Ingenious Media Active Capital Ltd Sale of Resource Team Limited (8016E)
April 14 2014 - 11:35AM
UK Regulatory
TIDMIMAC
RNS Number : 8016E
Ingenious Media Active Capital Ltd
14 April 2014
For immediate release
14 April 2014
Ingenious Media Active Capital Ltd
("IMAC" or the "Company")
Sale of Resource Team Limited ("Resource Team")
The Board of IMAC announces that its investee company, Review
Centre Ltd ("Review Centre"), has today sold its 100% owned
operating subsidiary, Resource Team, to Glen Collins ("Purchaser"),
a director of Review Centre ("Disposal").
The consideration comprises GBP100,000 in cash ("Consideration")
payable to Review Centre on completion.
IMAC has a 71.5 per cent. interest in Review Centre's issued
share capital ("Shares") and also holds 93.46% of Review Centre's
outstanding loan stock ("Loan Stock"). Review Centre is a
consumer-generated review site which was acquired in June 2008 by
IMAC in a management buy-in (MBI).
Following completion, Review Centre will then be subsequently
wound-up. The Board of IMAC anticipates that on completion of the
winding-up, IMAC will receive approximately GBP600,000 in repayment
for its 93.46% interest in Review Centre's Loan Stock.
The net book value of IMAC's investment in Review Centre
(comprising the Shares and the Loan Stock) amounted to GBP1 million
as at 30 September 2013, the date of IMAC's last published balance
sheet.
For the 11 months ended 28 February 2014, Review Centre's
unaudited consolidated EBITDA was GBP57,019. Review Centre's
consolidated net current assets as at the same date amounted to
GBP606,841.
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
investing policy is to focus on realising its existing portfolio of
investments and return where possible the proceeds of any disposals
to shareholders.
The Board anticipates distributing the proceeds of the Disposal
to Shareholders in due course.
IMAC retains its portfolio investments in Whizz Kid
Entertainment Limited, and brandRapport Group.
The Disposal is a Related Party Transaction under the AIM Rules
as the Purchaser, Glen Collins, is a director of Review Centre, a
71.5% owned 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.
The Board also announces that it has extended the term of
Ingenious Ventures' current investment management agreement by six
months to 11 October 2014 on the same terms and conditions.
IMAC
Patrick McKenna/ Duncan Reid
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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