RNS Number:0518Q
Maverick Entertainment Group PLC
23 September 2003

23 SEPTEMBER 2003

         MAVERICK ENTERTAINMENT GROUP PLC ("Maverick" or "the Company")

Further to an announcement (RNS Number: 0455Q) made by Maverick at 7 a.m. today,
regarding a proposed Placing and Open Offer to raise #2.067m, please see the
announcement below.

DETAILS OF THE OPEN OFFER

Seymour Pierce invites Qualifying Shareholders to apply to subscribe for up to
51,666,666 Offer Shares in aggregate at 1.5p per share on the basis of:

1 Offer Share for every 4 Existing Ordinary Shares

held at the Record Date and so in proportion for any other number of Existing
Ordinary shares held. Entitlements to Offer Shares under the Open Offer will be
rounded down to the nearest whole number of New Ordinary Shares. Fractions will
not be offered to Qualifying Shareholders, but will be aggregated and placed for
the benefit of the Company pursuant to the Placing Agreement. Qualifying
Shareholders' Entitlements are shown on the Application Forms. Qualifying
Shareholders may apply for any number of Offer Shares up to their full
Entitlement.

The latest time and date for receipt of completed Application Forms and payment
in respect of the Open Offer is 3.00 p.m. on 14 October 2003.

Application will be made for the Offer Shares to be admitted to trading on AIM.
Subject to Admission, dealings in the Offer Shares are expected to commence on
17 October 2003.

The Offer Shares, when allotted and issued fully paid, will rank pari passu in
all respects with the Existing Ordinary Shares, including the right to
participate in all dividends and other distributions hereafter declared, made or
paid. The Open Offer is conditional, inter alia, on the Placing Agreement having
become unconditional in all respects and not having been terminated in
accordance with its terms. The Placing Agreement is conditional, inter alia, on
the passing of the Resolution at the EGM and on Admission. If the conditions of
the Open Offer are not fulfilled on or before 17 October 2003 (or such later
date, notbeing later than 31 October 2003, as Seymour Pierce and the Company may
agree), application monies will be returned to applicants without interest as
soon thereafter as is practicable.

Seymour Pierce has agreed to use its reasonable endeavours to place all Offer
Shares not applied for under the Open Offer, failing which it will itself
subscribe for those Offer Shares.

In the Open Offer, unlike in a rights issue, the Offer Shares which are not
applied for in the Open Offer will not be sold in the market for the benefit of
those Qualifying Shareholders who do not apply but will be taken up under the
arrangements for the Placing. The Application Form is not a document of title
and cannot be traded.

DETAILS OF THE PLACING

The Company is raising a further #582,000 (before estimated expenses) by the
placing of 38,799,999 Offer Shares with institutional and other investors at
1.5p per share. The Placing is fully underwritten by Seymour Pierce.

TERMS OF THE LOAN STOCK

The Loan Stock is to be subscribed for by institutional investors procured by
Seymour Pierce, failing which Seymour Pierce will itself subscribe for any Loan
Stock not taken up. Each holding of the Loan Stock is to be redeemed in cash at
par (together with all unpaid accruals of interest) on the first business day
following the fifth anniversary of its issue by the Company. The Loan Stock will
entitle the Stockholders to receive interest at a rate of 6.5 per cent. per
annum, such interest accruing on a day to day basis. Interest accruing in
respect of the period from the date of issue of the Loan Stock until 30
September 2004 shall not be paid until redemption of the Loan Stock. Interest
accruing from 1 October 2004 will ordinarily be payable six monthly in arrears
within 14 days of each half year end. The Loan Stock is not transferable but
will be convertible (in whole or in part) at the Conversion Price into new
Ordinary Shares, at the sole option of each Stockholder. New Ordinary Shares
arising on conversion must be issued by the Company (credited as fully paid)
within 28 days of receipt of the relevant notice of conversion. Security for the
payment and repayment obligations of the Company in respect of the Loan Stock is
to be given by Maverick Entertainment for the benefit of all Stockholders in the
form of assignment and license back to Maverick Entertainment of the IPR in
Muffin the Mule acquired by Maverick Entertainment through the grant of the new
licence described in the section entitled "Background to and reasons for the
Fundraising and use of funds" above or otherwise created or developed by it in
exercise of the rights granted under such licence.

The Prospectus giving further details of the Placing, Open Offer and the Loan
Stock is available at the Offices of Seymour Pierce, Bucklersbury House, 3 Queen
Victoria Street, London, EC4N 8EL.


For further information please contact:

Maverick Entertainment Group PLC
Mike Diprose / Sookra Raveendran
Tel: 01844 260858
Email: info@maverickentertainment.co.uk

Tavistock Communications Ltd
Lulu Bridges / Katy Pratt
Tel: 020 7920 3150
Email: kpratt@tavistock.co.uk

Seymour Pierce
Mark Percy / Stella Panu
Tel: 020 7107 8000
Email: stellapanu@seymourpierce.com

                      This information is provided by RNS
            The company news service from the London Stock Exchange

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