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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Eidos | LSE:EID | London | Ordinary Share | GB0007641797 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 31.75 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:4339K Elevation Partners, L.P. 31 March 2005 31st March 2005 EM Holding highlights to Eidos shareholders risks in SCi's all paper offer EM Holding Corp. ("EM Holding") believes that the paper offer by SCi Entertainment Group Plc ("SCi") for Eidos PLC ("Eidos") carries significant share price risk for investors. John Riccitiello, Director of EM Holding, commented: "Eidos shareholders should not underestimate the demands of, and risk involved with, combining Eidos with SCi. While SCi is a successful company, it has little experience of integrating larger businesses, of running a major international video games company or in managing significant intellectual properties. By contrast, EM Holding's cash offer provides certainty for Eidos shareholders." EM Holding would make the following observations about the SCi paper offer: *The value of SCi's paper offer The value of SCi's paper offer is based on a SCi share price which has risen sharply over the past six months. *SCi's share price on 21 March 2005 (the day prior to SCi's announcement of its offer) was 321.5 pence, near its then 52-week high price of 345.0 pence, and 244% above its then 52-week low price of 93.5 pence; *Based on the average SCi share price over the 90 trading days ended 21 March 2005, the implied value of SCi's offer would be 44.1 penceper Eidos share; *Based on the average SCi share price over the 180 trading days ended 21 March 2005, the implied value of SCi's offer would be 31.8 penceper Eidos share. EM Holding's offer provides shareholders with the certainty of 50 pencein cash per Eidos share. *Undercapitalisation and cash flow risks SCi proposes to raise only approximately #60.1 million (before expenses) to provide funds for the enlarged group. The Board of Eidos has highlighted the financial challenges that Eidos faces. In the 12 months to 31 December 2004 Eidos made a pre tax loss of #38.5 million. In the same period Eidos' cash balance decreased by #46.3 million. In addition, Eidos' financial situation has progressively deteriorated as evidenced by the table below: (# in millions) 6 months ended 6 months ended 6 months ended 31 December 2003 30 June 2004 31 December 2004 Group Turnover - cont. ops. #78.7 #55.2 #31.5 Pre tax profit (loss) #7.8 (#9.8) (#28.7) Cash balance increase (decrease) (#0.2) (#20.7) (#25.6) Separately, Eidos will have to repay up to #23.0 million due under a facility to Royal Bank of Scotland by 30 June 2005 at the latest. SCi also expects to incur a #7.0 million cost in the current financial year in order to achieve its synergy target. * Eidos is a significantly bigger business than SCi Eidos is a larger business with sales of #133.9 million (for Eidos' financial year ended 30 June 2004) employing 696 people worldwide. On this basis SCi is less than a quarter of the size of Eidos: SCi had sales of #31.0 million (for SCi's financial year ended 30 September 2004) and 139 employees. Eidos is a global business with studio operations in the UK, Denmark, Spain and the USA and a publishing presence in UK, US, France, Spain, Germany, Japan and Australia. Currently SCi's sole studio is located in the UK. In its last financial year SCi released only five new titles; compared with Eidos which released 14 titles with six titles selling over 500,000 units. *SCi's track record SCi has a limited track record of integrating acquisitions. SCi acquired the Pivotal business for #2.4 million in 2003 - and it continues to operate Pivotal as an independent company with a separate management team. SCi has recognised the need to revive Eidos' brands. However, SCi's development track record is limited to a single major franchise and it does not have a history of publishing highly rated games. *The average Metacritic rating of SCi's games is 63 out of a possible 100. *SCi has had only one game with a Metacritic rating of 75 or above. Eidos has had 39 games with a Metacritic rating of 75 or above. *Conclusion EM Holding's cash offer has no share price or integration risks and offers Eidos shareholders 50 pence in cash with absolute certainty. - ENDS - Enquiries: Smithfield Consultants John Antcliffe John Kiely +44 (0) 20 7360 4900 This announcement is not for release, publication or distribution in whole or in part in or into Canada, Australia or Japan. This announcement does not constitute an offer or invitation to purchase any securities or the solicitation of any vote for approval in any jurisdiction. The Directors of EM Holding accept responsibility for the information contained in this announcement. To the best of the knowledge and belief of the Directors of EM Holding (who have taken all reasonable care to ensure that such is the case), the information contained in this announcement is in accordance with the facts and does not omit anything likely to affect the import of such information. Lehman Brothers Europe Limited, which is regulated in the United Kingdom by the Financial Services Authority, is acting for EM Holding and no one else in connection with the offer by EM Holding and will not be responsible to anyone other than EM Holding for providing the protections afforded to clients of Lehman Brothers Europe Limited or for providing advice in connection with such offer. APPENDIX 1 SOURCES AND BASES OF INFORMATION 1. General Unless otherwise stated, financial information relating to Eidos has been extracted from the published audited Annual Report and Accounts of Eidos for the financial year ended 30 June 2004, published interim results for the six months ended 31 December 2004 and/or public statements made by Eidos. Unless otherwise stated, financial information relating to the SCi Entertainment Group ("SCi") has been extracted from the audited Annual Report and Accounts of SCi for the financial year ended 30 September 2004. Merger benefit estimates relating to SCi's proposed offer for Eidos have been extracted from SCi's RNS announcement of 22 March 2005. Employee numbers for Eidos and SCi are sourced from the respective 2004 Annual Reports and Accounts for such entities. Other general information relating to SCi has been sourced from SCi's corporate website at www.sci.co.uk/corporate. 2. Share Prices The prices of shares on a particular date and average prices for a particular period are closing-mid prices sourced or derived from the FactSet Consulting Services or the Financial Times. 3. Metacritic Ratings The Metacritic ratings (or "Metascores") assigned to games published by both SCi and Eidos are derived from data sourced from the Metacritic website, at www.metacritic.com. A Metascore is a weighted average of up to 30 reviews from national critics and publications for a given game. Each release of a game on a particular platform is assigned a distinct Metacritic rating - references to "games" may accordingly include variants of the same title published on different platforms. Metascores for games range from 0-100, with higher scores indicating better overall reviews and lower scores indicating less favourable reviews from critics. Scores ranging 90-100 represent "Universal Acclaim", 75-89 represent "Generally Favourable Reviews", 50-74 represent "Mixed or Average Reviews", 20-49 represent "Generally Unfavourable Reviews" and 0-19 represent "Overwhelming Dislike". A Metascore is considered a weighted average because more significance, or weight, is assigned to some critics and publications than to others, based on the overall stature and quality of those critics and publications. Metascores are not calculated for items that do not have a minimum number of reviews. These items are marked "score pending" or "XX". Metacritic cover virtually every new game released in the United States (as well as a few released in the UK only), as long as that game is reviewed by multiple publications. Average Metacritic ratings of games published by any entity have been calculated based on all games which have been published by that entity for which a Metascore is currently available. This information is provided by RNS The company news service from the London Stock Exchange END OUPJBMFTMMTJBAA
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