First Day of Dealings
30 Août 2007 - 10:00AM
UK Regulatory
RNS Number:9744C
Hollywood Media Services plc
30 August 2007
Hollywood Media Services PLC
("Hollywood" or "the Company")
First Day of Dealings on the AIM
Hollywood Media Services PLC, the provider of managed facilities and related
services to the film and television location markets as well as catering
services for major events is pleased to announce its Admission to AIM earlier
today under ticker HOL.L. Hollywood raised #850,000 (#500,000 net of expenses)
by way of a placing of new ordinary shares at 3p per share.
The Facilities Services activities comprise the provision of equipment to a film
or television location set. In addition to providing equipment on site, the
services provided include full maintenance and relocation during the course of
productions, quite often at short notice. The Catering Services activities
comprise the provision of catering to productions from mobile kitchens, which
can provide a full day's catering for up to 200 people (comprising cooked
breakfast and a three course lunch with typically three choices per course) and
tea and coffee throughout the day. These kitchens enable the provision of
catering services independently of access to mains power, water or sanitation.
The Group's customers in 2006 included the BBC, ITV (formerly Granada), Company
Pictures and Rollem Production as well as special purpose production companies.
In addition, the Group provided facilities and/or catering services to a number
of film and television productions.
The net proceeds of the placing will be used to grow the business organically by
increasing the size of its fleet, comprising 3 Units (each Unit typically
comprising 7 or 8 vehicles) which will allow Hollywood to increase the number of
contracts that it can service simultaneously as well as providing it with the
ability to bid for larger contracts. In addition, Admission will increase the
Group's profile, provide a market in the Company's ordinary shares and enhance
the Group's financial credibility.
In the medium term, and assuming the necessary finance can be raised, the Board
intends to build a national business focused on the provision of facilities and
related services to the film and television location markets as well as catering
to venues and events where its existing experience can be applied.
Prior to Admission the Company's parent Company, Catering 4 Events Plc, held 100
per cent. of the issued share capital. Following Admission Catering 4 Events Plc
will own 41.4 per cent. of the issued share capital and will not be able to
increase its shareholding above 49.9 per cent. of the issued share capital.
The table below summarises the trading record of the Company for the following
periods:
Year ended Year ended Year ended
31 December 31 December 31 December
2006 2005 2004
# # #
Turnover 1,117,132 226,100 2,461
Gross profit (loss) 208,728 (23,305) 2,461
Profit/(loss) after taxation 64,763 (60,696) 1,831
Key strengths:
* management team with experience in the sector;
* a client base including the BBC and ITV;
* opportunities to grow organically by cross selling catering services into its
existing facilities client base;
* an exclusive right to sell facilities into the C4E Group's large and
established catering client base, initially for two years;
* mergers and acquisition expertise of the Board
Current trading and future prospects for the Group
Following the seasonally quiet first quarter of the year, the facilities
services business has continued to develop in line with management's
expectations and is now trading profitably, although the catering services
market has proved more challenging. Overall, the Board are encouraged by the
progress made to date.
Given this progress and following the receipt of the net proceeds of the Placing
and the planned expansion of the Group's fleet, the Directors view the Group's
prospects with confidence.
Martin Eberhardt, Chief Executive and acting Finance Director of Hollywood Media
Services PLC said:
"We are delighted to have joined AIM and the Company now have a solid platform
from which to implement the Board's strategy to further develop the Group and to
deliver future shareholder value. My colleagues and I would like to thank our
professional advisers for their support."
Details of the Company are available on the Company's website
www.hmservicesplc.com, in compliance with Rule 26 of the AIM Rules for
Companies.
30, August 2007
Enquiries:
Hollywood Media
Martin Eberhardt, Chief Executive Office direct line: 01252 795659
Mobile: 07710 982370
City Financial Associates Limited 020 7492 4777
Ross Andrews, Director
IAF Securities Limited 020 7747 7400
Graham Ashley
Gary Pinkerton
College Hill 020 7457 2020
Matthew Smallwood
This information is provided by RNS
The company news service from the London Stock Exchange
END
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