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Intandem: Placing and Conversion
29-03-2010
The Board of Intandem, the London based international film group, is pleased to announce that is has raised £500,000, before expenses, through a placing (the “Placing”) of 12,500,000 new ordinary shares of 0.1p (the “Placing Shares”) at a placing price of 4p, representing a premium of 60 per cent. to the closing mid price on 25 March 2010. The net proceeds of the Placing will be used to repay an outstanding loan of £50,000 and fund the working capital requirement of the Company as it seeks to expand its operations.
The Board is also pleased to announce that Graham Hampson Silk, a major shareholder in the Company, has agreed to convert the £450,000 convertible loan note issued in October 2008 by him (the “Loan Note”) into 10,000,000 new ordinary shares of 0.1p at an effective conversion price of 4.5p per share, representing a premium of 80 per cent. to the closing mid price on 25 March 2010.
The Placing and the conversion of the Loan Note represent the final step by the Company in the restructuring of its balance sheet. Since September 2009, the Company has removed approximately £7.0 million of liabilities and, following the fundraising, the only remaining debt is a trade creditor prepayment which, as at 31 December 2009, equalled approximately £192,000.
The Placing Shares and Conversion Shares represent approximately 21.3 per cent. of the enlarged issued share capital and will rank parri passu with the existing ordinary shares. Application has been made for the Placing Shares and the Conversion Shares to be admitted to trading on AIM and dealings are expected to commence at 8.00am on 30 March 2010. Following the issue of the Placing Shares and the Conversion Shares, the total number of shares in issue is 105,675,000 ordinary shares of 0.1p each.
Intandem is also pleased to announce the appointment as joint broker Rivington Street Corporate Finance, who was responsible for the Placing.
Gary Smith, Intandem’s Chief Executive commented:
“I am delighted to have completed the successful restructuring of our balance sheet and we are now focussed on improving the profit and loss account. We believe that the Placing at a premium to the current share price represents an endorsement of our strategy and we will continue to work hard to provide a return to all our shareholders.”
For further enquiries please contact:
Intandem Films Plc Tel: 020 7851 3800
Gary Smith, CEO
Financial PR
Bishopsgate Communications Tel: 020 7562 3350
Robyn Samuelson / Siobhra Murphy
intandem@bishopsgatecommunications.com
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