TV Loonland sells Metrodome Shareholdings
Friday, May 16th, 2008 2:36pm CDTCategories: Cartoon News, Press Releases, Company News, Digital Media News
Posted by: Raymond T. Views: 18,890
Munich / London, 16th May 2008 - TV-Loonland AG is pleased to announce the successful conclusion of the sale process of its shareholding in Metrodome Group plc, its UK subsidiary quoted on AIM.
The deal has seen MediaPro Management SA of Bucharest, Romania, initially purchasing a 50.1% stake in Metrodome Group plc from TV-Loonland AG's existing 61.7% holding in Metrodome at a price of 2.62 pence per share. The deal values TV-Loonland AG's entire stake at approximately £2.0m (ca. €2.5 Mio.).
In accordance with Rule 9 of the UK Takeover Code, MediaPro Management SA has today also announced a mandatory public offer at 2.62 pence per share for all the outstanding shares of Metrodome.
This mandatory public offer will run for a period of 21 days, following which, TV-Loonland AG's remaining 11.6% shareholding will either be acquired by MediaPro Management SA at the same price as the public offer, or sold in the market depending on the level of acceptances from the offer.
Simon Flamank, CEO of TV-Loonland AG, commented "The effect of this transaction coupled to the earlier announcement this week about the sale of the Hasbro Library back to Hasbro has enabled the group to repay all of its remaining €5m of bank debt and therefore become a debt free business for the first time in the past seven years, which was always our first objective."
"We will now consider further the various alternative scenarios which may exist for the remaining core children's animation business and in particular the new properties that we have been developing."
"The conclusion of the sale process of Metrodome Group plc will also bring to an end my involvement as Chairman of that company, which has covered the past two years. Following the corporate and financial restructuring of the company that we undertook in the autumn of 2006 the company has increased its revenues in 2007 by some 66.7%, and over the last two years has acquired distribution rights for four Oscar nominated films, including one winner for Best Foreign Language Film, THE COUNTERFEITERS."
"We are delighted with MediaPro's involvement now in Metrodome and wish both parties every success for the future".
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