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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Enter Rights. | LSE:ERT | London | Ordinary Share | GB0008138884 | 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% | 0.08 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number : 5602X Entertainment Rights PLC 26 June 2008 Entertainment Rights Plc ("ER", "the Group" or "the Company") Strategic Review Update ER is pleased to announce today a summary of the current findings of the ongoing strategic review being conducted by Chief Executive Officer, Nick Phillips. When Nick Phillips joined the Board and was appointed Chief Executive Officer on 18 March 2008, his first priority, in conjunction with the Executive Management Team, was to undertake a strategic review of the Group*s businesses. Mr Phillips has since concluded his review and has presented a series of initiatives which have been debated and adopted by the Board. Transformational Acquisition The acquisition of Classic Media was a successful strategic transaction that transformed ER into a truly global children's and family content leader with a significant foothold in the US. The addition of Classic Media's brands, management resources and distribution partnerships has strengthened ER's competitive position, increased the Company's growth potential and enhanced its ability to generate profitable cash flows. Capital Allocation The Board has initiated a program aimed at more efficiently and effectively allocating capital, prioritised on the basis of the growth potential of its asset base and new multi-platform opportunities, including digital. This program is designed to maximise ER's resources and improve the Company's growth prospects in 2008 and beyond. Cost Containment The Board is also implementing cost containment initiatives to enhance profitability. These initiatives include targeting cost-savings by capitalising on opportunities to further streamline the Group's global operations and maximise the remaining synergies created by the Classic Media transaction. Debt Reduction In the current economic environment, reducing levels of financial risk is seen as prudent and debt reduction will be a key financial priority of the Board in conjunction with its focus on optimising capital resources. As at 31 December 2007, the Company*s net debt was £107.9 million, a level within its current banking facilities. Of the Company*s term debt, approximately 65% has a maturity date beyond 5 years. Whilst ER will continue to invest capital in those opportunities that offer the most potential, a portion of the Company*s cash flows, as well the cost-savings achieved from streamlining operations, will be earmarked for accelerated debt reduction. Other Opportunities The Company will continue to review potential acquisitions of, principally, intellectual property rights covering children*s and family entertainment brands that can be exploited on a global basis. The acquisition of rights to Tinga Tinga Tales*, a brand new property with media distribution already secured on major US and UK TV channels, (announced separately in today*s AGM statement) fits this criteria. Given the superiority of ER's assets, the Company may receive offers from potential acquirers of select brands. The Board will fulfil its fiduciary responsibility to review any and all such offers, should they surface, with a commitment to increasing shareholder value and ensuring that ER is in a position to maximise its growth potential over the long-term. Mr Phillips commented: "During the past three months, we have had an opportunity to take a detailed look at ER, its brands, management and its strategic plan. It's clear that ER is fundamentally strong, its content assets are exceptional and the Company is well positioned to build on its leadership position in the global children's and family entertainment industry. We are now pursuing a host of initiatives aimed at further streamlining our operations and reducing costs, more efficiently allocating our capital to those assets with the most growth potential and reducing debt. We are committed to maximising the performance of ER to the benefit of its shareholders." Ends Enquiries: Entertainment Rights plc Nick Phillips, Chief Executive Officer Elizabeth Gaines, Chief Finance & Operations Director Simon Avis, Head of PR 020 8762 6200 Bell Pottinger Corporate & Financial David Rydell / Amy Rajendran 020 7861 3232 Editors Notes About Entertainment Rights Entertainment Rights Plc (ER) is a global entertainment media company, with a portfolio that includes some of the world*s most popular children*s, family and pop-culture brands. With offices in London, New York and Nashville, the Company specialises in the origination, acquisition and distribution of children*s and family programming, characters and brands. The Company*s catalogue appeals to a broad demographic from pre-school children to young adults and families. The ER catalogue consists of more than 3,600 hours of content that has been distributed to in excess of 170 territories worldwide. ER*s expertise is in the exploitation of its catalogue of brands and content in a number of key disciplines, including television and theatrical distribution, product licensing and merchandising, live and home entertainment, and digital media. ER is a publicly quoted company listed on the London Stock Exchange. Annual revenues have increased from £1.8m in 1999 to £68.1m in 2007, the last reported financial year. Key brands in ER's global portfolio include Postman Pat®, Where's Waldo?®, VeggieTales®, Rupert Bear®, George Of The Jungle*, Lassie®, Casper The Friendly Ghost®, Basil Brush®, Finley The Fire Engine*, The Lone Ranger®, He-Man® and the Masters of the Universe®, She-Ra* and Rudolph the Red-Nosed Reindeer®. Visit www.entertainmentrights.com This information is provided by RNS The company news service from the London Stock Exchange END MSCSEFFMISASEIM
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