11 Dec 2015 07:00
Embargoed until 7h00 on Friday, 11 December 2015
Paragon Entertainment Limited ("Paragon" or "Company")
AGM statement, Board update and withdrawal of certain AGM resolutions
Paragon Entertainment Limited (AIM: PEL), the AIM-listed attractions design and build company, will today hold its AGM. A slide presentation will be given at the meeting during which the Board will make the following statements in relation to current trading and prospects:
· Previous market guidance for 2015 EBITDA unchanged at £0.2m, though 2015 turnover likely to be approximately £8.5m and;
· Board guidance for 2016: Turnover of £11m and EBITDA of £0.5m;
Save for the above, the slide presentation will contain no new information of a price sensitive nature. The slide presentation will be available on the Paragon website (http://www.paragonent.com/) from 12.30 p.m. today.
In addition to the above the Company now confirms that Mark Pyrah (currently Director or Sales and Marketing and Interim CEO, as announced in July 2015) will now resume the position of Chief Executive Officer with immediate effect. The Board had previously planned to appoint a new CEO to enable Mark to focus on his sales and marketing responsibilities. The Board is now of the view that this is not required though expects, in due course, to appoint a Chief Operating Officer.
Following last minute representations from a major shareholder, the Board will not now be proposing resolution 5 (allotment authority) and resolution 6 (disapplication of pre-emption rights) as set out in the Notice of AGM dated 9 November 2015. The primary purpose of resolutions 5 and 6 was to ensure that Paragon was able to meet all and any legal commitments it might have to issue shares. At the AGM of 15 December 2014, the total authority had been limited to a maximum of 10% which is insufficient to meet all possible legal commitments. The proposed resolutions 5 and 6 are accordingly withdrawn though the equivalent resolutions from the AGM in December 2014 remain valid until 15 December 2019. The Board will seek to renew these authorities at the Company's AGM in 2016.
Commenting on the forecasts, Mark Taylor, Executive Chairman of Paragon Entertainment, said:
"The Paragon team has worked very hard to resolve a number of historical issues since Q4 2014 and I am pleased that these are behind us. We now have good visibility on our revenue which we expect to grow steadily and profitably over the forthcoming years."
For further information:
Paragon Entertainment Limited Mark Taylor (Chairman)
FinnCap Ltd Julian Blunt / Simon Hicks (corporate finance) Alice Lane (corporate broking) |
01904 608020
020 7220 0500
|
Notes to Editors:
Paragon Entertainment Limited (AIM:PEL) is an award winning provider of attraction services from initial design production and consulting through to the fit out and installation of themed attractions, heritage exhibits, museums, aquariums and water parks, inter alia.
Paragon Entertainment is the holding company for Paragon Creative Limited.
The Group's projects have included:
· The design and build of galleries at the Olympic Museum for the IOC in Lausanne, Switzerland;
· The design and build of the galleries at The National Museum of Kazakhstan;
· The design and build of Titanic Belfast;
· The thematic build of the Wallace and Gromit ride at Blackpool Pleasure Beach;
· Licensing and distribution installations at Gullivers, Milton Keynes and Art Mall, Ukraine.
The Group listed on AIM in 2011.
Further information can be found at: http://www.paragonent.com/