1 Oct 2012 07:00
NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, NEW ZEALAND OR SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH IT WOULD BE UNLAWFUL TO DO SO. PLEASE SEE THE IMPORTANT NOTICE AT THE END OF THIS ANNOUNCEMENT.
Date: 1 October 2012
On behalf of: Entertainment One Ltd. ("Entertainment One" or "the Company")
Entertainment One Ltd.
Special meeting, admission and trading update
On 7 September 2012, the Board of Entertainment One announced the proposed acquisition of Alliance Films Holdings, Inc. and a placing to raise approximately £110 million (approximately $175.7 million) through the issue of 73,333,333 new common shares ("Placing Shares") at a placing price of 150.0 pence per new common share (the "Placing").
Results of Special Meeting
The notice of the special meeting to be held in connection with the Placing on 28 September 2012 at 1:00 p.m. (EDT)/6.00 p.m. (BST) (the "Special Meeting") was set out in the shareholder circular posted to shareholders by the Company on 7 September 2012.
The Company is now pleased to announce that, at the Special Meeting held on Friday 28 September 2012, all resolutions proposed were passed by shareholders of the Company. Proxies were validly received in respect of 131,755,544 common shares, representing approximately 67% of the outstanding common shares and 121,487,804 preferred variable voting shares, representing 100% of the outstanding preferred variable voting shares.
The results of the proxy voting on each resolution were as follows:
Resolution | For | % | Discretion | % | Against | % | Withheld |
1 | 252,895,157 | 99.9% | 322,785 | 0.1% | 25,406 | 0.0% | 0 |
2 | 252,895,157 | 99.9% | 322,785 | 0.1% | 25,406 | 0.0% | 0 |
A vote "Withheld" is not a vote in law and is not counted in the votes "For" and "Against" a resolution. Resolution 1 was an ordinary resolution and resolution 2 was a special resolution. A copy of the resolutions has been submitted to the National Storage Mechanism and will shortly be available for inspection at: http://www.Hemscott.com/nsm.do.
Admission of Placing Shares
Admission of the Placing Shares to the Official List and trading of the Placing shares on the London Stock Exchange's main market for listed securities will become effective at 8.00 a.m. (BST) today.
The Placing Shares will rank pari passu in all respects with the other common shares. The total number of common shares in the Company will increase to 270,037,814 common shares with voting rights.
Trading update
Trading in the first six months of the current financial year has continued in line with management expectations.
The first half of the year has seen increased activity across the Entertainment division driven by the planned higher investment both in films and television programmes. 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 3 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 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 $385 million at 31 March 2012, up from $350 million at 31 March 2011.
The Company expects to announce its interim results on 12 November 2012.
Enquiries:
Redleaf Polhill |
Emma Kane Rebecca Sanders-Hewett
|
+44(0)207 566 6720 |
Entertainment One Ltd. | Giles Willits
| +44(0)207 566 6720
|
Cenkos Securities plc | Stephen Keys Adrian Hargrave
| +44(0)207 397 8926 |
Singer Capital Markets Limited
| James Maxwell Nick Donovan
| +44(0)203 205 7500 |
Notes to Editors:
Entertainment One Ltd. (LSE:ETO) is a leading international entertainment company that specializes in the acquisition, production and distribution of film and television content. The company's comprehensive network extends around the globe including Canada, the US, the UK, Ireland, Australia, New Zealand, Benelux, France, Germany, Scandinavia, South Africa and South Korea. Through established Entertainment and Distribution divisions, the company provides extensive expertise in film distribution, television and music production, family programming and merchandising and licensing. Its current rights library is exploited across all media formats and includes more than 24,000 film and television titles, 2,700 hours of television programming and 45,000 music tracks.
Further information is available at www.entertainmentonegroup.com or email Redleaf Polhill at eOne@redleafpolhill.com