Cohen moves to Wembley

Vince Power's Music Festivals Plc has moved it's two Leonard Cohen shows scheduled for the Hop Farm in Kent to Wembley Arena, with shows on the same dates, the 8th and 9th September. The UK's inclement weather was blamed. Ticket holders were offered refunds or the opportunity to exchange their tickets for the new shows. The company's share price also hit an all time low of 3p - whilst Benicassim in Spain turned a profit, it was lower one than in 2011 and the Hop far Festival made a loss. As a result, the company told shareholders earlier this month that "financial results for the year ending 31 Dec 2012 would be significantly lower than market expectations" and that it expects to report "a material loss" for that twelve month period. Power has loaned the company £750,000. When Music Festivals Plc launched on the Alternative Investment Market in 2011 the share price was 65p.

After reports of very low audience numbers at the recent Hop Farm Festival in Kent (June 29 to July 1), a July 3rd statement to shareholders from Vince Power's Music Festivals plc has said that sales for both Hop Farm and the company's flagship Benicassim festival in Spain, were lower than expected, and that this was affecting the company's revenues. 


Power has made an unsecured loan of £750,000 to provide more working capital for the company


Hope farm was headlined by Bob Dylan, Peter Gabriel and Suede and Benacassim features New Order, Florence & The Machine, Stone Roses and Noel Gallagher's High Flying Birds.