Fashion On Screen Plc Acquires Shaftesbury Avenue Ltd: Trading Statement
25 Oct, 2019, 11:23 BST
LONDON, Oct. 25, 2019 /PRNewswire/ -- The Company are pleased to provide a corporate update with details of recent transactions that reinforce the company's planned growth and development throughout 2019/20 and beyond. Further details on each transaction are available on the Company's website, www.fosplc.com:
Acquisition of Shaftesbury Avenue Ltd
On 26th September 2019, the Company announced the acquisition of a controlling interest in the theatre and musical production company, Shaftesbury Avenue Limited. The offer to shareholders of Shaftesbury Avenue Limited was to acquire 100% of Shaftesbury Avenue Limited in a one for one share exchange, and The Company are pleased to announce that it has now achieved 100% ownership. Shaftesbury Avenue Limited has several musical productions on its slate in differing stages of development. One of the several attractions to FOS of acquiring the company is the possibility in the future of developing multi-format propositions covering both stage and film creative solutions, increasingly a feature seen in today's creative sector with stage/film productions such as Mama Mia. The acquisition will also give FOS a broader reach into potential new revenue-generating arts investments within the theatre sector.
Appointment of LorisG Consultants
On 26th September 2019, the Company announced the appointment of LorisG Consultants to manage investor relations for the Company.
American $55m backing
On 1st August 2019, the Company announced that it had secured a $55m loan facility for film funding provided by The Ambient Partnership Group Limited which will also be used for other films on the company's slate and will be used in support of the company's planned acquisition strategy within the media sector. The Company can draw down the funds in tranches over a period of 20 months, and after consulting with our funder, we expect the first drawdown to take place within the course of the next four weeks.
Twickenham Film Studios Investment
On 28th July 2019, the Company announced that it had agreed a deal with Twickenham Studios for an equity investment into its forthcoming production, REVolution. The investment will be subject to standard industry recoupment terms from the box office performance of the film.
FOS has agreed terms with Peter Macdonald to direct REVolution Film
On 30th June 2019, the Company announced the appointment of Peter Macdonald, one of Britain's most respected film directors and cinematographers, to direct the Company's first feature, REVolution. Pre-production activity has already begun, with location identification underway under the auspices of Crispin Sallis, an internationally renowned expert in his field, nominated for three Academy Awards for Aliens, Driving Miss Daisy and Gladiator. Production itself is currently scheduled to begin in February 2020.
Nevern Johns, Fashion On Screen's CEO said "Our progress since joining the Vienna Stock Exchange has been most encouraging for our shareholders and significant stakeholders, and I look forward to continuing our growth pattern over the next few years."
THE DIRECTORS OF THE ISSUER ACCEPT RESPONSIBILITY FOR THE CONTENTS OF THIS ANNOUNCEMENT
Editors Note:
Fashion On Screen Plc ("FOS Plc") is a London-based film production company which is listed as a public company on the Vienna Stock Exchange. We have spent the last twelve months developing both our funding capacity and our management team and we are now about to go into production on our first movie. We are combining the traditional ethos of some of the great British film production companies of the past, focusing on quality, high-end production values and popular commercial appeal, with important contemporary values such as a commitment to diversity and a determination to work alongside a wide range of media partners. We intend in addition over the coming months and years to build our company through significant acquisitions within the media sector.
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