1st May 2018 16:59
LONDON (Alliance News) - Ingenious Entertainment VCT 1 PLC and Ingenious Entertainment VCT 2 PLC on Tuesday reported a narrowed pretax loss for 2017.
The two venture capital trusts invest in live events and entertainment content.
The two trusts together reported a pretax loss of GBP80,000, from GBP183,000 the previous year. The narrowed loss was due to lower than expected fall in the value of investments, which fell by GBP369,000 in the period versus a GBP1.1 million fall the year before.
The VCTs reported that three of its share classes - D,E and F - were "cancelled and extinguished" on January 18. The D Shares made a loss of GBP2,000 - which is a swing from a profit of GBP43,000 last year. The E Shares returned nothing - down from a GBP1,000 profit last year. The F Shares returned nothing - down from a GBP5,000 profit the year before. The G Shares made a loss of GBP197,000 - narrowed from a GBP776,000 in 2016. The H Shares made a loss of GBP82,000 - narrowed from a GBP202,000 loss the previous year.
Looking ahead, the VCTs believe "live entertainment continues to appeal to customers as an experience that is completely unique to the individual". And due to creating a "niche" they can "continue to thrive whatever the economy may throw at them". Ingenious remains "cautiously optimistic" about the future performance of the VCTs.
In a separate statement, Ingenious Entertainment VCT 2 said Non-Executive Director and Chairman Paul Gregg is to resign with immediate effect. The company said that Paul Fenn will join its board as non-executive director from May 1.
Fenn is the founder and joint managing director of music booking agency Asgard Promotions Ltd. At Asgard, Fenn specialised in booking singer/songwriters and represents such artists as Joan Baez, Emmylou Harris, Tom Waits, Steve Earle, Ray Davies and others.