investment will be published once it has been completed. Investment Objective The investment objective of the Company is to provide shareholders with an attractive return from investments in a portfolio of music companies that will be engaged in the creation, development and exploitation of intellectual property rights attaching to emerging bands and artists. This will be achieved by maximising the opportunities for making tax-free dividends to shareholders from both income received and from capital profits on a sale of the investee companies or their assets. VCT Qualifying Status The Company is managed as a venture capital trust enabling shareholders to benefit from both the income and capital gains tax reliefs available. Shareholders will be aware that, in order to qualify for these tax reliefs, 70% of net funds raised must be invested in VCT qualifying companies within three years. Our Managers believe that the Company should meet this condition given the number of investment opportunities being pursued. In order to safeguard the capital available for investment in qualifying companies, the net proceeds of the offer will be invested in cash and cash equivalent instruments until they are required for qualifying investment purposes. To that end, the Company has placed #1.5 million in the Ingenious Enhanced Cash Fund, which is operated by Ingenious Asset Management Limited. Results As the majority of the funds were raised in the two months leading up to the end of the reporting period, the Board is not recommending the payment of an interim dividend. Outlook The current outlook for growth in recorded music revenues remains strong with the UK continuing to play a key role in the market both in terms of new acts and consumer spending. Our Managers have held numerous discussions with record companies and managers throughout this period and I am pleased to report that they continue to see a good flow of high quality opportunities, which I intend to report on further in my full statement to accompany the annual report and financial statements for the year ended 31 January 2006. P A McKenna Chairman 28 October 2005 INCOME STATEMENT (UNAUDITED) For the period from 17 November 2004 to 31 July 2005 #'000s Continuing operations Revenue - Cost of sales - Gross profit - Administrative expenses (290) - Loss from operations (290) Finance income 31 Loss for the period from continuing operations (before and after taxation) attributable to equity holders (259) Loss per ordinary share (1.72p) BALANCE SHEET (UNAUDITED) 31 July 2005 Notes #'000s Current assets Trade and other receivables 13 Cash and cash equivalents 2 14,308 Total assets 14,321 Current liabilities Trade and other payables (91) Net assets 14,230 Equity Share capital 3 151 Share premium account 3 14,338 Retained earnings (259) Total equity 3 14,230 Net asset value per ordinary share 94.3p CASH FLOW STATEMENT (UNAUDITED) For the period from 17 November 2004 to 31 July 2005 Notes #'000s Net cash from operating activities A (212) Investing activities Interest received 29 Investment income received 2 Net cash used in investing activities 31 Financing activities Proceeds from issue of shares 15,093 Issue costs of ordinary shares (604) Net cash used in financing activities 14,489 Net increase in cash and cash equivalents 14,308 Cash and cash equivalents at beginning of period - - Cash and cash equivalents at end of period 14,308 NOTES TO THE UNAUDITED CASH FLOW STATEMENT For the period from 17 November 2004 to 31 July 2005 (A) Reconciliation of operating loss to net cash outflow from operating activities #'000s Loss from operations (290) Increase in receivables (13) Increase in payables 91 Net cash from operating activities (212) NOTES TO THE UNAUDITED INTERIM FINANCIAL STATEMENTS For the period from 17 November 2004 to 31 July 2005 1. Accounting policies These interim financial statements, which have been prepared under the historical cost convention and in accordance with applicable accounting standards, have been approved by the directors and are unaudited. These statements do not, therefore, comprise full financial statements within the meaning of section 240 of the Companies Act 1985. 2. Cash and cash equivalents This includes cash at bank and an initial investment of #1,500,000 into the Ingenious Enhanced Cash Fund, which is operated by Ingenious Asset Management Limited. 3. Equity By 5 April 2005, 4,938,322 ordinary shares of 1p each had been issued and allotted by the Company under the offer. Since that date, a further 10,154,959 ordinary shares have been issued and allotted under the offer bringing the total issued ordinary share capital of the Company as at 30 June 2005 to 15,093,283 ordinary shares (including the two ordinary subscriber shares of 1p each created upon the incorporation of the Company). All of the issued ordinary share capital of the Company has been admitted to the Official List and to trading on the London Stock Exchange. The offer closed on 30 June 2005. During the period under review, 50,000 redeemable preference shares were issued and redeemed at par. On 26 October 2005, the High Court made an order for the confirmation of the reduction of the Company's share premium account by #7,471,174. This amount will be credited to the Company's capital redemption reserve. Called-up share Share premium Income Total capital account Statement #'000s #'000s #'000s #'000s As at 17 November 2004 - - - - Shares issued in the period 151 14,942 - 15,093 Share issue costs - (604) - (604) Loss for the financial period after taxation - - (259) (259) - As at 31st July 2005 151 14,338 (259) 14,230 This report will be sent to all registered shareholders during November 2005. Copies for general release will be available from the Company Secretary, Ingenious Music VCT plc, 100 Pall Mall, London SW1Y 5NQ. This information is provided by RNS The company news service from the London Stock Exchange END IR ILFSRITLTFIE
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