Ingenious Ent VCT 2 Interim Management Statement
14 May 2014 - 4:00PM
UK Regulatory
TIDMIEVF
Ingenious Entertainment VCT 2 plc ("the Company")
Interim Management Statement
For the period 1 January 2014 to 13 May 2014
OVERVIEW AND FUNDRAISING
On a combined basis, the C Share, D Share, E Share and F Share
classes now have more than 70% of their investments in qualifying
holdings as measured by the VCT legislation. The Manager continues
to actively seek new investments to complement the current
investment portfolio and to deploy any remaining funds on behalf of
the G Share and H Share classes jointly with Ingenious
Entertainment VCT 1 plc (together "the VCTs").
ACTIVITY
In early March 2014, the VCTs made an investment into Zoo
Project Festival Limited to promote an existing music event, The
Zoo Project,which is based upon the highly successful event of the
same name that is held in Ibiza each year. The event will take
place at Donington Park in September 2014.
In March 2014, the VCTs also made an investment into FM3 Limited
("FM3"). The company films and records music festival performances
and generates revenues from this content through both traditional
TV media and online channels. FM3 also delivers 'big screen'
installations to festivals and sells advertising space when
available.
In terms of the current portfolio, ticket sales for the summer
of 2014 events have begun well and Field Day (June 2014), Love
Supreme (July 2014) and Shakedown (July 2014) are all showing
encouraging levels of sales. Field Day is performing particularly
well with its new two day format. The second day, featuring a
headline performance from The Pixies, is already estimated to have
broken even and so should now trade profitably in its first year,
as should the event as a whole.
The Liverpool Sound City 2014 conference and live music event
was also held between 1 and 3 May. The event was once again very
well received and plans are being considered to significantly
increase the event's footprint in 2015.
DIVIDEND PAYMENT
The Company announced dividends of 20p per C Share and 5p per D
Share, E Share, F Share and G Share on 6 February 2014 (2013: 5p
per C Share, D Share, E Share, F Share and G Share). These
dividends were paid on 7 March 2014. The Company also announced a
dividend of 5p per H Share on 9 April 2014 (2013: GBPNil) which was
paid on 9 May 2014.
NON-QUALIFYING INVESTMENTS
Currently, GBP5.9 million of the remaining proceeds raised by
the Company under its previous share offers (and held in its C
Share, D Share, E Share, F Share, G Share and H Share classes) are
invested by the Manager in a number of cash funds (OEICs), and in a
balanced multi-asset management portfolio, in accordance with the
investment policy of the Company.
Period ended 31 March 2014 (unaudited) 31 December 2013 (audited)
Net asset value GBP'000
C Share 1,137 1,707
D Share 4,309 4,679
E Share 2,032 2,189
F Share 1,170 1,258
G Share 2,859 3,048
H Share 2,489 2,488
Period ended 31 March 2014 (unaudited) 31 December 2013 (audited)
Net asset value total return GBP'000
C Share 2,261 2,269
D Share 5,656 5,689
E Share 2,459 2,474
F Share 1,406 1,415
G Share 3,211 3,224
H Share 2,489 2,488
Period ended 31 March 2014 31 December 2013
Shares in issue (number)
C Share 2,810,596 2,810,596
D Share 6,785,624 6,785,624
E Share 2,846,122 2,846,122
F Share 1,572,095 1,572,095
G Share 3,518,044 3,518,044
H Share 2,660,842 2,660,842
Enquiries to:
Sarah CruickshankCompany SecretaryIngenious Entertainment VCT 2
plc15 Golden SquareLondonW1F 9JGTel: 0207 319 4000
Powerscourt GroupJustin Griffiths/Carmen MurrayTel: 0207 250
1446ingenious@powerscourt-group.com
This information is provided by Business Wire
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