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Stock Report
Crest Animation to issue shares on preferential basis
Posted On : 2006-08-31 08:30:26( TIMEZONE : IST )
Crest Animation Studios Ltd has announced that the Board of Directors of the Company at its meeting held on August 31, 2006, inter alia, has considered and approved the following:
1. Allotment of upto 33,85,518 equity shares of Rs 10/- each constituting 14.99% on fully diluted basis at a price not less than Rs 120/- each aggregating Rs 40.63 Crs. to DE Shaw Composite Fund, LLC and D E Shaw Composite Holdings LLC and their wholly owned affiliates on preferential basis (in accordance with SEBI Guidelines) subject to the approval of shareholders in forthcoming Annual General Meeting of the Company.
2. Allotment of securities upto 26% in its overseas subsidiaries for an consideration upto US$ 15.75 Million.
3. Agreed to avail upto US$ 15.75 Million as Guarantee Funding towards film financing for the existing three co-production CGI animated features. Such financing would be on the profit sharing basis without any interest cost.
4. Notice convening Annual General Meeting of the Company scheduled to be held on0 September 29, 2006.
Further the Company has informed that the above investment by DE Shaw Composite Fund, LLC and D E Shaw Composite Holdings LLC and their wholly owned affiliates comprises several distinct transaction representing an aggregate infusion of upto US$ 40 Million.
The D.E. group headquartered in New York is a specialized investment and technology development firm that comprises a number of entities with approximately $23 billion USD in aggregate capital.
The investment in the Company is proposed to fund the ongoing expansion and upgrade of the Company´s 3-D animation facilities and to meet the long-term working capital requirements of the business. The investment in the subsidiary is to fund the requirements of RichCrest Animation Inc, which is actively involved in the 3D animated movies business.
The Special Resolution for the proposed preferential allotment of equity shares will be placed before the members of the Company at the forthcoming Annual General Meeting of the Company scheduled to be held on September 29, 2006.
The above proposal including the investments and financing are subject to customary conditions precedent relating to legal due diligence, execution of binding and or definitive agreements in relation to the transactions contemplated to with the Company and its subsidiary RichCrest Holdings Inc / Rich Crest Animation Inc, and receipt of all approvals.
