Icon to play it safe
Article Date: Mar 09 2006
Asset management group Icon is hoping to attract up to £15 million for a new VCT, which it hopes will attract investors seeking a lower risk profile and quicker returns than those offered by rival trusts.
Chaired by Baronsmead 2 chairman Clive Parritt, Icon Asset VCT’s plan is to primarily invest in asset-backed TV programme distribution businesses. The theory is that this should afford the trust faster exits than those enjoyed by rival asset-focused VCTs, which have traditionally invested in property-backed businesses such as pub chains. With the UK exporting almost $1 billion worth of programming to overseas broadcasters last year, Icon’s aim is to secure a strong position in this rapidly expanding market.
Some 55 per cent of the cash raised will be earmarked for investments of this ilk, with a further 20 per cent being invested in AIM and OFEX businesses.
