RNS15 Feb 2010 07:29
* Disposal of five films settles in full outstanding loan of $9.6 million * Appointment as worldwide sales representative for "Ghost of Slaughterford"
and "Devil's Playground" * Total of 30 films now under Intandem's management Intandem Films Plc a London based international film group, today announces that it has disposed of its ownership rights in five films for approximately $9.6 million to ATF Holdings Ltd ("ATF"), a subsidiary of Arrowhead Target Fund Ltd ("Arrowhead"). The consideration has been used to settle in full an outstanding loan from Arrowhead for the same amount.
The films were included on Intandem's balance sheet at a value of $3.1 million. The transaction will therefore result in a book profit of approximately $6.5 million, eliminating much of the Company's accumulated losses and significantly strengthening its balance sheet. The transaction will also remove any further interest charges relating to the loan, which amounted to £0.9 million in the year to 30 June 2009.
Intandem has been appointed to manage the sales and delivery of the five films, taking the number of films managed on Arrowhead's behalf to 18, following the Company's appointment in 2009 to manage a slate of 13 films. Intandem will earn commission on all sales generated from the slate. The films include "Johnny Mnemonic" (starring Keanu Reeves) and "I'll Sleep When I'm Dead" (starring Clive Owen).