IBIS Media VCT 1 plc Interim Management Statement (4456U)
28 Dicembre 2012 - 11:41AM
UK Regulatory
TIDMIBSA
RNS Number : 4456U
IBIS Media VCT 1 plc
28 December 2012
IBIS Media VCT 1 plc ("IBIS" or the "Company")
INTERIM MANAGEMENT STATEMENT
for the period from 1 August 2012 to 28 December 2012
In accordance with Rule 4.3 of the UK Listing Authority's
Disclosure and Transparency Rules, IBIS presents an Interim
Management Statement for the period from 1 August 2012 to 28
December 2012.
Follow-on investment in Masher Technologies Limited ("Masher"),
fundraising for Ginx TV Limited ("Ginx") and follow-on investment
and loan note restructuring in Get Me Media Limited ("Get Me
Media")
An investment of GBP33,333 has been made in Masher in the form
of unsecured loan notes as part of a GBP100,000 fundraising by
Masher. Funds will be used for product development, including a
mobile video application. To date, IBIS has invested GBP525,000 in
ordinary shares and GBP39,333 in unsecured loan notes.
The second GBP500,000 tranche of Ginx's planned GBP1m
fundraising closed in October and was oversubscribed by GBP500,000,
taking 2012 equity fundraising to date to GBP1.5m. Part of the
funds raised was used to repay a GBP100,000 short-term unsecured
loan note to IBIS (a GBP117,087 repayment was received by IBIS in
November 2012 to include the principal amount, interest and fees).
The balance of funds raised will be used to meet the working
capital requirements of the company to reach operating break-even,
targeted for Q1 2013, hire key staff for growth and develop Ginx's
video gaming programme and channel content.
During the period, Get Me Media commenced an equity fundraising
round of up to GBP325,000 in order to execute its business plan as
the company accelerates towards an exit for shareholders. IBIS has
participated in the fundraising by way of an equity investment of
GBP55,000. In order to support the fundraising, IBIS has also
restructured its current GBP100,000 unsecured loan note by
converting GBP62,695 of accrued loan interest into ordinary shares
at the same price per share as the company's equity placement. The
loan interest rate has also been revised from 20% per annum to 5%
per annum following the conversion.
Dividend
The Company paid a final dividend of 1.5p per share in respect
of the year ended 31 January 2012 on 8 August 2012 to all
shareholders on the share register as at 27 July 2012. This was the
Company's fifth consecutive annual dividend of 1.5p per share.
Share realisation and reinvestment programme
On 31 October 2012, the Company extended the closing time and
date of its share realisation and reinvestment programme from
3.00pm on 31 October 2012 to 3.00pm on 30 November 2012. On 30
November 2012, the closing time and date were further extended to
3.00pm on 28 February 2013.
Share buy-backs
Further to an agreement made in July 2012, IBIS bought back, for
cancellation, 50,866 of its shares on 21 December 2012 at a price
of 66.56p per share. After this transaction, the Company had
10,418,745 ordinary shares in issue.
Net asset value per share
as at 31 October 2012
30 April 31 July 31 October 2012
2012 2012
Net assets attributable to
shareholders, GBP 7,227,502 6,365,220 6,191,687
Number of shares in issue 9,916,766 10,469,611 10,469,611
Net asset value per share,
p 72.88 60.80 59.14
Share price at end of period,
p 84 64 64
The Company's board of directors is not aware of any significant
event or transaction which has occurred between 01 August 2012 and
28 December 2012 which has had a material effect on the financial
position of the Company and has not been detailed above.
28 December 2012
For further information, please contact Robin Smeaton, The City
Partnership (UK) Limited, Company Secretary: 0131 243 7210.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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