02/07/2007 The London Stock Exchange is delighted to welcome UTV Motion Pictures plc to AIM.
2 July 2007
The London Stock Exchange is delighted to welcome UTV Motion Pictures plc to AIM.
UTV Motion Pictures Plc announces that its ordinary shares have been admitted to trading on AIM and that trading commenced today under the symbol “UTVM”.
UTVM’s objective is to create a global movie studio, building on the company’s Hollywood studio business model. Through the use of multiple picture deals with industry talent and a portfolio containing a broad spectrum of movie genres, UTVM has established a platform for solid growth globally and in the fast expanding Indian entertainment industry.
Movies produced, co-produced or owned by the company include: The Namesake, directed by Mira Nair and produced by Fox Searchlight and Entertainment Farm; I Think I Love My Wife, directed and starring Chris Rock and co-produced by Fox Searchlight. UTVM currently has seven films either completed or in production and a further thirty nine in incubation.
The company raised US$70 million in gross proceeds through a placing of 24,137,931 ordinary shares at US$2.90 each, valuing the company at approximately US$302 million at admission.
Commenting today, Ronnie Screwvala, Non-Executive Chairman of UTVM said:
“Floating on AIM provides UTVM with the international profile required to drive forward our Hollywood studio business model. The Indian film industry is undergoing rapid change and growth with UTVM being at the forefront of this development. This is an exciting time in the company’s history and we look forward to delivering excellent value for our shareholders."
Grant Thornton Corporate Finance is the company’s nominated adviser and Jermyn Capital Partners Plc is the broker to the company.