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(IFM.L) Intandem Films PLC Buy/Sell
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2009-09-15 07:00
Intandem Films PLC - Disposal of Investment |
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15 September 2009
INTANDEM FILMS PLC
DISPOSAL OF INVESTMENT Intandem Films plc announces that it has today disposed of its entire shareholding in Radical Publishing Inc ("Radical"), a Los Angeles based publisher of comic books and graphic novels, of 1,000,000 ordinary shares, representing 9.5 per cent., for a total consideration of $750,000. The shares were originally acquired in two equal instalments in July 2007 and January 2008 for a total cost of £150,617. As a result the disposal represents a profit of approximately £300,000 on the investment in Radical. Intandem intends to continue its close working relationship with Radical and is developing a number of films based on its intellectual property. Intandem is currently negotiating its appointment as executive producer and international sales company for those films. As announced on 28 July 2009 the Company has been reviewing a number of options to improve its working capital position. The sale of the interest in Radical will greatly assist the Company in alleviating its current working capital constraints to meet its immediate working capital needs. The Company will update shareholders on potential film financing agreements in due course. For further information, please contact:
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