11th Dec 2008 07:00
11 December 2008
Entertainment One Ltd.
Announces the Company is no longer proceeding with proposed recommended reverse takeover transaction with DHX Media
Announces commitment to proceed with TSX dual-listing in the current financial year
Entertainment One Ltd. ("Entertainment One" or the "Company") (AIM: ETO) today announces that it is no longer proceeding with the proposed recommended reverse takeover transaction with DHX Media Ltd ("DHX") (AIM/TSX: DHX) (the "Proposed Transaction"), announced on September 29, 2008. The Company will now proceed with a direct listing on the TSX, which the Board believe can be achieved in the current financial year.
The Proposed Transaction was expected to close by no later than an outside date of 31 January 2009. However, the senior lenders to the Company indicated that consent for the Proposed Transaction would not be attainable under the original terms and timetable. Consent of Entertainment One's senior lenders was a condition precedent to closing. Entertainment One requested from DHX an extension for completion of the Proposed Transaction beyond 31 January 2009 but this request was rejected by DHX. The Company proposed revised terms to the Proposed Transaction to DHX, but these terms were rejected by DHX.
Darren Throop, CEO of Entertainment One, said: "The Company continues to work towards achieving a primary listing on the TSX in the current financial year. The Company's four-year US$150 million senior credit facility that we recently secured with JP Morgan also continues to provide the Company with access to additional capital for continued future growth in line with our strategy."
The Company announced its interim results for the six months ending 30 September 2008 on 3 December 2008 with proforma underlying EBITDA of £6.8 million, in line with the Company's expectations. The Board believes that the Company is well positioned going into 2009. The Company's most recent film release, Twilight, opened in Canada on 21 November 2008 and was number one in the North American box office on its opening weekend. The Company will release Twilight in the UK on 19th December 2008.
Enquiries:
|
Edelman |
Shane Dolgin |
+1 416 979 1120 |
|
Quiller Consultants |
John Eisenhammer |
+44 (0) 20 7233 9444 |
|
Entertainment One |
Giles Willits |
+44 (0) 20 7004 2755 |
|
Singer Capital Markets Limited (NOMAD to Entertainment One) |
James Maxwell |
+44 (0) 20 3205 7500 |
Notes to Editors:
Entertainment One Ltd. (AIM: ETO) AIM listed, Entertainment One's strategy is to build the leading global independent entertainment content ownership and distribution business that acquires films, television programs and music content and exploits these rights in all media throughout the world. Entertainment One has operations in Canada, the U.S, Holland, Belgium and the UK. Entertainment One also owns Koch Entertainment, the largest independent record label in North America and a leading independent distributor of music and video in the United States.
www.entertainmentonegroup.com
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