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18 Nov 2010 07:00
Date: 18 November 2010
On behalf of: Entertainment One Ltd. ("the Company")
Embargoed for 0700hrs
Entertainment One Ltd.
Conversion of Exchangeable Notes
Entertainment One Ltd. announces that its UK subsidiary Entertainment One UK Holdings Limited (formerly E-One UK Limited, the "Issuer") has received an Exchange Notice from Marwyn Value Investors Limited Partnership ("MVI") with respect to all of the £5,100,000 outstanding Exchangeable Notes (the "Notes") currently held by MVI.
The Notes are exchangeable into common shares of the Company at a conversion price of 68.088 pence per share requiring the issuance of 7,490,307 common shares. Following the issuance, MVI's holding in the Company will increase from 67,934,587 shares (representing 40.2% of Company's current share capital) to 75,424,894 common shares (representing 42.8% of the Company's enlarged share capital).
An application will be made to the UK Listing Authority and to the London Stock Exchange for 7,490,307 common shares to be admitted to the Official List and to trading on the Main Market of the London Stock Exchange. It is expected that dealings will commence on or around 25 November 2010.
At 30 September 2010, the liability on the Group's balance sheet in respect of the Notes was £6.5 million. Following conversion, the Group's liability will be removed reducing net debt and the Group will cease to incur an annual interest charge in relation to the Notes.
The new common shares that will be issued following conversion will rank pari passu in all respects with the existing common shares and, following admission, the Company's increased share capital will comprise 176,418,721 common shares with voting rights. Therefore, the total number of voting rights in the Company will be 176,418,721.
The above figure includes 7,595,286 shares currently classified as treasury shares which are held in the Company's employee benefit trusts and are excluded from the Company's Earnings Per Share calculation.
The total number of voting rights may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Service Authority's Disclosure and Transparency Rules.
For further information, please contact:
Redleaf Communications
Emma Kane / Rebecca Sanders-Hewitt
Tel: +44 (0)20 7566 6700
Email: eone@redleafpr.com
Entertainment One
Giles Willits (CFO)
Tel: +44 (0)20 7907 3773
Singer Capital Markets Limited Cenkos Securities PLC
(Joint Broker) (Joint Broker)
James Maxwell / Nick Donovan Stephen Keys / Adam Hargrave
Tel: +44 (0)20 3205 7500 Tel: +44 (0)20 7397 8926
About Entertainment One
Entertainment One (LSE:ETO) is a leading international entertainment company that specialises in the acquisition, production and distribution of film and television content. The company's comprehensive network extends around the globe including Canada, the U.S., the UK, Ireland, Benelux, France, Germany, Scandinavia, Australia, New Zealand and South Africa. Through established Entertainment and Distribution divisions, the company provides extensive expertise in film distribution, television and music production, kids programming and merchandising and licensing. Its current rights library is exploited across all media formats and includes more than 20,000 film and television titles, 2,400 hours of television programming and 45,000 music tracks.
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