Vince Power's Music Festivals group shares suspended

Trading in Vince Power's Music Festivals group shares have been suspended while it pursues a number of different funding proposals having failed to raise additional working capital.

The Group wholly owns four summer music festivals, the Hop Farm Music Festival in Kent, the Feis Festival in Finsbury Park, the Festival Internacional de Benicassim in Spain, and this year launched a new festival called Costa de Fuego, in Spain.

Vince Power, who had a hand in Reading Festival, London Fleadh, Phoenix Festival, Madstock, and was operational manager of Glastonbury Festival, floated Music Festivals a year ago and hailed it as the first listed festivals company to tap into the live music boom.

The company announced last month that due to poor trading conditions it expected to generate a material loss for the year to the end of December and that it was seeking to raise additional working capital. Whilst the board debates the next steps it has requested that trading in its ordinary shares be suspended after they slumped to 2.13p since from a starting price of 66.5p on their debut in June 2011.

The group are still hoping to pursue a number of different funding proposals to gain the necessary funding it requires, and a further announcement is expected shortly.

The AIM-listed group ran into trouble earlier this year with their concerts with singer Leonard Cohen, which were set to take place at Hop Farm in Kent were moved to Wembley Arena at short notice.

The move was not explained, and the company had previously admitted that this year The Hop Farm festival, which this year featured Bob Dylan had made a loss after weak ticket sales, and profits declared at Benicassim in Spain were also lower.

Despite their current fortunes the company was clearly planning to go forwards next year and have the rights to two further festivals which they intended to launch in 2013.

Early bird tickets are on sale for Hop Farm Music Festival. Weekend tickets are priced at £125 and children under 12 go in for free. Weekend Tickets include 3 day ticket, up to 4 days camping, and free parking. To buy tickets, click here.

Early bird 4-day tickets for Festival Internacional de Benicassim are also on sale priced at 125 euros (including camping). To buy tickets, click here.

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