Ingenious Media Active Capital Ltd Sale of Taste Festivals by Brand Events (9644W)

TIDMIMAC

RNS Number : 9644W

Ingenious Media Active Capital Ltd

01 February 2013

For immediate release

1 February 2013

Ingenious Media Active Capital Ltd ("IMAC" or the "Company")

Disposal

Sale of Taste Festivals by Brand Events

The Board of IMAC is pleased to announce that its portfolio company, Brand Events Limited ("Brand Events"), has sold its entire interest in Taste Festivals Limited and its two subsidiaries, Brand Events Taste of Christmas Limited and Taste of Dublin Limited (together "Taste Festivals") to IMG Arts and Entertainment. Since launch, Taste Festivals have rapidly grown into a global phenomenon, and are critically acclaimed as one of the world's leading restaurant festival brands. Taste Festivals now run annual events in 17 cities across the globe, and work with over 100 of the world's leading chefs.

Brand Events received an initial consideration of GBP4.97 million in cash with a deferred cash consideration of up to GBP150,000 payable over the next 2 years and a further amount to be paid over 3 years based on the sales performance of Taste Festivals over that period. For the year ended 31 March 2012, Taste Festivals made an audited loss before taxation of GBP62k and unaudited gross assets as at 30 September 2012 amounted to approximately GBP4.1 million. Brand Events intends to remit part of the disposal proceeds to its shareholders, including IMAC which has a 70% interest in Brand Events, and the remainder will be used to reduce indebtedness and provide working capital for the Brand Events group.

Duncan Reid, Director of Ingenious Capital Management Ltd, Investment Manager to the Company said:

'We are pleased to have successfully completed a further divestment from within the Brand Events portfolio, following on from the Company's recent sale of Cream Holdings Limited. Brand Events continues to run the successful Top Gear Live Festivals, Carfest, Golf Live and Brand Events Australia. We continue to actively manage the Company's portfolio companies and will seek exits for the individual companies when circumstances are appropriate'.

Enquiries:

IMAC

Patrick McKenna/ Patrick Bradley 020 7319 4000

Beaumont Cornish Limited (Nominated Adviser and Broker)

Michael Cornish 020 7628 3396

Powerscourt Group

Justin Griffiths & Carmen Murray 0207 324 0496/ 07713 110624

A copy of this announcement is available on the Company's website at www.imaclimited.com

This information is provided by RNS

The company news service from the London Stock Exchange

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