IGM Ingenious Music

    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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