PFO Prime Focus

TIDMPFO

RNS Number : 9674Y

Prime Focus London PLC

01 March 2013

1 March 2013

Prime Focus London PLC

(the "Company" or the "Group")

Acquisition

Subsidiary company administration

Further to the announcements of 1(st) and 19(th) February, the Company announces that, as previously envisaged, its wholly owned subsidiary company, P F Broadcast and Commercials Limited ("PFBC") has been placed into administration at the request of its director.

Immediately subsequent to the administrator's appointment, Prime Focus Broadcast Limited ("PFB"), a wholly owned subsidiary of the Company, agreed to acquire from the administrator certain of the contracts, business and assets of PFBC (in administration) for a consideration of GBP384,608, a proportion of which is deferred. A number of employees of PFBC (in administration) will be transferred under TUPE guidelines to PFB.

This transaction will allow the continued successful operation, within the Group, of the existing Broadcast business which continues to perform well, and which the Directors believe will demonstrate both revenue and EBITDA growth in the year ending 31 March 2013, compared with the previous year.

Additionally, the Company has also acquired those aspects of the Commercials' activities previously embedded within PFBC such as World Versioning which can be operated through the infrastructure controlled by the Company. Turnover of the Commercials' activities contributed GBP3.05m to total Group turnover of GBP10.39m in the six months ended 30 September 2012. Turnover of the Commercials' activities not acquired by the Group amounted to approximately GBP2m in the same period.

Without the encumbrance of the PFBC overhead, the acquired Commercials' activities are expected to be earnings enhancing, as ongoing related overheads will be reduced by more than GBP1m per annum.

At 30 September 2012, PFBC had net liabilities of GBP0.3m. At 31 January 2013, PFBC had net liabilities of GBP1.3m. As a result of the administration, the net liabilities of PFBC will no longer be consolidated within the Company's financial statements.

For further information, please contact

Prime Focus London PLC

Bernard Kumeta

Chief Executive Officer +44 (0) 20 7565 1000

Northland Capital Partners Limited

Edward Hutton/Lauren Kettle +44 (0) 20 7796 8800

Newgate Threadneedle

Graham Herring / Josh Royston +44 (0) 20 7653 9850

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCEAFAPAAXDEAF

Prime Focus (LSE:PFO)
Gráfica de Acción Histórica
De May 2024 a Jun 2024

Prime Focus (LSE:PFO)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024