4 May 2007 - Mayer, Brown, Rowe & Maw LLP's London corporate group has advised Ingenious Live VCT 1 plc ("Live 1") and Ingenious Live VCT 2 plc ("Live 2") on the admission of the shares of the "twin" venture capital trusts Live 1 and Live 2 to the Official List and to trading on the London Stock Exchange.
A prospectus was issued on 7 November 2006 under which Live 1 and Live 2 made an offer for subscription of shares to raise net proceeds for the purposes of investing exclusively in a portfolio of event companies that produce, promote and exploit live events (including music festivals, theatre, sport and exhibitions). Live 1 and Live 2 are promoted by Ingenious Investments and managed by Ingenious Ventures.
On 20 April 2007, 8,216,608 shares in each of Live 1 and Live 2 were admitted to listing on the Official List and to trading on the London Stock Exchange and the offer will close on 31 July 2007 (or such earlier date as the directors of Live 1 and Live 2 may determine).
The directors of both Live 1 and Live 2 include Patrick McKenna, who is also the chairman and founder of Ingenious Media and the former chairman and chief executive of The Really Useful Group, and Paul Gregg, the founder of Apollo Leisure Group and former chairman of SFX Group. Sebastian Speight, Head of Product Development at Ingenious Media, commented
: "The successful launch of Live 1 and Live 2 reflects investors' increasing appetite for the specialist media investment products managed by Ingenious. These funds add to the £40 million of funds managed by Ingenious and which are targeted at the creation of new properties in the music industry. We are delighted to have been supported by Mayer, Brown, Rowe & Maw, who offered a combination of city and media sector expertise and whose professionalism ensured the successful delivery of this innovative investment opportunity." Stephanie Bates, Head of Mayer, Brown, Rowe & Maw's London Equity Capital Markets group, added
: "We are pleased to have helped Ingenious Media launch yet another successful product with this twin VCT structure. Ingenious Media continues to be at the forefront of providing investment opportunities in the media sector and this transaction was a good opportunity for us to combine our media competencies with our corporate finance expertise. The listings of Live 1 and Live 2 add to the significant number of transactions on which the firm's Capital Markets Group has advised over the last year."
The Mayer, Brown, Rowe & Maw team included London corporate partners Stephanie Bates, Robert Hamill and Kate Ball-Dodd, with consultant Philip Stark advising on investment management aspects and corporate assistant Michelle Wyatt. For further information:
+44 (0)20 7782 8833Charlotte Ward
PR Manager, London
+44 20 7782 8547