3DE Entertainment Group Limited
February 26 2010 - 11:12AM
UK Regulatory
TIDMLMR
RNS Number : 7841H
Luminar Group Holdings PLC
26 February 2010
Luminar Group Holdings plc
3DE Entertainment Group Limited
Luminar Group Holdings plc ("Luminar", or "the Group") announces that 3D
Entertainment Group Limited ("3DE"), in which Luminar has a 49% shareholding and
loan investment, has been placed in administration. It is understood that the
majority of business assets have subsequently been acquired by Sun European
Partners LLP.
The overall value of the equity and investment on the Group's balance sheet at
August 2009 was GBP17.3m, and there is a trading debt for services provided to
3DE of approximately GBP0.8m. The proceeds of the administration are likely to
provide only a minimum return to Luminar, however, in due course the proceeds
are expected to cover the bank loan guarantee of GBP2m which Luminar provided to
3DE in July 2009.
3DE has traded independently of Luminar since 2007 and there is no risk that
property leases within the 3DE estate will become the liability of Luminar.
Similarly, the 3DE business is not consolidated with the trading results of
Luminar, and there is no impact on the operational trading results of the Group.
In accordance with LR 9.6.14, Luminar notes that Stephen Thomas, its current
Chief Executive, is also a director of 3D Entertainment Group Limited.
A trading update on Luminar results for the financial year ending 25 February
2010 will be announced on 12 March 2010.
26 February 2010
Enquiries:
+---------------------------+----------------------------------+
| Luminar Group Holdings | Tel: +44 (0)1908 544100 |
| plc | |
+---------------------------+----------------------------------+
| Robert McDonald, Finance | |
| Director | |
+---------------------------+----------------------------------+
| College Hill | Tel: +44 (0)20 7457 2020 |
+---------------------------+----------------------------------+
| Matthew Smallwood | |
+---------------------------+----------------------------------+
| | |
+---------------------------+----------------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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