8 May 2012 07:00
8 May 2012
PIVOT ENTERTAINMENT GROUP PLC
("Pivot Entertainment", "the Company" or "the Group")
Trading Update
Pivot Entertainment Group plc (AIM: PVT), the transatlantic media and entertainment company, wishes to make the following updates:
Trading
Dewynters and Spotco continue to lead their respective market places, working with a broad range of clients across theatre, film, opera, other live events and sport. The entertainment markets continue to show great resilience in all economic cycles, and 2012 looks robust with ticket sales and audience numbers all holding up or displaying growth.
David Stoller, Executive Chairman and acting CEO, said:
"The new business won by the Group companies in previous periods is yielding anticipated results and the pipeline remains healthy and growing. In addition, the Group has several promising new initiatives underway - in licensing, theatrical events, promotions and new talent sponsorship - that leverage off of our core businesses and represent important opportunities for continued growth and value creation."
Notice of Results
Following the change of accounting reference date announced on 23 January 2012, the Company will announce final results for the 13 month period ended 31 December 2011 on 23 May 2012.
Proposed Change of Name
The Company also announces that it intends to change its name from Pivot Entertainment Group plc to reach4entertainment plc ("r4e") under authorities granted within the Company's Articles of Association. The change of name will be processed by the Registrar of Companies and is expected to be effective by the end of May 2012. Further details in connection with the change of the Company's name will be announced shortly.
Commenting on the new name, Chairman and CEO David Stoller said that the new name signals a change in strategy and management of the group, featuring a powerful spirit of shared enterprise among the transatlantic Group companies:
"We have a strong and dynamic leadership in our core operations at Spotco and Dewynters and we are leveraging those strengths across a widening platform."
Drew Hodges, CEO of Spotco, observed that the new name reflects the sense of "harnessing the force of the Group to a powerful shared ambition", and Anthony Pye-Jeary, CEO of Dewynters added that "reach4entertainment is an exciting springboard to our next stage of development."
Directors Dealing
The Board has uncovered what it believes to be share dealing transactions by a former director which were not disclosed to the Company at the time. If they had been, they would have been disclosed by the Company as required under the AIM Rules for Companies. Analysis of the Company's share register indicates that the shareholding held by Jeremy Barbera changed whilst in office as CEO. His shareholding as at 1 May 2012 was 8,400,000 ordinary shares representing 12.74% of the issued share capital of the Company.
-End-
Enquiries:
Pivot Entertainment Corporation Plc
David Stoller/ Shirley Stapleton Tel: +44 20 79930000
Seymour Pierce Limited
Stewart Dickson/Tom Sheldon (Corporate Finance) Tel: +44 20 71078000
Katie Ratner (Corporate Broking)
XCAP Securities plc
Adrian Kirk / David Lawman (Joint Broker) Tel: +44 20 71017070
Bishopsgate Communications Limited
Nick Rome/Lynne Goulding Tel: +44 20 75623350
pivotentertainment@bishopsgatecommunications.com