Content on this page requires a newer version of Adobe Flash Player.

Get Adobe Flash player

TODAY´S NEWS

UTV Motion Pictures Plc lists at AIM/London Stock Exchange

UTV Motion Pictures Plc lists at AIM/London Stock Exchange

Author | exchange4media Mumbai Bureau | Tuesday, Jul 03,2007 8:59 AM

A+
AA
A-
UTV Motion Pictures Plc lists at AIM/London Stock Exchange

UTV Motion Pictures Plc, the holding company of UTV Motion Pictures (Mauritius) Limited (UTV Mauritius), which is a global movie studio, has announced that dealings in its ordinary shares will start on AIM/London Stock Exchange. The company has raised $70 million gross by placing new ordinary shares with investors in the UK, Europe and Asia.

Ronnie Screwvala, Non-Executive Chairman, commented, “We are delighted with the response from investors who recognise that UTV’s early adoption of the Hollywood studio model will enable the company to establish a leading position in the Indian movie industry. We now have the funds to implement our strategy for rapid, profitable growth.”

The placing price charges are $2.90. The total number of new ordinary shares placed on behalf of the company are 2,41,37,931, while the number of ordinary shares in issue following the placing are 10,41,37,931. The percentage of enlarged issued share capital subject to the placing is 23.18 per cent. Gross proceeds of the placing to be received by the company are $70 million. The estimated net proceeds of the placing receivable by the company are $65.7 million, while the market capitalisation of the company at the placing price are $302 million.

Grant Thornton has been appointed as the nominated adviser, and Jermyn Capital Partners Plc as the broker to the company. The company has granted an Over Allotment Option to Jermyn Capital Plc, pursuant to which Jermyn Capital may require the company to issue upto 25,28,735 ordinary shares at the placing price at any time on or before the 30th day following admission.

The Directors believe that admission will raise the profile of the company and its subsidiary UTV Mauritius, promoting further awareness of its business and projecting it internationally as a co-producer of Hollywood movies, as well as Indian movies.

The proceeds of the placing will be used to fund the $30.2 million acquisition by UTV Mauritius from UTV Software Communications Limited (UTV India) and certain subsidiaries of UTV India, and also towards Aim Productions Limited for the movie ‘Goal’. The proceeds are also aimed to finance the development and production or co-production of the movies in incubation acquired as part of the movie portfolio; as also to fund the production or co-production and acquisition of further movie content.

Tags: e4m

Write A Comment