Ingenious Media Active Capital Ltd Sale of Brand Events Holdings Ltd (9190P)
07 10월 2013 - 11:42PM
UK Regulatory
TIDMIMAC
RNS Number : 9190P
Ingenious Media Active Capital Ltd
07 October 2013
For immediate release
7 October 2013
Ingenious Media Active Capital Ltd
("IMAC" or the "Company")
Sale of Brand Events Holdings Limited ("Brand Events")
The Board of IMAC is pleased to announce that it has today sold
its entire 69.5 per cent. interest in Brand Events ("Shares") and
assigned its holding of Brand Events loan notes ("Loan Notes"),
other than a retained holding of GBP1.5 million Loan Notes, to
Christopher Hughes ("Purchaser"), a director of Brand Events
("Disposal").
The consideration comprises GBP1 million in cash of which
GBP500,000 is payable on completion and the balance within six
months. In addition, the Purchaser has the option to acquire IMAC's
retained holding of Loan Notes for the nominal value of GBP1.5
million plus any accrued and unpaid interest. The retained Loan
Notes will otherwise become repayable by Brand Events to IMAC in 2
years. The maximum payable by the Purchaser for the Shares and the
Loan Notes therefore amounts to GBP2.5 million in aggregate. The
net book value of IMAC's investment in Brand Events (comprising the
Shares and the Loan Notes) amounted to GBP2.4 million as at 31
March 2013, the date of the last published balance sheet.
Brand Events is a leader in the consumer exhibitions market and
Brand Events Limited, its wholly-owned trading company, has
established a strong reputation within the UK for successfully
launching new consumer shows including Top Gear Live and the Taste
Festivals (which were sold to IMG in February 2013 for GBP5
million). For the year ended 31 March 2012, Brand Events reported
an audited loss before taxation of GBP1.15 million. Brand Events
total assets as at the same date amounted to GBP9.2 million and as
at 31 March 2013, unaudited total assets amounted to GBP1.6
million.
IMAC is a closed-ended, Guernsey-registered investment company
which invests predominantly in unquoted media and entertainment
companies. IMAC is managed by Ingenious Ventures, the private
equity division of investment and advisory group, Ingenious. IMAC's
amended investing policy is to focus on realising its existing
portfolio of investments return where possible the proceeds of any
disposals to shareholders.
IMAC retains its portfolio investments in Whizz Kid
Entertainment Limited, brandRapport Group and Review Centre
Limited.
The Disposal is a Related Party Transaction under the AIM Rules
as the Purchaser, Christopher Hughes, is a director of Brand
Events, a subsidiary of IMAC. The Board of IMAC believe, having
consulted with the Company's Nominated Adviser, that the terms of
the Disposal are fair and reasonable insofar as all shareholders
are concerned.
IMAC
Patrick McKenna/ Patrick Bradley
Tel: 020 7319 4000
Beaumont Cornish Limited (Nominated Adviser and Broker)
Michael Cornish
Tel: 020 7628 3396
Powerscourt Group (PR Adviser)
Justin Griffiths & Carmen Murray
Tel: 020 7549 0999 / ingenious@powerscourt-group.com
A copy of this announcement is available on the Company's
website at www.imaclimited.com
About IMAC:
IMAC is a closed-ended, Guernsey-registered investment company,
which was admitted to AIM in April 2006, raising GBP150 million.
Its investment policy is to invest in an actively-managed portfolio
of holdings (typically between GBP5 million and GBP25 million in
size) in predominantly unquoted media and entertainment companies
with an enterprise value of between GBP10 million and GBP100
million. IMAC's activities are managed by Ingenious Ventures, the
private equity division of Ingenious.
About Ingenious:
Ingenious is a market-leading financial services group providing
investment and advisory expertise operating through four divisions.
Ingenious is one of the leading investors in the UK's creative
industries and was founded by its Chief Executive, Patrick McKenna
in 1998.
Ingenious Ventures is the private equity division of
Ingenious.
For further information, please visit
www.ingeniousmedia.co.uk
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
END
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