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(IFC.L) Indian Film Company (The) Ltd Buy/Sell
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| Date/Time | Headline | Source |
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| 1 | ||
| 16-10-09 | RNS |
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RNS Number : 9337A Indian Film Company Limited (The) 16 October 2009
The Indian Film Company Limited ("IFC" or the "Company") Network 18 Declares Results for Quarter Ended 30 September 2009 The Indian Film Company Limited (AIM:IFC), the leading Bollywood film investment company announces that Network 18 Media and Investments Limited ("Network 18"), the parent company of IFC, has today released its quarterly results to the BSE and NSE in India. These are available on Network 18's website, www.network18online.com. The financial information presented in Network 18's quarterly results includes information based upon IFC's management accounts which have been prepared on the basis of Indian GAAP. Network 18's offer for the Company was declared wholly unconditional on 28 August 2009 and the offer was closed on 7 September 2009. The IFC results included in Network 18's quarterly results are for the period from 7 September 2009 to 30 September 2009. The revenue figure being reported for IFC for this period in Network 18's quarterly results is INR 124.76 million (GBP 1.62 million*). The Company is expecting to announce its half yearly report and unaudited condensed consolidated financial statements for the six months ended 30 September 2009, prepared in accordance with IFRS, in December 2009.
For further information, please contact:
The Indian Film Company Limited
www.theindianfilmcompany.com
Grant Thornton Corporate Finance (Nominated Adviser)
Elara Capital plc (Broker)
Oriel Securities Limited (Broker)
Pelham Public Relations
Notes to Editors The Indian Film Company Limited (the "Company") is a specialist film investment company which was admitted to trading on the AIM market in June 2007 and raised GBP 55 million in order to invest in a diverse portfolio of Indian films targeted at the Indian audiences across varying genre, language and budgets. The Company is managed by Film Investment Managers (Mauritius) Ltd., which is jointly and equally owned by Viacom Inc. and BK Media Mauritius PVT. BK Media Mauritius PVT is owned by Raghav Bahl, the founder and controlling shareholder of Network 18. This information is provided by RNS The company news service from the London Stock Exchange END
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| 12-10-09 | RNS |
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RNS Number : 6299A Indian Film Company Limited (The) 12 October 2009
The Indian Film Company Limited ("IFC" or the "Company") Trading Update The Indian Film Company Limited (AIM: IFC), the leading Bollywood film investment company today provides shareholders with the following trading update. Current projects During the six month period ended 30 September 2009, IFC released three films: 'Shortkut - The Con is On', 'Luck' and 'Life Partner'.
Each year, as part of the annual slate of releases, the Company invests in a few cornerstone projects. However, the Directors believe that the terms quoted for the projects evaluated by the Company this year have not been commercially viable and as a result, to date, IFC has not acquired any corner stone projects for its film portfolio, which has also impacted the number of films the Company expects to release during the current financial year. The Company regularly monitors the film release schedule to ensure releases are timed to have the best possible chance of maximising returns. IFC decided to postpone the release of its film 'Fruit 'n' Nut', which was originally set for release in September 2009, as a number of films were being released by other producers during that month. 'Fruit 'n' Nut' is now expected to be released on 23 October 2009. Trading environment and impact on profits The disagreement on the revenue sharing model between the United Producers and Distributors Forum ("UPDF") and the key national multiplex cinema chains in India ("Multiplex") had an adverse impact on the Company's trading activities. As announced on 9 June 2009, the two month long negotiations with the Multiplex owners resulted in improved revenue sharing terms for the producers and distributors. However, the prolonged negotiations in reaching an agreement on the revenue sharing terms resulted in a two month delay in the planned film release schedule resulting in a loss of theatrical revenues for that period. Additionally, the challenging economic environment has continued to put pressure on the advertising spend of broadcasters globally, which has also impacted the revenues from the sale of satellite rights. As a result of the impact of the global economic downturn, delayed film releases due to the dispute between the UPDF and Multiplex owners, coupled with weak performances of the films released to date, the Company is not expected to report a profit for the six months ended 30 September 2009. Outlook The Directors believe that the recent signs of an upturn in the economy will have a positive impact on the financial performance of the Company. IFC is committed to creating, acquiring and distributing quality content and the Directors firmly believe that by increasing the Company's focus on the multiple revenue streams approach, better shareholder returns can be expected to be delivered. The Company expects to release five films in the second half of the current financial year: Fruit 'n' Nut - October 2009 Banda Yeh Bindaas Hai - December 2009 Kaun Bola - January 2010 Striker - February 2010 Ishq Unplugged - February/March 2010 The Company will keep the market updated for any further developments. For further information, please contact:
The Indian Film Company Limited
www.theindianfilmcompany.com
Grant Thornton Corporate Finance (Nominated Adviser)
Elara Capital plc (Broker)
Oriel Securities Limited (Broker)
Pelham Public Relations
Notes to Editors The Indian Film Company (the 'Company') is a specialist film investment company which was admitted to trading on the AIM market in June 2007 and raised GBP 55 million in order to invest in a diverse portfolio of Indian films targeted at the Indian audiences across varying genre, language and budgets. The Company is managed by Film Investment Managers (Mauritius) Ltd., which is jointly and equally owned by Viacom Inc. and BK Media Mauritius PVT. BK Media Mauritius PVT is owned by Raghav Bahl, the founder and controlling shareholder of Network 18. This information is provided by RNS The company news service from the London Stock Exchange END
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| 29-09-09 | RNS |
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RNS Number : 8642Z Indian Film Company Limited (The) 29 September 2009 For immediate release 29 September 2009 The Indian Film Company Limited ("IFC" or the "Company") Result of AGM The Indian Film Company Limited is pleased to announce that at its Annual General Meeting ("AGM"), held at 10.30 am today, all resolutions except resolution 4 and 5 were duly passed. Resolution 4 and 5, relating to the election of Mr Atul Setia and Mr Deepak Gupta, were withdrawn. As previously announced on 31 July 2009 and 13 August 2009, both Mr Setia and Mr Gupta resigned from the Board of the Company.
For further information, please contact:
The Indian Film Company Limited
www.theindianfilmcompany.com
Grant Thornton Corporate Finance (Nominated Adviser)
Elara Capital plc (Broker)
Oriel Securities Limited (Broker)
Pelham Public Relations
This information is provided by RNS The company news service from the London Stock Exchange END
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| 29-09-09 | RNS |
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RNS Number : 8349Z Indian Film Company Limited (The) 29 September 2009
29 September 2009 The Indian Film Company's Road, Movie to have Asian premiere at the Tokyo International Film Festival The Indian Film Company (TIFC) announces today that its film ROAD, MOVIE, has been invited to the Tokyo International Film Festival 2009 where it will contend for the coveted award -'Tokyo Sakura Grand Prix'. It's the only Indian film to make it to the final 15 in the competition section, out of 743 nominations from 81 countries. The film recently had it first screening at the Toronto International Film Festival, where the film received critical success and both screenings were sold out. In May the Company signed a deal with international sales agent Fortissimo Films to sell the film outside of India. The deal marks Fortissimo's first venture in Hindi Cinema. ROAD, MOVIE, presented by TIFC in association with Studio 18, will be screened as part of competition section at TOHO Cinemas at Roppongi Hills on 21 October and 23 October 2009. On making the announcement Sandeep Bhargava, CEO of the investment advisor to The Indian Film Company, said: "We are delighted that Road, Movie has been selected by the Tokyo International Film Festival, after its success at The Toronto International Film Festival, which is another endorsement of our successful strategy in financing high quality international cinema." About Road, Movie: Susan B. Landau and Ross Katz produced the film's original screenplay which was written by Dev Benegal. Katz won the Best Picture Academy Award Nomination for Sofia Coppola's Lost In Translation and Todd Field's In The Bedroom. Susan B. Landau's dozen-strong repertoire includes the 1999 Cannes Film festival's closing night film, An Ideal Husband, starring Cate Blanchett, Minnie Driver, Julianne Moore and Rupert Everett. Her production and management company represent Slumdog Millionaire's Simon Beaufoy. ROAD, MOVIE is written and directed by Dev Benegal, whose first feature presentation, English August was hailed as a landmark film in contemporary Indian cinema and inspired a new wave of independent Indian filmmakers. His second feature presentation Split Wide Open premiered at the Venice International Film Festival. ROAD, MOVIE tells the story of Vishnu, a restless young man, who rejects his father's faltering hair oil business and hits the road with a travelling cinema. Colourful and full of unforgettable characters, the film celebrates India's open road and the pure love of movies. The film stars critically acclaimed screen sensation Abhay Deol, and Brick Lane stars, festival circuit favourite Tannishtha Chatterjee, and renowned Bollywood Actor/Director Satish Kaushik. For further information, please contact: Enquiries: The Indian Film Company Limited
Grant Thornton Corporate Finance (Nominated Adviser)
Pelham Public Relations
Notes to Editors The Indian Film Company (the 'Company') is a specialist film investment company which was admitted to trading on the AIM market in June 2007 and raised GBP 55 million in order to invest in a diverse portfolio of Indian films targeted at the Indian audiences across varying genre, language and budgets. The Company is managed by Film Investment Managers (Mauritius) Ltd., which is jointly and equally owned by Viacom Inc. and BK Media Mauritius PVT. BK Media Mauritius PVT is owned by Raghav Bahl, the founder and controlling shareholder of Network 18. Fortissimo Films is one of the world's leading international film, television and video sales organizations specializing in the production, presentation, promotion and distribution of award-winning and innovative feature films. This information is provided by RNS The company news service from the London Stock Exchange END
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| 16-09-09 | RNS |
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RNS Number : 1610Z Indian Film Company Limited (The) 16 September 2009 For immediate release 16 September 2009 The Indian Film Company Limited ("IFC" or the "Company") Statement post closure of Offer In the announcement of 7 September 2009, released by Network 18 Holdings Limited ('Network 18 Holdings'), it stated that Network 18 Holdings and its associates now own in aggregate a total of 44,209,742 ordinary shares of IFC representing approximately 80.4 per cent. of the existing issued ordinary share capital of the Company. Following the close of the mandatory cash offer for the ordinary shares of IFC (the 'Offer'), and based on the current assurances received from the management of Network 18 Holdings as stated in past related announcements, the Board of IFC would like to confirm that they expect no change in the current strategy of the Company. Additionally, the Board would like to clarify that its current intention is to retain the Company's AIM quotation. The Board expects to continue to invest in a diverse portfolio of Indian films though co-production and acquisition of high quality content in order to maximise return for shareholders. However should any aspect of the proposed strategy change, the Company will make an update to its shareholders and the market accordingly. Director Shareholding Raghav Bahl, a Director of IFC is a director and substantial shareholder of Network 18 Media and Investments Limited and BK Media Mauritius Private Limited and is also a director of Network 18 Holdings which is a subsidiary of Network 18 Media and Investments Limited. As a result of closing of the Offer, Mr Bahl is now interested in 44,209,742 ordinary shares of the Company, representing 80.4 per cent of the issued share capital of IFC.
For further information, please contact:
The Indian Film Company Limited
www.theindianfilmcompany.com
Grant Thornton Corporate Finance (Nominated Adviser)
Elara Capital plc (Broker)
Oriel Securities Limited (Broker)
Pelham Public Relations
This information is provided by RNS The company news service from the London Stock Exchange END
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| 08-09-09 | PRN |
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NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA OR JAPAN OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DO SO
8 September 2009
The Board of Network 18 Holdings announces that, as at 5.00 p.m. (London time) on 7 September 2009, Network 18 Holdings had received valid acceptances of the Offer for The Indian Film Company in respect of a total of 24,396,242 Indian Film Company Shares, representing approximately 44.4 per cent. of the existing issued ordinary share capital of The Indian Film Company. Immediately prior to the announcement of the Offer, the Network 18 Parties owned in aggregate 19,813,500 Indian Film Company Shares, equating to approximately 36 per cent. of the issued Indian Film Company Shares. Accordingly, taking into account valid acceptances of the Offer, the Network 18 Parties now own in aggregate a total of 44,209,742 Indian Film Company Shares representing approximately 80.4 per cent. of the existing issued ordinary share capital of The Indian Film Company. The Offer was declared wholly unconditional on 24 August 2009 and 14 days notice was given of the closing of the Offer. Such notice having now expired, the Offer is now closed. Settlement of the consideration due under the Offer in respect of valid acceptances which were received complete in all respects on or before 3.00pm on 24 August 2009 has already been despatched. Settlement of the consideration in respect of further acceptances which are valid and complete in all respects and received prior to 7 September 2009 will be despatched within 14 days of receipt. Terms contained in the offer document dated 3 August 2009 (the "Offer Document") have the same meaning in this announcement unless the context otherwise requires. Enquiries:
Holdings) Stephen Bayfield Araminta Sugden This announcement does not constitute an invitation to purchase any securities or the solicitation of an offer to purchase any securities, pursuant to the Offer or otherwise. The Offer is being made solely by the Offer Document and the Form of Acceptance accompanying it, which contain the full terms and conditions of the Offer, including details of how the Offer may be accepted. PKF (UK) LLP, which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting exclusively for Network 18 Holdings in connection with the Offer and no one else, and will not be responsible to anyone other than Network 18 Holdings for providing the protections afforded to clients of PKF (UK) LLP nor for providing advice in relation to the Offer, or the contents of this announcement or any arrangement referred to herein. The Network 18 Holdings Directors and the Network 18 Media Directors accept responsibility for the information contained in this announcement. To the best of the knowledge and belief of the Network 18 Holdings Directors and the Network 18 Media Directors (who have taken all reasonable care to ensure that such is the case), the information contained in this announcement for which they are responsible is in accordance with the facts and does not omit anything likely to affect the import of such information. The release, publication or distribution of this announcement in jurisdictions other than the United Kingdom may be restricted by law and therefore persons in such jurisdictions into which this announcement is released, published or distributed should inform themselves about, and observe such restrictions. Any failure to comply with the restrictions may constitute a violation of the securities laws of any such jurisdiction. The Offer is not being made, directly or indirectly, in or into, or by use of the mails, or by any means or instrumentality (including, without limitation, facsimile transmission, internet, email, telex or telephone) of interstate or foreign commerce, or of any facility of a national securities exchange, of any of the Excluded Territories and cannot be accepted by any such use, means, instrumentality or facility or from within any of the Excluded Territories. A copy of this announcement and the Offer Document are both available for download from http://www.pkf.co.uk/n18
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| 28-08-09 | AFX UK Focus |
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LONDON, Aug 28 (Reuters) - Indian Film Company Ltd:
recommendation at this time ((London Equities Newsroom; +44 20 7542 7717)) (For more news, please click here)
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More |
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| 28-08-09 | RNS |
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RNS Number : 2342Y Indian Film Company Limited (The) 28 August 2009 For immediate release 28 August 2009 The Indian Film Company Limited ("Indian Film Company" or the "Company") Response to Offer Wholly Unconditional announcement The Independent Directors of the Indian Film Company note the announcement made on 24 August 2009 by Network 18 Holdings Limited ("Network 18") that the mandatory cash offer by Network 18 for the Company (the "Offer") has become wholly unconditional with Network 18 having received valid acceptances in respect of 18,239,930 Indian Film Company Shares, representing approximately 33.2 per cent. of the existing issued ordinary share capital of the Company. As at 3.00 p.m. on 24 August 2009, Network 18 announced that the Network 18 Parties collectively held or had received valid acceptances in respect of a total of 38,053,430 Indian Film Company Shares representing approximately 69.2 per cent. of the existing issued ordinary share capital of the Company. The Independent Directors note that Network 18 has obtained legal control over the Company and that the Offer remains open for acceptance until 7 September 2009. As stated in the Company's announcements of 14 August 2009 and 19 August 2009 in response to the Offer, the Independent Directors have sought clarification from Network 18 as to its intentions regarding the future of the Company, in particular in relation to:
The Independent Directors have now received the following confirmations on behalf of Network 18:
In evaluating whether or not to accept the Offer, Shareholders are recommended to consider their own personal circumstances and the Independent Directors recognise that Shareholders have their own individual investment requirements. Shareholders should note that if they do not accept the Offer in respect of their own shareholding, they will be minority shareholders in a controlled company with a reduced number of Shares that are held in public hands as a result of Network 18's current level of shareholding, and this may have a significant adverse impact on the liquidity and marketability of their Shares in the future. It is also important for Shareholders to consider that, if the Indian Film Company's quotation is cancelled at some future date, it may not be possible for Shareholders to realise as much as 40 pence per Indian Film Company Share, should they so wish, before the quotation is cancelled and Shareholders might find themselves as minority shareholders in an unquoted company. The Independent Directors recognise that certain Shareholders may wish to use the Offer as an opportunity to crystallise their investment notwithstanding that the Independent Directors remain of the view that the Offer undervalues the Indian Film Company Shares in the medium to long term. For the reasons set out in the circular dispatched to Shareholders on 14 August 2009 (the "Circular") and the additional facts contained in this announcement (in particular the reduced number of Shares held in public hands as a result of Network 18's current shareholding), the Independent Directors consider that it is no longer possible to provide Shareholders with a definitive recommendation at this time. Peter Radford, being the only Independent Director with an interest in the issued share capital of the Company, continues to reject the Offer in respect of his own beneficial holding of 10,000 Indian Film Company Shares. Definitions used in the Circular apply in this announcement unless the context otherwise requires.
For further information, please contact:
The Indian Film Company Limited
www.theindianfilmcompany.com
Grant Thornton Corporate Finance (Nominated Adviser)
Elara Capital plc (Broker and Joint Rule 3 Adviser)
Blomfield Corporate Finance Limited (Joint Rule 3
Adviser)
Oriel Securities Limited (Broker)
Pelham Public Relations
Elara Capital PLC, which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting as joint adviser to the Company and no one else in connection with the matters referred to herein and will not be responsible to anyone other than the Company for providing the protections afforded to its clients or for providing advice in relation to Network 18 Holdings Limited's Offer, the contents of this document or any transaction or arrangement or other matter referred to herein. Blomfield Corporate Finance Limited, which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting as joint adviser to the Company and no one else in connection with the matters referred to herein and will not be responsible to anyone other than the Company for providing the protections afforded to its clients or for providing advice in relation to Network 18 Holdings Limited's Offer, the contents of this document or any transaction or arrangement or other matter referred to herein. The Independent Directors accept responsibility for the information contained in this announcement. To the best of the knowledge and belief of the Independent Directors (who have taken all reasonable care to ensure such is the case), the information contained in this announcement is in accordance with the facts and does not affect the import of such information. Overseas jurisdictions The release, publication or distribution of this announcement and the Circular in jurisdictions other than the United Kingdom may be restricted by law and therefore any persons who are subject to the laws of any jurisdiction other than the United Kingdom should inform themselves about, and observe, any applicable requirements. Any failure to comply with the applicable requirements may constitute a violation of the securities laws of any such jurisdiction. This announcement has been prepared for the purpose of complying with English law and the City Code and the information disclosed herein may not be the same as that which would have been disclosed if this announcement had been prepared in accordance with the laws of jurisdictions outside the United Kingdom. Unless otherwise determined by Network 18 or required by the City Code on Takeovers and Mergers (the "Code") and permitted by applicable law and regulation, the Offer is not being made, directly or indirectly, in or into, or by the use of the mails or by any means or instrumentality (including, without limitation, telephonically or electronically) of interstate or foreign commerce, or any facility of a national securities exchange, of the United States, Canada, Australia or Japan or any other jurisdiction where extension or acceptance of the Offer would violate the law of that jurisdiction (a "Restricted Jurisdiction"), and the Offer is not capable of acceptance by any such use, means, instrumentality or facility or from within a Restricted Jurisdiction. Accordingly, unless otherwise determined by IFC or required by the Code and permitted by applicable law and regulation, copies of this announcement and the Circular are not being, and must not be, directly or indirectly, mailed, transmitted or otherwise forwarded, distributed or sent in or into or from a Restricted Jurisdiction and persons receiving such documents (including, without limitation, custodians, nominees and trustees) must not mail, transmit or otherwise forward, distribute or send them in or into or from a Restricted Jurisdiction.
This information is provided by RNS The company news service from the London Stock Exchange END
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| 27-08-09 | RNS |
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RNS Number : 0789Y Indian Film Company Limited (The) 27 August 2009
27 August 2009 IFC's 'ROAD, MOVIE' TO PREMIER
AT TORONTO INTERNATIONAL FILM FESTIVAL The Indian Film Company ("IFC or the "Company") today announces that IFC's ROAD, MOVIE, has been invited to have its world premiere at the 2009 Toronto International Film Festival ("TIFF"). In May the Company signed a deal with international sales agent Fortissimo Films to sell the film outside of India. The deal marks Fortissimo's first venture in Hindi Cinema. ROAD, MOVIE, presented by IFC in association with Studio 18, will be screened as a special presentation at the Winter Garden Theatre on 18 September 2009. The special presentation screenings are a showcase of high-profile films featuring major stars and directors from around the world. Susan B. Landau and Ross Katz produced the film's original screenplay which was written by Dev Benegal. Katz won the Best Picture Academy Award Nomination for Sofia Coppola's Lost In Translation and Todd Field's In The Bedroom. Susan B. Landau's dozen-strong repertoire includes the 1999 Cannes Film festival's closing night film, An Ideal Husband, starring Cate Blanchett, Minnie Driver, Julianne Moore and Rupert Everett. Her production and management company represent Slumdog Millionaire's Simon Beaufoy. ROAD, MOVIE is written and directed by Dev Benegal, whose first feature presentation, English August was hailed as a landmark film in contemporary Indian cinema and inspired a new wave of independent Indian filmmakers. His second feature presentation Split Wide Open premiered at the Venice International Film Festival. ROAD, MOVIE tells the story of Vishnu, a restless young man, who rejects his father's faltering hair oil business and hits the road with a travelling cinema. Colourful and full of unforgettable characters, the film celebrates India's open road and the pure love of movies. The film stars critically acclaimed screen sensation Abhay Deol, and Brick Lane stars, festival circuit favourite Tannishtha Chatterjee, and renowned Bollywood Actor/Director Satish Kaushik. Commenting Sandeep Bhargava, CEO of the advisory to The Indian Film Company, said, "We are delighted and honored that TIFF has chosen to premiere ROAD, MOVIE. The invitation is an endorsement of our vision to selectively back high quality international cinema and marks the global interest in Indian films." For further information, please contact: Enquiries: The Indian Film Company Limited
Grant Thornton Corporate Finance (Nominated Adviser)
Elara Capital (Joint Broker)
Oriel Securities (Joint Broker)
Pelham Public Relations
Notes to Editors The Indian Film Company (the 'Company') is a specialist film investment company which was admitted to trading on the AIM market in June 2007 and raised GBP 55 million in order to invest in a diverse portfolio of Indian films targeted at the Indian audiences across varying genre, language and budgets. The Company is managed by Film Investment Managers (Mauritius) Ltd., which is jointly and equally owned by Viacom Inc. and BK Media Mauritius PVT. BK Media Mauritius PVT is owned by Raghav Bahl, the founder and controlling shareholder of Network 18. Fortissimo Films is one of the world's leading international film, television and video sales organizations specializing in the production, presentation, promotion and distribution of award-winning and innovative feature films. This information is provided by RNS The company news service from the London Stock Exchange END
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| 25-08-09 | RNS |
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RNS Number : 9523X Oriel Securities Limited 25 August 2009
DEALINGS BY CONNECTED EXEMPT PRINCIPAL TRADERS WITHOUT RECOGNISED INTERMEDIARY STATUS, OR WITH RI STATUS
BUT NOT DEALING IN A CLIENT-SERVING CAPACITY (Rule 38.5(b) of the Takeover Code)
dealings being disclosed relate (Note 1)
(2) Derivatives (other than options) (3) Options and agreements to purchase/sell
(1) Relevant securities (2) Derivatives (other than options) (3) Options and agreements to purchase/sell Total
Class of relevant security: Details
(b) Derivatives transactions (other than options)
(c) Options transactions in respect of existing securities (i) Writing, selling, purchasing or varying
Product name, e.g. call option Number of securities Exercise price per unit (Note 4) (d) Other dealings (including new securities) (Note 3) Nature of transaction (Note 7) Details Price per unit (if applicable) (Note 4)
Agreements, arrangements or understandings relating to options or derivatives Full details of any agreement, arrangement or understanding between the person disclosing and any other person relating to the voting rights of any relevant securities under any option referred to on this form or relating to the voting rights or future acquisition or disposal of any relevant securities to which any derivative referred to on this form is referenced. If none, this should be stated. NONE
Name of offeree/offeror with which connected The Indian Film Company Limited
Notes The Notes on Form 38.5(b) can be viewed on the Takeover Panel's website at www.thetakeoverpanel.org.uk This information is provided by RNS The company news service from the London Stock Exchange END
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| 24-08-09 | PRN |
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NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA OR JAPAN OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DO SO
FOR IMMEDIATE RELEASE
The Board of Network 18 Holdings announces that, as at 3.00 p.m. (London time) on 24 August 2009, Network 18 Holdings had received valid acceptances of the Offer for The Indian Film Company in respect of a total of 18,239,930 Indian Film Company Shares, representing approximately 33.2 per cent. of the existing issued ordinary share capital of The Indian Film Company. Immediately prior to the announcement of the Offer, the Network 18 Parties owned in aggregate 19,813,500 Indian Film Company Shares, equating to approximately 36 per cent. of the issued Indian Film Company Shares. Accordingly, taking into account valid acceptances of the Offer, the Network 18 Parties will own in aggregate a total of 38,053,430 Indian Film Company Shares representing approximately 69.2 per cent. of the existing issued ordinary share capital of The Indian Film Company. The acquisition of The Indian Film Company was not referred to the Competition Commission before 3.00p.m. on 24 August 2009 and accordingly the Board of Network 18 Holdings is pleased to announce that no further terms or conditions remain to be satisfied. Notice is hereby given that the Offer will remain open until 7 September 2009 when it will close. Indian Film Company Shareholders who wish to accept the Offer but have not yet done so are urged to submit their acceptance as soon as possible. Indian Film Company Shareholders who hold their Indian Film Company Shares in certificated form and who wish to accept the Offer but have not yet done so are encouraged to complete, sign and return the Form of Acceptance in accordance with the instructions set out in the Offer Document and on the Form of Acceptance, and return the Form of Acceptance to Computershare Investor Services plc, Corporate Actions Projects, Bristol, BS99 6AH as soon as possible. Indian Film Company Shareholders who hold their Indian Film Company Shares in uncertificated form (that is in CREST) and who wish to accept the Offer but have not yet done so are encouraged to take the action set out in paragraph 13 of the letter from Network 18 Holdings set out in Part II of the Offer Document to transfer or procure the transfer of their Indian Film Company Shares to the appropriate escrow balance as soon as possible. Settlement of the consideration due under the Offer in respect of valid acceptances which have been received and are complete in all respects on or before 3.00pm on 24 August 2009, will be despatched on or before 7 September 2009. Settlement of the consideration in respect of further acceptances which are valid and complete in all respects and received prior to 7 September 2009 will be despatched within 14 days of receipt. Terms contained in the offer document dated 3 August 2009 (the "Offer Document") have the same meaning in this announcement unless the context otherwise requires. Enquiries:
Holdings) Stephen Bayfield Araminta Sugden This announcement does not constitute an invitation to purchase any securities or the solicitation of an offer to purchase any securities, pursuant to the Offer or otherwise. The Offer is being made solely by the Offer Document and the Form of Acceptance accompanying it, which contain the full terms and conditions of the Offer, including details of how the Offer may be accepted. PKF (UK) LLP, which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting exclusively for Network 18 Holdings in connection with the Offer and no one else, and will not be responsible to anyone other than Network 18 Holdings for providing the protections afforded to clients of PKF (UK) LLP nor for providing advice in relation to the Offer, or the contents of this announcement or any arrangement referred to herein. The Network 18 Holdings Directors and the Network 18 Media Directors accept responsibility for the information contained in this announcement. To the best of the knowledge and belief of the Network 18 Holdings Directors and the Network 18 Media Directors (who have taken all reasonable care to ensure that such is the case), the information contained in this announcement for which they are responsible is in accordance with the facts and does not omit anything likely to affect the import of such information. The release, publication or distribution of this announcement in jurisdictions other than the United Kingdom may be restricted by law and therefore persons in such jurisdictions into which this announcement is released, published or distributed should inform themselves about, and observe such restrictions. Any failure to comply with the restrictions may constitute a violation of the securities laws of any such jurisdiction. The Offer is not being made, directly or indirectly, in or into, or by use of the mails, or by any means or instrumentality (including, without limitation, facsimile transmission, internet, email, telex or telephone) of interstate or foreign commerce, or of any facility of a national securities exchange, of any of the Excluded Territories and cannot be accepted by any such use, means, instrumentality or facility or from within any of the Excluded Territories. A copy of this announcement and the Offer Document are both available for download from http://www.pkf.co.uk/n18
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