28th Jan 2011 16:26
28 January 2011
Prime Focus London Plc
Sale of Film Rights
Prime Focus London Plc ("PFL" or the "Company") announces that the sale of 3D rights for 50 Hindi Films acquired by the Company in the period to March 2010 to Prime Focus Motion Pictures Limited, a wholly owned subsidiary of the Company's parent, Prime Focus India Limited.
The sale was for a total consideration of £9.055m, being the book value of the rights, and payable in cash.
Related Party Transaction
As Prime Focus Motion Pictures Limited is a wholly owned subsidiary of the Company's parent, Prime Focus India Limited, the sale of the film rights is therefore considered a related party transaction under the AIM Rules for Companies. Accordingly, the independent directors, having consulted with Grant Thornton Corporate Finance (in its capacity as nominated adviser), consider that the terms of the transaction are fair and reasonable insofar as its shareholders are concerned.
Enquiries:
Prime Focus London Plc | Tel: +44 20 7565 1000 |
Namit Malhotra Chairman and interim Chief Executive Officer |
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www.primefocusworld.com |
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Grant Thornton Corporate Finance | Tel: +44 20 7383 5100 |
Fiona Owen / Robert Beenstock |
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Related Shares:
PFO.L