New Contract and Acquisition
July 24 2009 - 5:49AM
UK Regulatory
TIDMHOL
RNS Number : 2362W
Hollywood Media Services plc
24 July 2009
24 July 2009
Hollywood Media Services Plc
("HMS" or the "Company")
New Contract and Acquisition
The Company is pleased to announce that it has been awarded a contract to supply
catering services to the Thames Valley Police Authority (the "TVP Contract").
The TVP Contract is a fixed term contract which expires on 28 February 2013 and
the Directors believe it could provide approximately GBP0.5 million of revenue
and GBP0.2 million of gross profit per year.
The TVP Contract which was previously managed by Wood Hall Events and Catering
Limited ("WHECL") has, at the request and with the agreement of the Thames
Valley Police Authority, been novated in favour of the Company. Accordingly, as
part of the novation the Company has also agreed heads of terms to purchase
certain assets from WHECL which are necessary in order to provide the services
required under the TVP Contract. In consideration for the novation of the
contract and the sale of the related assets, the Company will issue to WHECL,
credited as fully paid, up to 47.5 million non voting preference shares of
0.125p each in the Company, on the first anniversary of the date of the novation
of the TVP Contract, being 22 July 2010. These preference shares upon issue will
rank pari passu in all respects with the existing non voting preference shares
then in issue.
Following the trading statement released on 25 June 2009, trading on AIM in the
Company's ordinary shares remains suspended pending the stabilising of the
Company's working capital position and the publication of the Company's Report
and Accounts for the year to 31 December 2008.
For further information please contact:
+--------------------------+----------------------------+----------------+
| Enquiries: | | |
+--------------------------+----------------------------+----------------+
| Martin Eberhardt | Hollywood Media Services | 020 7332 2200 |
| | Plc | |
+--------------------------+----------------------------+----------------+
| Tony Rawlinson / Antony | Dowgate Capital Advisers | 020 7492 4777 |
| Legge | Limited | |
+--------------------------+----------------------------+----------------+
| Alex Davies | Merchant Capital Limited | 020 7332 2200 |
+--------------------------+----------------------------+----------------+
www.hmservicesplc.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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