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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Screen Fx | LSE:SFX | London | Ordinary Share | GB00B23Z3283 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 7.10 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:7818K Screen FX PLC 28 December 2007 Press Release 28 December 2007 ScreenFX plc ("ScreenFX" or "the Company") Result of EGM The Board of ScreenFX plc (AIM:SFX), the digital advertising and communications specialist, announces that at its Extraordinary General Meeting held today in Manchester, the special resolutions proposed to Shareholders (as set out in its notice to Shareholders dated 5 December 2007) were duly passed. The Directors anticipate that the proposed acquisition referred to in the Circular dated 5 December 2007 will be completed in the next few days and a further announcement will be made at that time. The proposed acquisition relates to Screen Media Networks Limited ("SMN"), an outdoor media contractor that combines both traditional and digital media services. Its unaudited management accounts for the year ended 31 December 2006 show that the business generated turnover of £112,123 and a loss of £67,420. SMN has a digital panel network of approximately 120 screens already installed within the four major theme parks across the UK. These screens are positioned along queue lines and areas of the highest footfall to attract the attention of the 7.5 million people that attend these theme parks each year. SMN has also laid the basis for a proposed network of traditional backlit six-sheet print posters to be deployed across approximately 1,000 roadside locations and outside convenience stores throughout the UK. In a more recent development, SMN has begun exploration of the market for digital screen advertising within shopping malls in India. This is a new opportunity for SMN which is on track to be the first company to put such digital poster panels in major shopping malls in this country where it can capitalise on the continued growth in the Indian economy. In addition to these initiatives, and most importantly for ScreenFX, SMN is in the process of establishing a contractual relationship with one of the world's major outdoor media advertising companies, whereby that company will provide a national advertising sales function across the combined SMN and ScreenFX portfolio of advertising screens and posters. This landmark arrangement for the new group will transform the group's ability to achieve the national advertising revenue that it seeks It is proposed that ScreenFX will acquire SMN for a total consideration of Ordinary Shares as would equate to an initial 29.9 per cent of the new Enlarged Group's issued Ordinary Share Capital. Subject to further future fund raising criteria, as previously announced on 6 December 2007, SMN will be able to secure further shares in the Group. Pursuant to the loan conversion arrangements referred to in the above mentioned Circular the following Ordinary Shares and warrants have been allotted to directors: Mike Cottman 3,902,330 Eric Anstee 348,622 and 116,207 warrants at 25 pence In addition other providers of loans have been allotted 813,480 Ordinary Shares and 104,493 warrants at 25 pence. Executive Chairman, Mike Cottman, said: "The structure of the forthcoming national advertising arrangements and the critical mass that the acquisition of Screen Media Networks provides us with will, we believe, enable the Enlarged Group to produce a significant swing into profits at the EBITDA level within twelve months of the successful completion of the deal. "We have previously highlighted that the Company has found it difficult to source major national advertisers for the existing screen network, largely because of the dominance of the major players for outdoor media advertising. Screen Media Networks has already established a market for itself in a complementary arena and has the agreements in place such that we would be able to answer this problem. We are excited by the potential for the Enlarged Group. It is intended that the name of the Company will be changed to Vision Media Group plc in a number of weeks time and further announcements will be made in this regard in due course." - Ends - For further information: ScreenFX plc Mike Cottman, Executive Chairman Tel: +44 (0) 161 428 5544 mikec@screenfx.com www.screenfx.com Seymour Pierce Limited Stuart Lane / John Depasquale, Corporate Finance Tel: +44 (0) 20 7107 8000 stuartlane@seymourpierce.com www.seymourpierce.com Media enquiries: Abchurch Henry Harrison-Topham / Gareth Mead Tel: +44 (0) 20 7398 7700 henry.ht@abchurch-group.com www.abchurch-group.com This information is provided by RNS The company news service from the London Stock Exchange END REGBLBDDUGDGGRI
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