TIDMMRM
RNS Number : 1432M
Metrodome Group PLC
11 August 2011
11 August 2011
METRODOME GROUP PLC
('Metrodome', 'the Group', or the 'Company')
Acquisition of Hollywood Classics
Successful Placing
Conversion of Loan Notes
Appointment of Luke Johnson as Director
The board of Metrodome is pleased to announce that it has
acquired Hollywood Classics Limited ("HC"), which markets and
distributes the theatrical rights of classic films, for USD$2.6
million (GBP1.6 million) in cash, satisfied in part through a
placing of New Ordinary Shares with both institutional and
individual investors. HC represents theatrical and home video
rights for classic films with a catalogue of some 600 'independent'
films worldwide.
HC proudly represents the classic film libraries of Universal,
Paramount, Twentieth Century Fox, Warner Bros. and the UK Film
Council, including films such as Breakfast at Tiffany's, The
Godfather and Psycho. It also distributes a growing number of
studio classic films for the DVD market as well as a total library
of over 700 films for television, DVD and VOD.
This strategic acquisition gives the Company access to major
studios and vital international distribution networks. It should
also create substantial cross-selling opportunities and potential
for increased Group revenues.
In the full year to 2010 HC achieved annual revenues of GBP6.7
million and pre-tax profit of GBP510,000.
In conjunction with this acquisition, the Company has
successfully raised GBP967,000 of new capital through the issue of
48,350,000 new ordinary shares at 2 pence each (the 'Placing'). The
placees included Luke Johnson, best known for his involvement with
Pizza Express, who will join the board with effect from 1 September
2011 as a non-executive director. In addition, GBP800,000 of
Convertible Loan Notes have been converted into equity at a price
of 2p per share - GBP400,000 from Metrodome BV (an investment
vehicle controlled by Adrian Sarbu) and GBP400,000 from Mark
Webster - resulting in the issue of a further 40,000,000 new
ordinary shares. In addition, a further 7,500,000 shares have been
issued at a price of 2p per share to satisfy fees due to Peter Urie
(GBP125,000) and Steve Winetroube (GBP25,000).
As a result of the Group expanding, the management team of
Metrodome will be further strengthened with Steve Winetroube moving
from his role as a non-executive director to a full time role as
chief operating officer for the Group. In addition, Peter Urie will
move back into a full time role as chief executive officer of
Hollywood Classics. Both appointments take place with immediate
effect.
Application has been made for the shares issued in the Placing,
on conversion of the Loan Notes and in satisfaction of fees to be
admitted to trading on AIM and it is expected that their admission
will become effective at 7.00 a.m. on 10 August 2011. Following
admission the issued share capital of the Company will comprise
280,567,915 ordinary shares.
The Placing and the conversion of Loan Notes both strengthen the
Company's balance sheet. The Company has also secured Euros
EUR930,000 of additional loan facilities from its bankers,
Coutts.
Mark Webster, Chairman of Metrodome, commented:
"This important acquisition is the next step in our mission to
become one of the leading independent rights management groups in
the UK providing independent producers and other intellectual
property owners with a comprehensive solution for worldwide
exploitation of their IP and content across all platforms.
Hollywood Classics is an excellent company and one which offers
revenue upsides through scale and an international reach. It is an
excellent endorsement from the market that we were able to raise
the entire consideration monies, which confirms investors belief in
Metrodome's continued expansion and development. I am delighted to
welcome Luke Johnson to the Board; Luke joins us with a huge amount
of cross-sector experience which I am sure will prove invaluable in
the next stage of our evolution.
As a result of this placing and acquisition, Metrodome will look
to start paying a dividend in 2012."
For further information please visit www.metrodomegroup.com, or
contact:
Metrodome Group plc
Mark Webster / Deborah Brown Tel: 020 7535 7300
Charles Stanley Securities plc
Dugald J.Carlean / Karri Vuori Tel: 020 7953 6000
Tavistock Communications
John West / Lydia Eades Tel: 020 7920 3150
For the purposes of AIM Rule 17 (Schedule 2 (g)) in relation to
the appointment of Luke Oliver Johnson (aged 49) the Company
discloses the following:
Mr Johnson currently holds the following
directorships/partnerships:
Cedar Pharma Ltd
Giraffe Concepts Ltd
Risk Capital Ltd
The Cobden Club Ltd
Patisserie Holdings Ltd
Synarbor PLC
APT Controls Ltd
Superbrands Ltd
Spice Bakery Ltd
Risk Capital Partners LLP
Risk Capital Partners II (GP) Ltd
Risk Capital Partners II (Scotland) Ltd
Beak Street Films Ltd
Theatre Investment Fund Ltd
Flour Power City Ltd
Automotive Repair Solutions Ltd
RSA Adelphi Enterprises Ltd
Phaidon Press Ltd
Feng Sushi Ltd
The Entrepreneurial Exchange (London) Ltd
3Sixty Restaurants Ltd
Playful Productions LLP
Bread Holdings Ltd
AKA Group Ltd
Fiery Dragons Ltd
Draft House Holding Ltd
Mr Johnsons Directorships / Partnerships held in the last 5
years:
Channel Four Television Corporation
Interquest Group plc
Seafood Holdings Ltd
4Ventures Ltd
Acquisitor plc
Assembly Theatre Ltd
Acquisitor Holdings Ltd
Bookshop Acquisitions Ltd
Diverse Holdings Ltd
Elderstreet VCT plc
GRA Acquisition Ltd
Healthy Living Centres plc
Integrated Dental Holdings Ltd
Keel Haul Ltd
Mayfair Gaming Ltd
Pinco 1771 Ltd
Loewy Group Ltd
East Ltd
The Riverside Trust Ltd
Signature Restaurants Ltd
Third Stage Productions Ltd
Details of Directorships / Partnerships held where receivers
were appointed:
-- Just Tyres Ltd - entered administrative receivership October
2001.
-- Sunday Business Newspapers Limited -entered administrative
receivership in July 1997.
-- Utility Cable PLC - entered administrative receivership in
September 1998.
-- Income Tax Professionals Limited - accountancy services;
creditors' voluntary liquidation in May 1999.
-- Bookshop Acquisitions Ltd - Borders book retailer; Sold to
Valco in July 2009 - the business went into administration in
November 2009.
Save as disclosed above, there are no further disclosures to be
made in accordance with Rule 17 and Schedule 2 (g) of the AIM
Rules.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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