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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:1726B Ingenious Music VCT PLC 07 April 2006 PRELIMINARY STATEMENT OF UNAUDITED RESULTS INGENIOUS MUSIC VCT PLC (the "Company") Preliminary statement of unaudited results for the period ended 31 January 2006 CHAIRMAN'S STATEMENT I am delighted to present the Company's preliminary statement of unaudited results covering the period from the Company's incorporation on 17 November 2004 to 31 January 2006. Overview of Activities The period to 30 June 2005 was dominated by fund raising during which time Ingenious Ventures Limited ("Ingenious Ventures") arranged over #15 million of investment into the Company. Since then, Ingenious Ventures has been actively sourcing and reviewing investment propositions as well as placing a particular emphasis on developing strong, long-term investment relationships with both the Majors and leading independent record labels as well as artist managers and those individual "named" artists that are looking to self-release their recordings. On 12 January 2006, the Company made its first qualifying investment pursuant to which it agreed to invest up to #300,000 in The Heights Recording Limited in relation to a new band known as The Heights. The investment was made alongside Channelfly's independent record label, Animal Noise (part of MAMA Group plc), which it is hoped will form part of a long-term investment relationship. This is an excellent example of the Company's ability to provide an effective source of third party investment to the record industry whilst managing risk and maintaining upside potential for shareholders. Ingenious Music VCT 2 plc I am happy to announce that the Company's sister fund, Ingenious Music VCT 2 plc, closed its offer on 5 April 2006 having raised over #26 million. The two companies, which will be jointly managed by Ingenious Ventures, will therefore have over #40 million under management making them the largest independent source of arist & repetoire investment in the UK. Amended Investment Policy I am also pleased to report that shareholders approved the Company's amended investment policy at the Extraordinary General Meeting held on 6 April 2006. Although I firmly believe that the previous investment policy was sufficiently broad for the Company to satisfy applicable VCT requirements, this amended policy will allow the Company to pursue a wider range of music-related investment opportunities which, in the opinion of the Directors, should add value to the Company's portfolio. The amended policy will also enable the Company to co-invest alongside Ingenious Music VCT 2 plc. Additional Investments I am pleased to report that Ingenious Ventures is now in advanced negotiations regarding two additional investments. The first investment relates to the recording of live concerts by established artists for DVD release and worldwide television broadcast and the second relates to an emerging artist's second album alongside one of the UK's leading independent labels. Results The Company made a loss on ordinary activities of #119,000 in the period to 31 January 2006. A loss was expected, with the Company incurring one-off start-up costs as well as making The Heights investment which, having been made in January, has not yet had time to mature. Accordingly, the Board do not recommend the payment of a dividend for the period. The Company's net asset value, however, remained relatively constant during the period at #14.3 million or 95.2 pence per share. Outlook The outlook for the next financial year remains positive with demand for the Company's investment capital expected to be driven by a resurgence of independent record labels, artist-driven companies exploiting their own recordings and music publishers migrating into wider rights exploitation companies. The rapidly increasing momentum generated by Ingenious Ventures and the amended investment policy should also allow the Company to capitalise on the ever-fluctuating requirements of the music industry. I would like to take this opportunity to thank all shareholders for their continued support of the Company and very much look forward to meeting those of you that are able to attend the Annual General Meeting which will take place at 9.30 am on 17 May 2006 at The Foreign Press Association, 11 Carlton House Terrace, London SW1Y 5AJ. Patrick McKenna Chairman 6 April 2006 INCOME STATEMENT (UNAUDITED) for the period 17 November 2004 to 31 January 2006 Revenue Capital Total #'000 #'000 #'000 Gains on investments - unrealised - 32 32 Investment income 354 - 354 Arrangement fees (151) - (151) Investment management fees (63) (63) (126) Other expenses (204) (24) (228) Loss on ordinary activities before taxation (64) (55) (119) Tax on ordinary activities - - - Loss on ordinary activities after taxation transferred to reserves (64) (55) (119) Basic and diluted return per share (pence) (0.76) (0.64) (1.40) The Company has no recognised gains and losses other than those disclosed above. BALANCE SHEET (UNAUDITED) as at 31 January 2006 #'000 Fixed assets Qualifying investments 200 Current assets Debtors 156 Non-qualifying investments 1,532 Cash at bank and in hand 12,811 14,499 Creditors: amounts falling due within one year (329) Net current assets 14,170 Total assets less current liabilities 14,370 Capital and reserves Called-up share capital 151 Share premium account 6,867 Capital redemption reserves 7,471 Capital reserves realised (87) unrealised 32 Revenue reserve (64) Equity shareholders' funds 14,370 Net asset value (pence per share) 95.2 CASH FLOW STATEMENT (UNAUDITED) for the period 17 November 2004 to 31 January 2006 #'000 Net cash outflow from operating activities (178) Capital expenditure and financial investment Purchase of non-qualifying investments (1,500) Net cash outflow from capital expenditure and financial investment (1,500) Financing Issue of ordinary shares 15,093 Expenses of the issue of ordinary shares (604) Net cash inflow from financing 14,490 Increase in cash 12,811 Notes Revenue and capital returns for the period to 31 January 2006 are based on a weighted average of 8,481,868 ordinary shares in issue during the period. The net asset value per ordinary share at the period end was 95.2 pence. This is based on net assets at the period end and on 15,093,283 ordinary shares, being the number of shares in issue at 31 January 2006. Investment income for the period to 31 January 2006 is derived from bank deposit interest. The above information for the period ended 31 January 2006 does not constitute statutory accounts as defined in section 240 of the Companies Act 1985. The statutory accounts for the period ended 31 January 2006 will be finalised on the basis of information included within this announcement. The audit report on the full financial statements for the period ended 31 January 2006 has yet to be signed. Statutory accounts for the period ended 31 January 2006 will be delivered to the Registrar of Companies in due course. Copies of the Annual Report & Accounts will be posted to shareholders in April and will be available from the registered office of the Company at 100 Pall Mall, London SW1Y 5NQ. This announcement was approved by the Board on 6 April 2006. Enquiries to: Desiree Parker Ingenious Ventures Limited 100 Pall Mall London SW1Y 5NQ Tel.: 0207 024 3600 This information is provided by RNS The company news service from the London Stock Exchange END FR UUUGACUPQGBQ
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