IBIS Media VCT 1 Plc (IBIS) is a venture capital trust (VCT). The objective of IBIS is to make investments in unquoted companies within the media sector that can grow and achieve capital appreciation on a subsequent exit. The Company is primarily targeting investments in privately owned companies, suitable opportunities to acquire VCT qualifying investments in smaller AIM and PLUS-quoted stocks will also be considered. The focus is on providing development capital, second stage fundraisings, pre-IPO fundraisings and acquisition capital to investee companies. The operations of the Company are wholly in the United Kingdom. During the fiscal year ended January 31, 2012 (fiscal 2012), the Company had a portfolio of nine investee companies across multiple sub-sectors within the media industry. IBIS Capital Limited (IBIS Capital) is the investment adviser to the Company and provides a range of services to the Company.