|("Handmade" or the "Company")
OFFER FOR THE COMPANY
The Company (AIM:HMF) has noted the announcement of the 29th April 2010 by Almorah Services Limited ("Almorah") of a mandatory offer pursuant to the City Code on Takeovers and Mergers to acquire all the issued share capital of Handmade not already owned by it and an offer to acquire the convertible loan notes issued by Handmade (the "CLN Offer") .
Handmade will review the announcement and the terms and conditions of the mandatory offer and the CLN Offer, and a response will be made by the Board in due course.
Bob Benton, Chairman 020 7518 8230
David Brooks/Toby Ramsden 020 7070 7080
Canaccord Adams Limited
Mark Williams/Andrew Chubb 020 7050 6500|
Urgh! What a stench of insider trading and incompetence emanating from this company and those associated with it.|
April 15, 2010
HandMade Films receives bid approach
Handmade, the troubled film company behind Life of Brian and Withnail & I, has received a takeover approach from Almorah Services after months of speculation over its future.
Handmade, which is the parent company of HandMade Films, said that at this stage no formal offer had been made and the terms of any potential bid were still unclear. The company is currently valued at £22 million.
HandMade Films was set up by George Harrison in the 1970s and bailed out Monty Python's Life of Brian when EMI, the original backer to the production, withdrew funding.
Handmade has been beset by financial difficulties for several years. In January, it suspended its shares for the third time in three years due to uncertainty surrounding its financial position.
A week later, the company announced that chairman Richard Northcott was stepping down with immediate effect.
Mr Northcott joined the company in November when it raised £17 million to finance a new children's division, signing a deal with the Duchess of York to turn her storybook characters into TV stars.
In February, the group's joint chief executives Patrick Meehan and David Ravden also stepped down, although Cartier Investments, which is Mr Meehan's family trust, remained Handmade's largest shareholder with a 39 per cent stake.
The company also arranged a £2 million interim loan that was secured against its film library from Satya Productions to enable it to finalise a detailed review of its financial position. The company is currently valued at £22 million.
Handmade said today that neither Mr Meehan nor Cartier Investments is involved in the potential bid.
Mr Northcott was replaced in January by Robert Benton, a media consultant and former managing director of the City stockbrokers Canaccord Adams, which is HandMade's financial adviser. He is also a former executive chairman of Talent Group, the independent TV company.
Handmade shares were also suspended from the AIM index in 2008 because of delays in publishing Handmade's results as it changed accounting standards, and again from June to October last year pending the announcement of the children's venture, the fundraising and the next set of annual results.|
$90m worldwide revenue to date
$70m production cost
???m marketing spend
not sure how all that will stack up|
|Well heads are certainly rolling which is good to see, but as usual with UK plc, it's in a convenient and probably well-compensated manner. I wonder if the new lot know how to run a business.|
|well i would take todays news as being result of Cannacords clients who participated in the recent placing telling them to sort it out and Cannacord have sent in one of their boys to do just that?|
|Heads should have rolled before. Really is a Mickey Mouse organisation. Apparently Mickey Mouse wears a Handmade watch. :-p
"in due course" !!! after the last delay of about a year, expect an update in 2011 ha ha|
|DJ Handmade Financial Position Uncertain, Suspends Trading On AIM
LONDON (Dow Jones)-- Handmade PLC (HMF.LN), a film company, said Thursday that it has suspended trading of its shares on AIM due to uncertainty of its financial position, adding it's undertaking a detailed review of its finances and expects to be in a position to update the market in due course.
-By London Bureau, Dow Jones Newswires; Contact Ian Walker; +44 (0)20 7842 9296; firstname.lastname@example.org
(END) Dow Jones Newswires
January 07, 2010 10:26 ET (15:26 GMT)
Copyright (c) 2010 Dow Jones & Company, Inc.|
I've been watching this stock and following the success of Planet 51 to determine whether to invest or not and almost took a stake - it was only some what looked to be chunky sales last month that put me off... something smells very fishy here. Hopefully the accounting problem is simply a dodgy calculator event, otherwise heads should roll if they survive.|
Planet 51, the latest animation adventure to hit big screens has delighted local investors with box office takings in excess of US$70 million.
A handful of jersey residents joined other investors from as far off as Monaco to assist in financing the CGI animation film through the Horizon Media Fund, which was established in 2007. This is the second film to have received finance from the fund, both of which have been produced or co-produced by HandMade Films International, a wholly owned subsidiary of HandMade Plc. The success of Planet 51 comes as no surprise as HandMade Plc, a British film production and distribution company has produced timeless classics such as Mona Lisa and Monty Python's Life of Brian.
David Ravden, Joint CEO of HandMade, commented: "The CGI animation film Planet 51 continues to build momentum and to date has opened in 30 of the intended 60 territories grossing over US$70 million at the box office. We look forward to the next few weeks as Planet 51 opens in the remaining 30 territories as well as the DVD release next year. Our film division has released three films this year and there are a further seven films in the pipeline for the coming years."
The Horizon Media Fund was set up to invest into niche lower risk areas of film financing, with an aim of achieving great returns over the long term. The fund has financed a number of exciting films that will launch over the next few years.
Andy Treharne of horizon says:
"We are delighted with the global success of 'Planet 51' so far. The film is due to be released in more territories and we are sure it will continue to succeed worldwide. All investors of the media fund enjoyed a private premiere of the animated feature in Jersey prior to the UK general release date, and we would definitely recommend this family film to any islander who hasn't already seen it!"|
|UK Analyst advises
"Canaccord Adams initiated its coverage of film library firm Handmade (HMF), noting that the opportunities available for the company in the intellectual property area, where "exposure to content and brands coupled with exploitation skills and careful management of the properties can result in attractive revenue". The broker commented that recent fund-raisings and transactions have "transformed" the company, with the addition of children's television properties to the existing portfolio of new and classic films. The company also has a proven US network capability, with 11 shows currently on air. Handmade has shown itself able to both create and market its children's content, as well as being able to align its 'Handmade Kids' brand to the "highly-trusted and renowned" National Geographic brand. In addition, the firm's film pipeline continues to build with key projects in 2010 being progressed that "should make significant contributions to revenue". Canaccord set its stance at 'buy' with a target price of 19p. Handmade shares rose by 0.5p to 9.25p."|
|"Planet 51" opened across the UK on the 4th December 2009. It is distributed in the UK by Entertainment Film Distributors. The film is being released worldwide over the next few months in approximately 9,000 cinemas across 60 territories and to date has grossed over $60M at the box office. Sony Pictures is the distributor in the US, where the film was released in 3,500 cinemas over the Thanksgiving period.
Maybe not so bad for a $70m film but Sony have spent just as much on marketing so this needs to be $150m+ to be considered a success IMO|
|9. "Planet 51" (Sony/Ilion): $4.3 million, off 58% on its third weekend. Domestic total: $34 million.
only reasonably positive review i could find...
|Box Office numbers seemed ok despite the 'lukewarm' reviews.
I saw one article stating $12m for the first weekend and saying it was not a bad start for a 'cheap' $50m film. Not sure how the numbers would work for HMF.
Estimated ticket sales for Friday through Sunday at U.S. and Canadian theaters, according to Hollywood.com. Final figures will be released Monday.
1. "The Twilight Saga: New Moon," $140.7 million.
2. "The Blind Side," $34.5 million.
3. "2012," $26.5 million.
4. "Planet 51," $12.6 million.
5. "Disney's A Christmas Carol," $12.2 million.
6. "Precious: Based on the Novel `Push' by Sapphire," $11 million.
7. "The Men Who Stare at Goats," $2.8 million.
8. "Couples Retreat," $2 million.
9. "The Fourth Kind," $1.7 million.
10. "Law Abiding Citizen," $1.6 million.
|CEO on CNBC now|
have to say many of the reviews have been rather 'lukewarm'|
|16 November 2009
Result of AGM & EGM
Handmade Plc announces that it held its Annual General Meeting and previously
announced Extraordinary General Meeting today and all resolutions from both
meetings were duly passed.
Trading in the shares is expected to commence tomorrow 17 November.
Patrick Meehan, Chairman
020 7518 8230
David Ravden, CEO
Jos Simson/Charlie Geller
Mark Williams/Andrew Chubb
020 7050 6500|
|being mentioned as potential oscar nomination as well
|Planet 51 movie is out next week and Sony are putting it out during Thanksgiving week so must expect it to do well.