IGM Ingenious Music

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

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