RNS Number:0455Q
Maverick Entertainment Group PLC
23 September 2003

23 September 2003

Maverick Entertainment Group plc ("Maverick" or "the Group")

Placing and Open Offer to raise #2.067 million.

Maverick Entertainment Group PLC is the AIM listed company specialising in the
creation, acquisition and development of IPR in children's films, television
programmes, characters and related entertainment products.

     - Placing of 8 million New Ordinary Shares at 1.5p per share raising
       #120,000

     - Proposal to raise a further #1.947 million by way of
              - A Placing and Open Offer of 90,466,665 New Ordinary Shares at 
                1.5p per share
              - Issue of #590,000 (nominal) 6.5 per cent. convertible 
                redeemable secured loan stock 2008

     - Proceeds to be used to:
              - fund the production of a new animated series based on Muffin 
                the Mule which has been commissioned by the BBC (for delivery 
                in 2005), a fully animated cartoon series comprising 26 
                ten minute episodes of Muffin the Mule
              - and provide additional working capital for the further 
                development of the Group's video and DVD business

Mike Diprose, Managing Director of Maverick commented: "We believe that Muffin
the Mule has the potential to become a significant international television-led
children's brand and prove to be a significant and valuable long term asset for
the Group."


For further information:

Mike Diprose / Sookra Raveendran              Lulu Bridges / Katy Pratt
Maverick Entertainment Group PLC              Tavistock Communications Ltd
Tel: 01844 260858                             Tel: 020 7920 3150
Email: info@maverickentertainment.co.uk       Email: kpratt@tavistock.co.uk



Maverick Entertainment Group plc ("Maverick" or "the Group")


Placing and Open Offer to raise #2.067 million.


Maverick today announces today that it has placed with an institutional investor
8,000,000 New Ordinary Shares at a price of 1.5p per share to raise #120,000
additional working capital. It was also announced that the Company proposes to
raise a further #1,947,000 (before expenses) by way of a Placing and Open Offer
of 90,466,665 New Ordinary Shares, at a price of 1.5p per share, and by the
issue of #590,000 (nominal) 6.5 per cent. convertible redeemable secured loan
stock 2008. The Placing and Open Offer and the issue of the Loan Stock has been
fully underwritten by Seymour Pierce.


Maverick is proposing to use the net proceeds of the Fundraising to fund the
production of a new animated series of Muffin the Mule ("Muffin"); and to
provide additional working capital for the further development of the Group's
video and DVD distribution business. Maverick Entertainment Limited, the Group's
principal trading subsidiary, has been granted the exclusive licence to produce
a new animated television series based on Muffin and to exploit all ancillary
intellectual property rights in the representation of the character. The BBC
have commissioned, for delivery in 2005, a fully animated cartoon series
comprising 26 ten minute episodes of Muffin. Maverick has also secured the
rights to produce further series of Muffin, which, if the Directors consider
there to exist sufficient market appetite, may lead to sequential productions in
the future. The Directors believe that Muffin has the potential to become a
significant international television-led children's brand and prove to be a
significant and valuable long term asset for the Company. The Board believes
that the net proceeds of the Fundraising will allow for the further all-round
development of the business, by facilitating the production of Muffin and the
development of a broader based video and DVD business.


The proposed further Placing and Open Offer, and the issue of the loan stock, is
subject to shareholder approval and a document containing full details of the
proposed Placing and Open Offer has been sent to all shareholders today. This
document also contains the Group's unaudited interim results for the six months
ended 30 June 2003, which have been separately announced today. The Chairman's
statement attached to these results contains details of, inter alia, two new
contracts that have been signed by Maverick.


The 8,000,000 New Ordinary Shares arising from the placing that the Group has
made today are expected to be admitted to trading on AIM on 26 September 2003.

Open offer timetable of key events:

Record Date for the Open Offer                    19 September 2003

Impact Date                                       23 September 2003

Latest time and date for splitting 
Application Forms (to satisfy bona 
fide market claims under the Open Offer)          3.00 p.m. on 10 October 2003

Latest time and date for receipt 
of Forms of Proxy                                 10.00 a.m. on 14 October 2003

Latest time and date for receipt of 
Application Forms and payment in full 
under the Open Offer                              10.00 a.m. on 14 October 2003

Extraordinary General Meeting                     10.00 a.m. on 16 October 2003

Admission and dealings commence in 
the New Ordinary Shares on AIM                    17 October 2003

CREST accounts credited                           17 October 2003

Despatch of definitive share 
certificates (where applicable) by                24 October 2003



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