Ingenious Media Active Capital Ltd Sale of Taste Festivals by Brand Events (9644W)
01 Février 2013 - 4:30PM
UK Regulatory
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
END
DISEALAFESFDEFF
Ingenious Media Active Capital (LSE:IMAC)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024
Ingenious Media Active Capital (LSE:IMAC)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024