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
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
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
-
Average earners now face £200,000 inheritance tax bill - how much will your estate owe?‘Double whammy’ of inheritance tax changes means even the estates of those earning the average UK wage could face bills, not just the very wealthy
-
Are the wealthy dodging more tax than previously thought?A new report suggests tax non-compliance among the wealthy could be worse than previously imagined. Is an overly complex system partly to blame?
