Entertainment One shareholders agree to placing of 73.3m shares

Film distributor Entertainment One has said that following a special meeting at the end of September, the company's shareholders have agreed to the placing of 73.3m shares at 150p per new common share.

The placing raised £110m.

The company also announced that trading in the first six months of the year continued in line with management expectations, with increased activity across the Entertainment division, driven by the planned higher investment both in films and television programmes.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up

The group released over 85 film titles theatrically compared to 74 in the first half last year and delivered over 130 half hours of television programming compared to 73 in the comparative period. In particular, the group's UK film business released 10 titles theatrically compared to three in the first half last year.

As a result of the timing of, and increased number of theatrical releases, group revenues will be up in the first half with earnings before interest, tax, depreciation and amortisation (EBITDA) lower than in the comparative period.

The company has recently finalised its annual independent library valuation, valuing its Film, Television and Music library in excess of $385m at March 31st 2012, up from $350m at March 31st 2011.

The share price fell 2.64% to 166p by 13:46.

NR