Placing
January 11 2011 - 2:00AM
UK Regulatory
TIDMIFM
11/01/11
Intandem Films plc
(AIM: IFM)
("Intandem" or the "Company")
Issue of New Ordinary Shares and Completion of Placing
Intandem Films Plc, the London based international film group, is pleased to
announce that it has raised GBP684,000 through a placing of 11,400,000 new
ordinary shares of 0.1p (the `Placing Shares') at 6p in the Company, a premium
of 14.3% on the closing price of 5.25p on 10th January 2011. Expenses for the
issue will be minimal.
The SF T1ps Smaller companies Growth Fund has purchased 4,416,667 shares.
Following the placing the fund now holds 14,956,667 shares in the company,
which equates to a 12.8% holding.
Following admission, the Company's enlarged share capital now comprises
116,570,000 ordinary shares with voting rights. This figure may be used by
shareholders in the Company as the denominator for the calculations by which
they will determine if they are required to notify their interest in, or a
change in their interest in, the share capital of the Company under the FSA's
Disclosure and Transparency Rules.
Application has been made for the Placing Shares to be admitted to trading on
AIM and it is expected that dealings will commence at 8:00 am on 14th January
2011.
Commenting on the placing, CEO of Intandem, Gary Smith, said:
"The investment by several high net worth individuals and a successful fund
represents an important vote of confidence in Intandem. The new funds will be
used as working capital for the anticipated growth of the company in 2011. Due
to the increased number of films we have in the pipeline for the year, we will
have additional sales expenses ahead of the anticipated revenue, which is
received on the delivery of the films. As part of the Company's low risk
strategy, the Board decided to raise additional equity which puts the Company
into a positive cash position with no debt. We are very excited about the
prospects for the Company and look forward to updating the market on the
Company's progress throughout the year."
--ENDS--
Intandem Films plc Tel: 020 7851 3800
Gary Smith, Chief Executive
Northland Capital Partners limited Tel: 020 7492 4750
Nomad, Luke Cairns
Rivington Street Corporate Finance Tel: 020 7562 3351
Broker, Jon Levinson
Financial PR
Bishopsgate Communications Tel: 020 7652 3350
Duncan McCormick/Natalie Quinn
intandem@bishopsgatecommunications.com
About Intandem Films Plc
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. The Company earns fees for
arranging the financing for the films' production and generates commission on
all sales secured.
Intandem closely manages the risk associated with the film industry and does
not invest in 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.
Intandem is working on the financing for a slate of over 15 films with total
budgets in excess of GBP100million for 2011 and expects to make further exciting
announcements on its slate shortly.
END
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