Ingenious Ent VCT 1 Statement re Launch of New Offer
02 November 2012 - 5:30AM
UK Regulatory
TIDMIEV1
1 November 2012
Ingenious Entertainment VCT 1 plc and Ingenious Entertainment
VCT 2 plc (the "Companies")
New Share Offer
The Companies are pleased to announce that they intend to launch
a public offer for subscription for new ordinary H shares of 1p
each ("H Shares") in the share capital of each of the Companies
(the "New Offer") in December 2012, with a target of raising up to,
in aggregate, GBP15,000,000, with an over-allotment facility of a
further GBP10,000,000.
The New Offer follows the Companies' successful offer for
subscription dated 21 November 2011 (the "G Share Offer") which
closed on 31 August 2012 having raised approximately GBP7 million,
in aggregate.
The funds raised by the New Offer will enable the Companies to
make more investments and allow them to spread their fixed costs
over a larger asset base which will result in economies of scale
that will ultimately increase the Companies' profitability to the
benefit of all investors.
As with the G Share Offer, the investment manager will deploy a
minimum of 70% of the funds in qualifying assets with the remaining
funds being invested in non-qualifying assets.
The New Offer will be for up to, in aggregate, 15,000,000 'H'
Shares comprising up to 7,500,000 'H' Shares in the share capital
of each of the Companies at an issue price of 100p per 'H' Share
payable in full on application, together with an over-allotment
facility of up to, in aggregate, a further 10,000,000 'H' Shares
comprising 5,000,000 'H' Shares in the capital of each of the
Companies.
The highlights of the New Offer are expected to be as
follows:
Funds sought - up to GBP15,000,000 with an over-allotment
facility of GBP10,000,000 (in both cases in aggregate and before
expenses)
Offer price -100p per 'H' Share
30% income tax relief on subscriptions up to GBP200,000 in
2012/13 & 2013/14 tax years
Minimum investment GBP3,000
Share buy-back policy - market purchases at a discount to
NAV
Enquiries to:
Sarah Cruickshank
Company Secretary
Ingenious Entertainment VCT 1 plc
15 Golden Square
London
W1F 9JG
020 7319 4000
Paul Bedford
Senior Investment Director
Ingenious Media Investments Limited
15 Golden Square
London
W1F 9JG
020 7319 4000
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