Trinity Universal Holdings Limited
24 February 2009
The recent press speculation regarding potential claims against Ingenious Media Active Capital Limited ('IMAC' or the 'Company') has been noted by the Company's Investment Manager, Ingenious Ventures, a trading division of Ingenious Asset Management Ltd (the 'Manager'). These claims relate to IMAC's investment in Trinity Universal Holdings Limited ('Trinity').
In December 2008, Trinity's founders and directors, David Robson, Chairman and Andrew Murray, Chief Executive Officer, left the company. Since then an interim management team, working with IMAC, has undertaken a strategic review of the business.
During the course of the review, it emerged that Trinity's trading subsidiary was experiencing significant trading difficulties and having evaluated and exhausted all alternative solutions, the Manager's investment committee determined that it would no longer be appropriate to continue to support Trinity. Following this, the Board of Trinity announced on 16 February 2009 that it had ceased trading and appointed Tenon Recovery as administrator. Trinity's trading subsidiaries are to be formally placed in administration on 25 February 2009.
Trinity received a £4.8m investment in loan notes from IMAC in July 2007. The Manager confirms that the Company wrote down the valuation of its investment in Trinity to nil in December 2008 and that this valuation was reflected in the previously announced 31 December 2008 Net Asset Value of 72.08 pence per share.
The Manager confirms that on 13 February 2009, it received notice of claims issued against the Company by David Robson and Andrew Murray and on 23 February 2009 it received notice of a claim which had been issued against the Company by a creditor of Trinity (together the 'Claimants').
The Manager does not consider the damages being claimed by the Claimants to be material to IMAC. The Manager believes the claims against the Company are without merit and will recommend that the Company vigorously defend the lawsuits.
A further update will be provided in due course.
For further information, please visit www.imaclimited.com or contact:
Ingenious Ventures
Patrick McKenna / Sanjay Wadhwani
020 7319 4000
Canaccord Adams Limited
Mark Williams / Adria Da Breo Richards
020 7050 6500