TIDMR4E
RNS Number : 9009U
Reach4Entertainment Enterprises PLC
24 January 2017
reach4entertainment enterprises plc
('r4e', 'the Company' or 'the Group')
Trading Update and Directorate Changes
r4e, the transatlantic media and entertainment marketing
company, is pleased to provide an update on trading for the year
ended 31 December 2016 and, further to the announcement on 26
October 2016, confirm the appointment of Lord Michael Grade and
Claire Hungate as non-executive directors and announce that Linzi
Allen, until now the Group's Finance Director in a non-board
capacity, has been appointed to the Board. All three appointments
are effective immediately.
Trading Update
2016 saw the Group report an exceptionally strong first half
trading performance with SpotCo confirming its foremost position in
the US theatre market, where its clients won all 110 awards on
offer at the 2016 Tony Awards. In the second half of 2016, r4e
continued to perform well, so that the Company expects to produce a
trading performance slightly ahead of market expectations for the
12 months to 31 December 2016 at the EBITDA and profit before tax
levels.
Alongside this positive trading performance, the Company has
launched a new agency in Germany, giving r4e market-leading
advertising and marketing agencies in the world's three largest
commercial centres for theatre - London, New York and Hamburg. To
support this geographic expansion, r4e successfully raised GBP2
million (gross proceeds) from an equity placing in October 2016, as
well as to fund its new data-driven marketing and analytics
initiative through its wholly-owned subsidiary, Jampot, and the
reorganisation of key aspects of the business.
The focus for 2017 will be on growth - in new markets, new
customers, and technology - while continuing to consolidate and
build on its leading position in its three key markets.
Board Appointments
Lord Michael Ian Grade of Yarmouth - Non-Executive Director
Lord Michael Ian Grade of Yarmouth was awarded a CBE in 1998 for
his significant achievements in broadcasting and has over 40 years'
experience in the entertainment industry. He was formerly Chairman
of the BBC, Executive Chairman of ITV plc, Chief Executive of
Channel 4, and he has held positions on the boards of a number of
public companies, including Pinewood Group plc. Lord Grade is
currently a director of Gate Ventures plc, a substantial
shareholder in r4e. He is also a co-founder of The Gradelinnit
Company Ltd ("Gradelinnit"), a prominent theatrical production
company.
Dewynters Limited, the Company's UK subsidiary, has an existing
agreement in place with GL 42(nd) Street Limited, a subsidiary
company of Gradelinnit, for the provision of marketing and media
services for the West End production of 42(nd) Street, which is due
to launch at the Theatre Royal Drury Lane in the first half of
2017. The fees payable to Dewynters under the agreement are on the
Company's normal commercial terms and not expected to be material
to the Company's annual revenue.
Gradelinnit undertakes a competitive tender for the marketing of
its productions and it is anticipated that the Company will be
provided the opportunity to tender for future work from
Gradelinnit. The Company would typically be engaged as sales and
marketing agent for the marketing of theatre productions, with fees
and budgets split between pre-opening and post-opening show work
which is provided on a weekly basis during the run of the show.
Claire Elizabeth Hungate - Non-Executive Director
Claire Elizabeth Hungate has over 17 years' experience in the
media and entertainment industry. She is currently Managing
Director of Warner Bros. Television Production UK ("WBTVPUK"), a
group of leading British television production companies previously
known as Shed Media and acquired by Warner Bros. in 2010. The Group
comprises award winning independent companies Wall to Wall,
Ricochet, Twenty Twenty, Renegade and Yalli Productions. Originally
Managing Director of Wall to Wall, Claire was part of the team that
sold Wall to Wall to Shed Media PLC in 2007 and then, as COO of the
Shed Media Group, de-listed the AIM quoted Shed Media by virtue of
a management buy-out backed by Warner Bros. in 2010. She became
Managing Director of WBTVPUK in June 2014 on Warner Bros. taking
full ownership of the group. She previously ran the commercial
operations of the Institute of Contemporary Arts before training to
be a Barrister and going in-house to work in the BBC's legal
department. From there she became Head of Business Affairs for
Princess Productions and then Commercial and Legal Director for
Wall to Wall Productions before becoming Managing Director. She was
previously a director of Shed Media PLC between 2007 and 2010
whilst it was admitted to AIM.
Linzi Kristina Allen - Group Finance Director
Linzi Kristina Allen joined the Company as Group Financial
Controller in 2012, becoming Finance Director in 2015. Prior to
that she was at KPMG for 7 years in both internal and external
audit roles working across a range of clients and industries
including retail, construction, manufacturing, investment funds,
logistics and Government.
David Stoller, Executive Chairman of the Company, commented:
"r4e made significant strides in 2016, with a substantially
reduced debt burden and fortifying its senior management across the
Company. Today's appointments very much reflect the ambition and
drive of the Company to create a great and enduring business.
Michael and Claire each bring very relevant knowledge and
experience to the r4e Board, and will substantially enhance its
stature. Linzi, who has been a key member of r4e's senior
management team, has demonstrated great command over the wide array
of financial issues (and their operational implications) that the
Company deals with regularly, and will also be a great contributor
to the Board."
Enquiries:
reach4entertainment enterprises
plc
+44 (0) 20 7968
David Stoller, Executive Chairman 1655
Allenby Capital (Nominated Adviser +44 (0) 20 3328
and Broker) 5656
Jeremy Porter/James Reeve (Corporate
Finance)
Katrina Perez/Kelly Gardiner
Novella Communications (Financial +44 (0) 20 3151
PR) 7008
Tim Robertson
Toby Andrews
Regulatory disclosures
Lord Grade, Claire Hungate and Linzi Allen are, or have been
during the last five years, a director or partner of the following
companies and/or partnerships:
Director Current directorships/partnerships Past directorships/partnerships
Lord Grade
(aged 73) * Gate Ventures plc * Pinewood Shepperton plc
* Tudor Films LLP * Ocado plc
* Phoenix Film Partners LLP * James Grant Group Ltd
* National Angels Ltd * WRG Group
* The Grade Linnit Company Ltd * James Grant Holdings Ltd
* Ben Ainslie Racing (Holdings) Ltd * Press Complaints Commission
* Wave Stadiums Ltd * WRG Worldwide Ltd
* Bar Productions Ltd * Society of Stars
* PRS For Music Ltd * Lymington Charter Ltd
* Pinewood Television Ltd * Pinewood Group Ltd
* GL (Sunset) Ltd
* Fundraising Regulator
* Infinity House Productions Ltd
* GL (42(nd) St) Ltd
Claire
Hungate * Warner Bros. Television Production UK Ltd * Talpa Media UK Ltd
(aged 47)
* Renegade Pictures (UK) Ltd * Supernanny Web Ltd
* WBTVPUK WGA Writers Ltd
* Ricochet Ltd
* Wall to Wall South Ltd
* Watershed Television Ltd
* Ricochet Productions Ltd
* Wall to Wall Television Ltd
* Wall to Wall Drama Ltd
* Wall to Wall Media Ltd
* Shed Productions (Jailbirds) Ltd
* Twenty Twenty Kids Ltd
* Headstrong Pictures (WR) Ltd
* Shed Media Scotland Ltd
* Twenty Twenty Productions Ltd
* Headstrong Pictures Ltd
* Twenty Twenty Brighton Ltd
* New Tricks TV Productions Ltd
* Wall to Wall (Holdings) Ltd
* Renegade South Ltd
Linzi Allen * None
(aged 38) * None
MediaLoom Ltd, a company from which Lord Grade resigned as a
director on 28 November 2000, was wound up by voluntary creditors'
liquidation on 9 July 2001 with amounts outstanding owed to
unsecured creditors and to shareholders totalling GBP244,362 and
GBP10,000, respectively.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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