Ingenious Media Active Capital Ltd Sale of Digital Rights Group (9534G)
13 Giugno 2013 - 8:00AM
UK Regulatory
TIDMIMAC
RNS Number : 9534G
Ingenious Media Active Capital Ltd
13 June 2013
For immediate release
13 June 2013
Ingenious Media Active Capital Ltd
("IMAC" or the "Company")
Sale of Digital Rights Group
The Board of IMAC is pleased to announce that it has sold its
entire shareholding and loan stock in Digital Rights Group Limited
("DRG") to Modern Times Group ("MTG"), a Stockholm-based
international entertainment broadcasting group, for a cash
consideration of GBP13.2 million. GBP0.8 million of this
consideration will remain in escrow for up to 18 months. The
outstanding loan notes and accrued interest owed to IMAC by DRG at
the time of the sale amounted to GBP7.1m million. Including prior
loan note repayments, IMAC will receive a total of up to 2.0x cash
return on its original investment in DRG of GBP8.3 million.
Patrick Bradley, Chief Executive of Ingenious Ventures, the
manager of IMAC, commented:
"We are delighted to deliver this significant transaction for
IMAC and generate a substantial return for IMAC shareholders. With
IMAC's support, DRG has grown, both organically and through
acquisition, into a leading one-stop shop for the development,
funding and distribution of television rights."
DRG is the UK's leading independent TV rights distribution
group, providing TV producers with international distribution for
their rights and programmes, independent of the major broadcasters
or other TV producer-owned distributors. The business acquires
rights to finished programmes and formats and sells these to
international broadcasters. DRG operates across multi-genres, with
a focus on high-quality programming, with titles including Doc
Martin, The Inbetweeners, Singing Bee, Kingdom, Sea Patrol and
Criminal Justice. For the year ended 31 March 2013, DRG reported
EBITDA of GBP1.6 million and Profit Before Tax of GBP0.5 million on
sales of GBP23.4 million. DRG's total assets as at the same date
and 30 September 2012 amounted to GBP25.2 million and GBP25.4
million respectively.
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. In May
2010 IMAC amended its investing policy to focus on realising its
existing portfolio of investments and since then has successfully
sold a number of its portfolio investments, including Cream
Holdings Limited, for an aggregate consideration of over GBP35.6
million and has returned approximately GBP64.4 million (equivalent
to 45p per IMAC share) to shareholders over the same period by way
of special dividends.
Following completion of the disposal, IMAC's cash balances will
amount to approximately GBP21.6 million (equivalent to
approximately 15p per IMAC share). In addition, IMAC retains its
portfolio investments in Whizz Kid Entertainment Limited, Brand
Event Holdings Limited, brandRapport Group and Review Centre
Limited which, as at 30 September 2012, were valued in IMAC's
balance sheet at approximately GBP10.5 million.
While to date the investing policy has been to return where
possible the proceeds of any disposals to shareholders, the Board
of IMAC believes that the outlook for the media sector has
significantly improved since 2010 and that there are likely to be a
number of potential investment opportunities. Furthermore, the
Board has been very encouraged by the performance of its fund
manager, Ingenious Ventures, in successfully realising investments.
Accordingly, the Board intends to review with Ingenious Ventures
and key shareholders the options for the future development of
IMAC.
The shareholders of DRG were advised on this transaction by
Ingenious Corporate Finance and Marriott Harrison LLP.
Enquiries:
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 & Victoria Palmer-Moore
Tel: 020 7250 1446 / 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.
Ingenious Investments offers a range of alternative investments
spanning media and entertainment, sport and leisure and clean
energy.
Ingenious Asset Management provides discretionary investment
management and innovative solutions to the private investor.
Ingenious Corporate Finance provides comprehensive advice on
strategy across a wide range of transactions focusing particularly
on the media, entertainment and communications sectors.
For further information, please visit
www.ingeniousmedia.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
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