IBIS' valuation at the half-year has increased by GBP97,074
(+5%) to reflect the increased valuations of transactions and
public trading involving comparable companies.
Ginx TV
---------------------------------------------------
Date of initial 24 August 2010
investment:
---------------------- ---------------------------
Investment to date: GBP985,000 ordinary shares
and loan notes
---------------------- ---------------------------
Valuation as at GBP1,401,695
31 January 2013:
---------------------- ---------------------------
Investment in Period: GBP0
---------------------- ---------------------------
Valuation as at GBP1,679,884
31 July 2013:
---------------------- ---------------------------
Change in valuation: +GBP278,189; +20%
---------------------- ---------------------------
Ginx TV produces a 24/7 video games TV channel as well as
individual review and insight programmes on the latest in video
games. Ginx TV programming is available on TV and online and the TV
shows are targeted at international audiences in English language
and localised versions. Ginx TV is now aired in 44 territories and
in over 10 languages.
Recent Updates
Ginx TV's recent deal flow has been strong with 16 new
international platform launches, adding over GBP780,000 in
annualised revenues to the business. By way of a comparison, Ginx
TV secured 14 new platforms in the whole of 2012. Following the
successful launch of its show "The Blurb" on Sky in January 2013,
Ginx TV launched a free-to-air 24/7 channel on Virgin Media in
June, doubling its viewership reach to approximately 7 million
homes. The company's first UK platform channel launch has already
provided a boost to Ginx TV's international credibility, improved
relationships with video game publishers and laid the foundations
for an international advertising sales effort.
In July 2013, Ginx TV launched a Rights Issue targeting a
GBP750,000 equity fundraising in order to acquire a pan-European
thematic television channel introduced to the company by IBIS'
Investment Adviser. The principal purpose of the acquisition, which
is scheduled to complete in September, is to switch the acquired
company's channel to Ginx TV's 24/7 video gaming channel, providing
Ginx TV with viewership reach of up to 26 million incremental
European homes. Post-acquisition, Ginx TV will operate a
free-to-air model in France and the UK, while aiming to convert the
remaining homes to Ginx TV's paid-for subscription model.
Ginx TV is on the verge of reaching operating break even and
expects to be profitable for the 2013 financial year on its current
business model, while the imminent acquisition provides an exciting
opportunity for the company's further development.
The recent Rights Issue is raising equity at a 25% premium to
the price per share of Ginx TV's last fundraising that took place
in October 2012. As a result, the fair value of IBIS' investment in
Ginx TV at the half-year has increased by a further GBP278,189
(+20%).
Get Me Media
-------------------------------------------------------
Date of initial 22 January 2007
investment:
---------------------- -------------------------------
Investment to date: GBP806,442 ordinary shares and
unsecured loan notes
---------------------- -------------------------------
Valuation as at GBP999,938
31 January 2013:
---------------------- -------------------------------
Investment in period: GBP0
---------------------- -------------------------------
Valuation as at GBP999,938
31 July 2013:
---------------------- -------------------------------
Change in valuation: GBP0; 0%
---------------------- -------------------------------
Investment Overview
Get Me Media, which trades as Getmemedia.com, is an online
directory of marketing and media spend ideas. The company helps
marketers and their agencies find relevant and up-to-date marketing
opportunities for their brands. The company serves two needs: 1)
for media owners, it gives them a shop window to promote their
inventory of media opportunities to advertisers and their agencies,
from whom the media owners hope to attract a share of marketing
spend; and 2) for advertisers and their agencies, it gives them an
easily navigable and searchable database of alternative media and
ideas for their marketing campaigns.
Recent Developments
Get Me Media had an excellent start to the year with some major
client wins, including bespoke training programmes for Diageo,
Homebase and Co-Op and marketing packages for eBay, Yahoo!,
Guardian Media Group, News International and Mirror Group, amongst
others.
With help from IBIS' Investment Adviser, the company placed the
final tranche of a GBP325,000 equity fundraising in May 2013 as
part of its plan to develop the business further prior to achieving
an exit for shareholders. Get Me Media is now making a number of
key hires to support the company's growth and is particularly
active in the promotion of its Briefing Service, through which the
company receives a commission on the value of an agency or client
brief it matches with media owners.
The company's turnover in the first six months was 50% up
year-on-year. If Get Me Media can continue to execute on its
business plan and maintain the recent sales momentum, the company
will expect to breakeven in the last quarter of 2013.
IBIS' valuation at the half-year is unchanged from the beginning
of the period.
Masher Technologies
----------------------------------------------------------
Date of initial 14 July 2008
investment:
---------------------- ----------------------------------
Investment to date: GBP564,333 ordinary and preferred
ordinary shares
---------------------- ----------------------------------
Valuation as at GBP354,587
31 January 2013:
---------------------- ----------------------------------
Investment in period: GBP0
---------------------- ----------------------------------
Valuation as at GBP354,587
31 July 2013:
---------------------- ----------------------------------
Change in valuation: GBP0; 0%
---------------------- ----------------------------------
Investment Overview
Masher produces an online video editing and messaging tool
designed to be used in conjunction with online social networking
communities; it is a B2C widget and application with simple and
intuitive drag and drop functionality. Masher is a spin-off from
BBC Worldwide. Through a content licensing agreement with the BBC,
it offers its users access to a catalogue of video and audio
content.
Recent Developments
Masher continues to attract 50,000 visitors per month and signs
up approximately 400 new users per day via its website and
application on Facebook at no direct cost to the company. Masher's
access to BBC Worldwide content combined with its proprietary video
editing application are seen as key assets in an environment where
there is an increasing use of video content in online social
media.
IBIS' Investment Adviser is working with Masher's management
team and other shareholders to identify strategic partners or
potential acquirers for the business' next stage of growth. As part
of a strategy to improve the Masher product offering prior to a
trade sale, the company launched its new website with enhanced
video editing features in July 2013, with plans to launch a mobile
video editing application in September. Masher has received
preliminary acquisition interest and its technology is currently
undergoing extensive product testing as part of an anticipated sale
process.
IBIS' valuation at the half-year is unchanged from the beginning
of the period.
Freshwater
---------------------------------------------------
Date of initial 18 July 2007
investment:
---------------------- ---------------------------
Investment to date: GBP864,499 ordinary shares
---------------------- ---------------------------
Valuation as at GBP322,484
31 January 2013:
---------------------- ---------------------------
Investment in period: GBP0
---------------------- ---------------------------
Valuation as at GBP329,972
31 July 2013:
---------------------- ---------------------------
Change in valuation: +GBP7,488; +2%
---------------------- ---------------------------
Investment Overview
Freshwater is a public relations led marketing group with teams
operating in the UK and Ireland across five specialisms. The
company has four support divisions offering: marketing, graphic
design and media buying, conferences, training and coaching, and,
interactive and online media.
Recent Developments
Freshwater is making encouraging progress in restoring profits
to pre-recession levels and strengthening its financial position.
In the company's financial half-year to 28 February 2013,
Freshwater increased its operating profit by 82% year-on-year to
GBP80,000 and EBITDA by 37% to GBP280,000. At the same time, the
company has continued efforts to improve its balance sheet, with
negative net current assets falling by 53%. The company made its
final deferred payment in August 2013 relating to its Scottish
agency acquisition and management has renegotiated more favourable
terms on its bank borrowings. With the company's cost reduction
programme now largely complete, Freshwater expects administrative
expenses in the second half of its financial year to be more than
GBP120,000 lower than in the first, giving every prospect of a
further boost to profitability.
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