Non-executive director Patrick McKenna has taken advantage of a large discount to net asset value to snap up 12.6m shares in investment company Ingenious Media Active Capital.
The total cost of the stake was £5.8m. He paid 46p a share compared with a net asset value of 65.6p a share at the end of September 2009 - as reported on 14 December. That buying price is a 30% discount to NAV. The share price hit a low of 18.5p in March.
McKenna owns 25.1% of IMAC. McKenna founded the company's investment manager Ingenious Media in 1988 and prior to that he was chairman and chief executive of Lord Lloyd Webber's company Really Useful Group.
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IMAC specialises in investing in unquoted media companies. It floated in April 2006 and raised £150m at 100p a share. Investments include TV production companies Whizz Kid Entertainment and digital marketing agency Outside Line. One of its less successful investments has been business publisher Incisive Media.
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