Trading Update/Change of Accounting Ref Date-Amend (9665V)

TIDMPVT

RNS Number : 9665V

Pivot Entertainment Group PLC

23 January 2012

23 January 2012

A CORRECTION is being issued in regards to the Trading Update announcement sent at 11.35 am GMT (RNS Number: 9270V) on 20 January 2012 for Pivot Entertainment Group Plc. The first issuance was sent with incomplete details regarding the 20 new client wins.

Several client wins were not included in the announcement - namely: Broadway production of Road to Mecca, Broadway production of Venus in Fur, Broadway production of Wit, The Melbourne and New York production of King Kong and Christiana O. The Group's London and New York teams' engagement by the Melbourne and New York theatrical production of King Kong extends the Group's reach to yet another continent.

All other details in the release remain the same. The full text of the amended announcement is set out below:

PIVOT ENTERTAINMENT GROUP PLC

("Pivot Entertainment" or "the Group")

Trading Update and Change of Accounting Reference Date - Replacement

Pivot Entertainment Group plc (AIM: PVT), the transatlantic media and entertainment company, is pleased to provide a trading update for the three months to 31 December 2011.

In addition to continuing to work with its normal base of clients in theatre and film, the Group has continued to develop new, high profile client relationships in events and productions that include:

New York

   --   The Broadway production of Diner 
   --   The Broadway production of Magic/Bird 
   --   The Broadway production of Once 
   --   Broadway production of Road to Mecca 
   --   Broadway production of Venus in Fur 
   --   Broadway production of Wit 
   --   Detroit Zoo 
   --   Savannah Music Festival 
   --   The Melbourne and New York production of King Kong 
   --   The Toronto production of Honeymoon in Vegas 

London

   --   A Round Heeled Woman 
   --   Absent Friends 
   --   Barclays ATP World Tour Finals - which has been renewed for a 2(nd)    year 
   --   Christiana O 
   --   December Sessions at The O2 
   --   Friendly Fire 
   --   Jackie Mason Fearless - The Farewell UK Tour 
   --   Master Class 
   --   St. James Theatre 
   --   Top Hat 

These new client relationships will begin to impact revenue during Q1 2012, signalling a strong beginning for the new financial year.

The Group's London front of house and fascia display operations, Newman Displays Limited, has also performed strongly over the last three months. This included providing our service for all the events at the London Film Festival and the premieres for Twilight Breaking Dawn, Puss In Boots, Arthur Christmas, Sherlock Holmes and Mission Impossible. Additionally, this division has now taken on the responsibility for theatre refurbishments for the Harold Pinter Theatre, Phoenix Theatre, Fortune Theatre, Oxford Apollo Theatre, Fortune Theatre, Queens Theatre and the Palace Theatre Watford.

Deferred Consideration

The Group is pleased to advise that the third and final financial performance year for the purposes of calculating the remaining deferred consideration payments due to the vendor of Spot and Company of Manhattan Inc ("Spotco") under the terms of the acquisition agreement dated 8 August 2008 has concluded. The result of the final calculation is to reduce the estimated liability in respect of the total remaining deferred consideration payable by $1.927 million to $4.112 million (approximately GBP2.672 million). On a related note, the Board announces that it has reached agreement with the vendor of Spotco to defer the earn-out payment, which was due to be made on 31 October 2011 to 30 June 2012. This payment will constitute the final payment of deferred consideration for Spotco.

Change of Accounting Reference Date

The Group notifies the market that it intends to change its accounting reference date from 30 November to 31 December with immediate effect. Therefore the next set of consolidated audited accounts will be drawn up for the 13-month period from 1 December 2010 to 31 December 2011. The change is being made to align the Group's accounting and reporting dates to ones more relevant to the media sector and to align the reporting dates of the remaining core businesses within the Group following the restructuring and disposals undertaken during 2011.

Jeremy Barbera, CEO of Pivot Entertainment, says:

"Once again the Group has continued to attract new, high profile clients and this will have a positive impact on our full year revenues. The reduction in liabilities caps a successful year in which we have transformed the business into a transatlantic media and entertainment Company."

-End-

Enquiries:

Pivot Entertainment Corporation Plc

   Jeremy Barbera/David Stoller/ Shirley Stapleton                             Tel: [phone] 

Seymour Pierce Limited

   Stewart Dickson/Tom Sheldon (Corporate Finance)                        Tel: [phone] 

Katie Ratner (Corporate Broking)

XCAP Securities plc

   Adrian Kirk / David Lawman (Joint Broker)                                   Tel: [phone] 

Bishopsgate Communications Limited

Deepali Schneider/Natalie Quinn Tel: [phone]

[e-mail]

This information is provided by RNS

The company news service from the London Stock Exchange

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