Director's Dealing (0580D)
10 Mai 2012 - 9:56AM
UK Regulatory
TIDMPVT
RNS Number : 0580D
Pivot Entertainment Group PLC
10 May 2012
10 May 2012
PIVOT ENTERTAINMENT GROUP PLC
("Pivot Entertainment", "the Company" or "the Group")
Director's Dealing
Pivot Entertainment Group plc (AIM:PVT), the transatlantic media
and entertainment company, was notified that on 08 May 2012, that
Jeremy Barbera (former CEO of Pivot Entertainment) has transferred
his entire shareholding in the Company, totalling 8,400,000
Ordinary Shares to Stoller Family Partners ("SFP"). Mr. Stoller,
the current Chairman and acting CEO of Pivot Entertainment, is
beneficially interested in the capital of SFP. Prior to the
transaction Mr. Stoller was interested in 10,150,000 shares. As a
result of this transaction, he is now beneficially interested
18,550,000 Ordinary Shares representing 28.12% of the issued share
capital of the Company.
The transaction is a result of certain financial arrangements
between Mr. Stoller and Mr. Barbera when they formed Pivot
Entertainment LLC to acquire a stake in the AIM listed Company
First Artist Corporation (now re-named Pivot Entertainment Group
Plc) announced on 08 December 2010. SFP and Mr. Barbera entered
into a Secured Promissory Note (the "2011 Note") pursuant to which
Mr. Barbera was to repay SFP the principal sum of $2.2m by 30
November 2011. The proceeds of the 2011 Note were used to fund Mr.
Barbera's capital contribution to Pivot Entertainment LLC which
together with SFP's capital contribution of the same amount was
used to purchase the initial stake in First Artist Corporation (now
re-named Pivot Entertainment Group Plc). The 2011 Note was secured
by the 9,301,615 Ordinary Shares which were held by Mr. Barbera. On
12 August 2011, the Company announced that Mr. Barbera had pledged
1,000,000 Ordinary Shares as collateral for a loan entered into in
August 2011. On 08 May 2012, the Company announced that the Board
had uncovered what it believes to be share dealing transactions by
Mr. Barbera which were not disclosed to the Company at the
appropriate time. If they had been, they would have been disclosed
by the Company as required under the AIM Rules for Companies.
Analysis of the Company's share register indicates that the
shareholding held by Jeremy Barbera changed whilst in office as
CEO. His shareholding as at 1 May 2012 was 8,400,000 ordinary
shares representing 12.74% of the issued share capital of the
Company.
Since Mr. Barbera has ceased to be a Director of the Company and
has defaulted on the 2011 Note, Mr. Stoller has recovered the
remaining 8,400,000 Ordinary Shares held by Mr. Barbera to prevent
further financial loss as well as to stablise the trading in the
shares of the Company.
-End-
Enquiries:
Pivot Entertainment Corporation Plc
David Stoller/ Shirley Stapleton Tel: +44 20 79930000
Seymour Pierce Limited
Stewart Dickson/Tom Sheldon (Corporate Finance) Tel: +44 20 71078000
Katie Ratner (Corporate Broking)
XCAP Securities plc
Adrian Kirk / David Lawman (Joint Broker) Tel: +44 20
71017070
Bishopsgate Communications Limited
Nick Rome/Lynne Goulding Tel: +44 20 75623350
pivotentertainment@bishopsgatecommunications.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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