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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 : 9361Z Ingenious Music VCT PLC 25 July 2008 Ingenious Music VCT plc (the "Company") 28 July 2008 RETURN OF CAPITAL TO SHAREHOLDERS Following the third anniversary of the Company qualifying as a Venture Capital Trust ("VCT"), and as envisaged at launch, the board and investment manager of the Company are pleased to announce proposals for a return of the Company's capital to shareholders. Having investigated the best route for the return of capital to shareholders both the board and the investment manager are of the view that the best way for shareholders to realise value is through the orderly winding-up of the Company's investments under the Insolvency Act 1986. This will permit a low-cost winding-up and maximise the amount returned to shareholders. VCT legislation during the tax year 2005/6 stated that shares had to be held for at least three years. The board of the Company have therefore recommended that shareholders approve that the Company be placed into a members' voluntary winding-up and that Stephen Ryman and Robert Smailes of Shipleys LLP are to be appointed joint liquidators for the purpose of such winding-up. A letter will be sent to shareholders today setting out full details of the proposed winding-up and the actions that they need to take. The winding-up is conditional on the approval of resolutions to be proposed to shareholders of the Company at a general meeting to be held on 28 August 2008. The Company will apply for cancellation of its listing on the London Stock Exchange following the placing of the Company into a members' voluntary winding-up, which is anticipated to be on 28 August 2008. Expected Timetable for winding-up of Ingenious Music VCT plc Notice of General Meeting posted to shareholders 28 July 2008 Deadline for receipt of Proxy Forms 11am on 26 August 2008 Suspension of the listing of the Shares on the Official List 7:30am 28 August 2008 General Meeting 11am on 28 August 2008 Expected date of cancellation of the listing of the Shares on the Official List 8am on 25 September 2008 Investment Manager Ingenious Ventures will continue to provide on-going investment management services to the Company. Following the winding-up Ingenious Ventures will no longer charge an annual investment management fee or administration fee. Documents and Approvals The Company's shareholders will receive a copy of a circular together with a notice convening the general meeting of shareholders to be held on 28 August 2008 at which the shareholders will be invited to approve resolutions in connection with the winding-up. Copies of the circular have been submitted to the UK Listing Authority and will be shortly available for inspection at the UK Listing Authority's Document Viewing Facility which is situated at: Financial Services Authority 25 The North Colonnade Canary Wharf London E14 5HS Telephone: 0207 066 1000 The directors of the Company accept responsibility for the information relating to the Company and its directors contained in this announcement. To the best of the knowledge and belief of such directors (who have taken all reasonable care to ensure that such is the case), the information relating to the Company and its directors contained in this announcement, for which they are solely responsible, is in accordance with the facts and does not omit anything likely to affect the use of such information. Enquiries to: Sarah Cruickshank Company Secretary Ingenious Music VCT plc 15 Golden Square London W1F 9JG 020 7319 4000 Andy Berry/Paul French, Fishburn Hedges, 020 7839 4321 This information is provided by RNS The company news service from the London Stock Exchange END MSCBSGDRIXDGGIU
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