Ingenious Media Active Capital Ltd Whizz Kid Productions Financing (0633B)
28 Mars 2013 - 8:00AM
UK Regulatory
TIDMIMAC
RNS Number : 0633B
Ingenious Media Active Capital Ltd
28 March 2013
For immediate release
28 March 2013
Ingenious Media Active Capital Ltd
("IMAC" or the "Company")
Whizz Kid Productions financing
The Board of IMAC is pleased to announce that Ingenious
Ventures, a trading division of Ingenious Capital Management
Limited, has agreed to make an investment of GBP951,600 from the
Media Opportunities Fund into Whizz Kid Productions Limited ("Whizz
Kid Productions"). Whizz Kid Productions is a newly formed 100%
owned subsidiary of Whizz Kid Entertainment Limited ("Whizz Kid
Entertainment"), an investee company of IMAC.
The investment will be used by Whizz Kid Productions to
undertake the production and development of various TV programmes
and formats. Whizz Kid Entertainment, in which IMAC owns 47.25% of
the equity (along with GBP2.75m of loan notes) will charge fees to
Whizz Kid Productions in return for providing administrative and
executive producer services and Whizz Kid Productions intends to
undertake development work on a wide slate of production
opportunities, some of which have already been part-developed by
Whizz Kid Entertainment, to advance these propositions with a view
to getting these projects commissioned (or sold in the case of
formats).
Ingenious Ventures will invest GBP951,600 from the Media
Opportunities Fund in return for new ordinary shares representing
97.5% of the enlarged ordinary share capital of Whizz Kid
Productions. Ingenious Ventures will charge Whizz Kid Productions
an upfront arrangement fee of GBP31,499 and an annual monitoring
fee of GBP8,591. Whizz Kid Productions has not traded to date.
The proposed investment by Ingenious Ventures is a Related Party
Transaction under the AIM Rules as Ingenious Capital Management
Limited is ultimately controlled by Patrick McKenna, a director of
IMAC. For the purposes of the AIM Rules, the independent IMAC
directors ("Independent Directors") comprise the Board of IMAC
other than Patrick McKenna, Neil Blackley (who is a an employee of
the Ingenious Group) and William Simpson (who is a director of
Ingenious Asset Management International Limited and FP Holdings
Ltd, both 75% owned by the Ingenious Group). The "Ingenious Group"
is defined as Ingenious Media Holdings Plc and each of its
subsidiaries.
The Independent Directors believe, having consulted with the
Company's Nominated Adviser, that the terms of the investment are
fair and reasonable insofar as all shareholders are concerned.
Enquiries:
IMAC
Patrick McKenna/ Patrick Bradley 020 7319 4000
Beaumont Cornish Limited (Nominated Adviser and Broker)
Michael Cornish 020 7628 3396
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
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