Intandem Films PLC Issue of Equity & New Films (4468H)

TIDMIFM

RNS Number : 4468H

Intandem Films PLC

19 May 2014

INTANDEM FILMS PLC

("Intandem" or the "Company")

Issue of Equity & New Films

Intandem Films plc (AIM: IFM, "Intandem" or the "Company"), the London based international film group, is pleased to announce a subscription for 50,133,331 ordinary shares (the "Subscription Shares") at a price of 0.375 pence per share (the "Placing"), raising gross cash proceeds of GBP175,000 together with settling GBP13,000 of outstanding director fees.

The Subscription Shares will rank pari passu in all respects with the existing ordinary shares in the Company. The Company intends to utilise the net proceeds for general working capital purposes including attendance at the Cannes Film Festival and to settle certain current liabilities. The Company continues to operate at a net liabilities and a net current liabilities position, and with limited working capital for the foreseeable future. The Company is dependent on making commercial progress in the very near term or will require further new financing.

Robert Mitchell, CEO and Andrew Brown and Billy Hurman, executive directors have subscribed in the Placing in lieu of outstanding director fees. In addition Chris Sykes, non executive director, has subscribed in the Placing for cash (subscription made by Katorox Limited which is controlled and wholly owned by Chris Sykes). Their participation and resultant interest is set out in the table below:

 
Director          Number of Subscription  Total interest           Percentage of enlarged 
                   Shares subscribed       including Subscription   share capital following 
                                           Shares subscribed        the Placing 
Robert Mitchell   2,133,333               2,133,333                0.5% 
Andrew Brown      266,667                 5,196,667                1.1% 
Billy Hurman      533,333                 3,723,333                0.8% 
Chris Sykes       533,333                 533,333                  0.1% 
 

Application has been made to the London Stock Exchange for the Placing Shares to be admitted to trading on AIM and admission is expected to commence on 21 May 2014.

Following the issue of equity, the enlarged issued share capital of the Company will comprise 458,801,978 ordinary shares of 0.1 pence each. The above figure may be used by shareholders as the denominator for the calculations by which they will determine whether they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.

In addition, the Company has been appointed sales agent to 'The Greatest Englishman', 'Scopia' and 'Missing William'.

Commenting on the Placing, Robert Mitchell, CEO of Intandem, said:

"At the Cannes Film Festival we will be selling a number of films including the US biopic "REAGAN" for which we are anticipating a high level of interest. We now have 29 films on our slate of which 10 are fully finished. I would like to thank our shareholders for their continuing support."

ENDS

Contacts:

 
Intandem Films plc 
 Robert Mitchell, Chief Executive Officer       [phone] 
Peterhouse Corporate Finance 
 Jon Levinson / Lucy Williams 
                                                 [phone] 
 finnCap 
 Ed Frisby / Ben Thompson - Corporate Finance 
 Stephen Norcross - Corporate Broking             [phone] 
 

Notes to editors

About Intandem Films

Intandem Films plc (www.intandemfilms.com) is a London based international film company. It specialises in raising finance for commercial feature films and selling them to distributors around the world. Intandem closely manages the risk associated with the film industry and does not invest in the production of films from its own resources. Its highest profile film to date was How to Lose Friends and Alienate People starring Simon Pegg, Jeff Bridges and Megan Fox, for which Intandem raised the finance and sold the film to distributors such as Paramount, Warners and MGM.

This information is provided by RNS

The company news service from the London Stock Exchange

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