banjomick
- 23 Oct 2007 07:56
- 760 of 1609
Explains a lot regarding SP movement lately :-)
Galleon Holdings PLC
23 October 2007
Galleon Holdings plc (the 'Company' or 'Galleon')
Acquisition of Phoenix Investment Global Limited, Placing of Shares and
Confirmation of Total Voting Rights
23 October 2007
Galleon Holdings plc, the AIM-listed intellectual property owner and developer
in the entertainment sector, is pleased to announce that it has agreed to
acquire the entire issued share capital of Phoenix Investment Global Limited
('Phoenix'), a Hong Kong based media solutions company, for initial
consideration of 1.5 million (the 'Acquisition'). In addition, deferred
consideration of up to 500,000 will become payable subject to, inter alia, two
of Phoenix's broadcast customers in South East Asia entering into exclusive
arrangements on certain mobile phone services. Finally, additional consideration
of up to 3.5 million may become payable, subject to Phoenix's financial
performance over the next three years. The entire consideration is to be
satisfied by the issue of ordinary shares of 1p each in Galleon ('Ordinary
Shares').
Phoenix specialises in the provision of interactive broadcast television
services which allow broadcasters in China and South East Asia to provide
interactive entertainment that their audiences can access through TV, online and
mobile. Its customers are leading broadcasters such as Hunan ETV, Hunan
Satellite, Guangdong Sports Channel (China) and Media Prima (Malaysia). Phoenix
is a company registered in the British Virgin Islands, with headquarters in Hong
Kong and also has offices in China and Malaysia. Phoenix was established in July
2007 by a team of experienced media executives who are at the forefront of
providing entertainment through mobile and interactive media in Asia. Phoenix
has yet to complete its first six months' trading and its net assets are not
currently material.
The Acquisition forms part of Galleon's ongoing expansion programme, providing
the Company with a strengthened presence in China. It also provides the Company
with a platform from which it can source new business opportunities. Together
Galleon and Phoenix intend to exploit their broadcaster relationships across
South East Asia, to increase the provision of interactive services and to roll
out new entertainment properties.
The initial consideration of 1.5 million will be satisfied by the issue of
4,863,814 new Ordinary Shares (the 'Initial Consideration Shares') and
completion of the Acquisition is conditional, inter alia, upon the admission of
the Initial Consideration Shares to trading on AIM which is expected to occur on
Friday 26 October 2007.
The deferred consideration of up to 500,000 (if payable) will be satisfied by
the issue of up to 1,621,272 new Ordinary Shares. The actual amount of this
deferred consideration and when it becomes payable will depend on the period
which has elapsed between completion of the Acquisition and the exclusive
arrangements referred to above being entered into with two of Phoenix's South
East Asian customers.
250,000 of additional consideration will be payable for each of the next three
years provided Phoenix's group achieves specified annual targets, with up to a
further 2.75 million of additional consideration becoming payable if Phoenix's
group achieves the aforementioned targets and achieves earnings before interest
and tax of 6.7 million over the three years. The additional consideration (up
to 3.5 million in total) will also be satisfied by the issue of new Ordinary
Shares. The vendors of Phoenix will not be permitted to sell, save in particular
limited circumstances, any of the Ordinary Shares issued to them as
consideration for the Acquisition before the third anniversary of completion of
the Acquisition.
Commenting on the acquisition, Stephen Green, Chief Executive of Galleon, said:
'Our strategy for cross-platform media entertainment has been to focus on the
emerging markets, with their huge audiences and high mobile phone penetration.
With Phoenix, Galleon has a pipeline straight into China and Asia giving our
cross-platform entertainment content access to hundreds of millions of viewers
at any one time. The sheer size of the audiences in China alone creates whole
new scale-based business models, and the Phoenix team has the experience,
network and relationships to maximise these opportunities going forward.'
Galleon today further announces that it has conditionally raised funds for the
Company of 8 million (before expenses) via a placing (the 'Placing') of
27,586,212 new Ordinary Shares (the 'Placing Shares') at a price of 29p per
share. The Placing Shares have been placed with institutional and other
investors. The Placing is conditional on completion of the Acquisition and the
admission of the Placing Shares to trading on AIM which is expected to occur on
Friday 26 October 2007.
The majority of the proceeds of the Placing will be used to fund the future
development of the enlarged group's interests in China, which may include
further acquisitions, such as the possible acquisition of a Chinese mobile
services provider, with which Galleon is already in discussions, or the
establishment of joint ventures. The remainder of the proceeds of the Placing
will be used to provide additional funding for Galleon's Product IP division,
Croco, to fund the further development of the Company's Entertainment
properties, and to cover the Company's acquisition expenses.
The Placing is being made on a non-pre-emptive basis as the time and costs
associated with a pre-emptive offer are considered by the board of Galleon to be
excessive and not in the interests of the Company at this time.
Imagination Holdings Limited, which currently holds approximately 22.43% of the
Company's issued share capital, is subscribing for 6,806,897 Placing Shares as
part of the Placing although such amount may be scaled back at the sole
discretion of Smith & Williamson Corporate Finance Limited ('S&W'). This
subscription represents a related party transaction under the AIM Rules. With
the exception of David Wong and Pritesh Desai, who are directors of Imagination
Holdings Limited, the Directors of the Company consider, having consulted with
its nominated adviser, S&W, that the terms of this subscription are fair and
reasonable insofar as its shareholders are concerned.
Cheyne Capital Management (UK) LLP, which, via Cheyne Global Emerging Markets
Fund L. P., currently holds approximately 11.02% of the Company's issued share
capital, is subscribing for 3,448,276 Placing Shares as part of the Placing.
This subscription represents a related party transaction under the AIM Rules.
The Directors of the Company consider, having consulted with S&W, that the terms
of this subscription are fair and reasonable insofar as its shareholders are
concerned.
Application has been made to the London Stock Exchange for the Initial
Consideration Shares and the Placing Shares to be admitted to trading on AIM.
Admission of these shares is expected to become effective, and trading in them
is expected to commence, at 08.00 a.m. on 26 October 2007 ('Admission').
Total Voting Rights
Following the Acquisition and the Placing the Company's issued share capital
will consist of 97,273,985 ordinary shares with a nominal value of 1p per share,
with voting rights (one vote per ordinary share). The Company does not hold any
ordinary shares in treasury.
Therefore, on Admission, the total number of ordinary shares in the Company with
voting rights will be 97,273,985. With effect from Admission, the figure of
97,273,985 ordinary shares may be used by shareholders as the denominator for
the calculations by which they will determine if they are required to notify
their interest in, or a change to their interest in, the Company under the
Financial Services Authority's Disclosure and Transparency Rules.
Interests of Directors following the Acquisition and Placing
The Directors' interests in the Company following the Acquisition and the
Placing will be as follows:
Director Number of Shares Percentage of Enlarged Share Capital
Stephen Green 550,000 0.57%
Leonard Dunne 550,000 0.57%
Pritesh Desai 60,000 0.06%
David Wong and Pritesh Desai are directors of Imagination Holdings Limited
which, on Admission (assuming its subscription is not scaled back by S&W), will
hold 21,349,306 shares in the Company representing approximately 21.95% of the
Company's enlarged issued share capital.
banjomick
- 23 Oct 2007 13:26
- 761 of 1609
Has all the makings of a very interesting afternoon!
banjomick
- 23 Oct 2007 17:51
- 762 of 1609
The straight line is interesting :-)
banjomick
- 23 Oct 2007 21:27
- 764 of 1609
I wonder if todays news had something to do with Hardman and Co releasing their September report with their highest gainer getting hardly a mention,ponder ponder-lol.
October's report should make good reading :-)
banjomick
- 23 Oct 2007 21:33
- 765 of 1609
I must have missed or more likely forgot this and explains the German issue!
"Super RTL is the biggest investor in Skunk Fu!, having put more than 1m into the series in a pre-sale deal including licensing rights for German-speaking markets. Skunk Fu! has also been pre-sold to the BBC, TG4, Swedish television channel SVT and Welsh station S4C."
http://business.timesonline.co.uk/tol/business/industry_sectors/retailing/article578870.ece
banjomick
- 23 Oct 2007 21:50
- 766 of 1609
From todays announcement:
"Commenting on the acquisition, Stephen Green, Chief Executive of Galleon, said:
'Our strategy for cross-platform media entertainment has been to focus on the
emerging markets, with their huge audiences and high mobile phone penetration.
With Phoenix, Galleon has a pipeline straight into China and Asia giving our
cross-platform entertainment content access to hundreds of millions of viewers
at any one time. The sheer size of the audiences in China alone creates whole
new scale-based business models, and the Phoenix team has the experience,
network and relationships to maximise these opportunities going forward.' "
"The majority of the proceeds of the Placing will be used to fund the future
development of the enlarged group's interests in China, which may include
further acquisitions, such as the possible acquisition of a Chinese mobile
services provider, with which Galleon is already in discussions, or the
establishment of joint ventures. The remainder of the proceeds of the Placing
will be used to provide additional funding for Galleon's Product IP division,
Croco, to fund the further development of the Company's Entertainment
properties, and to cover the Company's acquisition expenses."
The only part of the announcement that niggles me slightly is the part below but it's the foot in the door that is most important here-imo. May have to look into this further though for peace of mind-lol
"Phoenix has yet to complete its first six months' trading and its net assets are not
currently material."
banjomick
- 24 Oct 2007 19:13
- 767 of 1609
Word getting around :-)
Galleon buys HKs Phoenix Investment
http://www.rapidtvnews.com/default.asp?sourceid=&smenu=1&twindow=&mad=No&sdetail=2181&wpage=&skeyword=&sidate=&ccat=&ccatm=&restate=&restatus=&reoption=&retype=&repmin=&repmax=&rebed=&rebath=&subname=&pform=&sc=1966&hn=rapidtvnews&he=.com
Galleon Acquires Media Solutions Company in Hong Kong
http://www.worldscreen.com/newscurrent.php?filename=galleon102307.htm
Galleon Holdings, the intellectual property owner and developer in the entertainment sector, rose off a takeover of its own. The stock climbed 12.07 per cent to 32.5p as it announced it had agreed to buy the Hong Kong media group Phoenix Investment Global.
http://news.independent.co.uk/business/analysis_and_features/article3090350.ece
Chinese expansion was also in mind for Galleon Holdings, the owner of rights to childrens television shows, which rose 3p to 32p after buying Phoenix, a Hong Kong-based TV text and phone voting company, and raising 8 million to finance expansion in a placing of new shares.
http://business.timesonline.co.uk/tol/business/markets/article2727219.ece
banjomick
- 24 Oct 2007 19:39
- 768 of 1609
A bit of info on Bradley Cayford who directed "I'm A Believer" for Apollo's Pad which was Animated at Copernicus Studios and wait for it...................Produced by Galleon Holdings :-) Not for but by!
http://bradleycayford.blogspot.com/
Not directly to do with GON but of interest all the same:
Interview with Copernicus' Studios' Bradley Cayford on Channel Frederator:
http://www.frederatorblogs.com/post/3531
Bradley Cayford, The Puppetmaster article about video on Cold Hard Flash :
http://www.coldhardflash.com/2006/12/bradley-cayford-puppetmaster.html
banjomick
- 24 Oct 2007 20:06
- 769 of 1609
I could be wrong but it looks like the video for 'I'm a believer' has been rearranged and re-posted:
http://www.youtube.com/watch?v=Pg4olRncI0Y
Krackett
- 25 Oct 2007 07:50
- 770 of 1609
More good news.....
Galleon Holdings PLC
25 October 2007
Galleon Holdings plc
('Galleon' or the 'Company')
Galleon Receives Supply Order for Latin America
Galleon is pleased to announce, on behalf of its Product IP Division that,
further to the successful international roll out in the last year of its wholly
owned toy intellectual properties 'Blasterz' and 'Boinx', Pepsico has
commissioned a test order for Latin America valued at 800,000.
Galleon has been awarded 'Approved Supplier' status by Pepsico for in-pack
premiums in Latin America - the largest region in the world in the in-pack
premiums market. The board anticipates that this initial test order represents
approximately 20% of the value of a full promotion for this region.
Stephen Green, Chief Executive, commented,
'We are delighted to be doing business in Latin America. The emerging markets
are the largest users of the type of products that we create in our Product IP
Division ('Croco'). The ability to supply to customers such as Pepsico in this
region has the potential to re-scale Croco's business.
This is a very encouraging start to our new financial year.'
For further information please contact,
Stephen Green, Chief Executive
Galleon Holdings Plc
Tel. 020 8742 3636
Ben Simons/ Adam Reynolds
Hansard Communications
Tel. 020 7245 1100
Robert Kidson/Nicola Horton
Smith & Williamson Corporate Finance Limited
Nomad & Broker
Tel: 020 7131 4000
Notes to editors:
Galleon Holdings plc is an AIM-listed intellectual property owner and developer
in the entertainment sector.
This information is provided by RNS
The company news service from the London Stock Exchange
banjomick
- 25 Oct 2007 08:06
- 771 of 1609
Cheers Krackett,
Great news,was always on the cards that news had been held back once the announcement on Tuesday was seen.
banjomick
- 25 Oct 2007 19:19
- 773 of 1609
A splendiferous day to be sure,Toya.
I wonder if they bought anything off GON?
"MUMBAI: SaharaOne's world television channel Firangi, which would air international content from across the globe, has made the best out of its visit to Mipcom.
According to the channel's business head Rajeev Chakrabarti, the channel has acquired a whopping 2,000 hours of content, thus completing its first phase of acquisitions."
http://www.indiantelevision.com/headlines/y2k7/oct/oct347.php
banjomick
- 25 Oct 2007 21:41
- 775 of 1609
Hansard who do the Financial PR for GON have been very quiet with the last update on their website being 08/05/2007 !
Krackett
- 27 Oct 2007 00:17
- 776 of 1609
All this good news, yet little buying and no price increase....
What's your opinion on why this is?
banjomick
- 27 Oct 2007 23:28
- 777 of 1609
Evening Krackett,
My opinion,for what it's worth:
1.Read through this thread and ignore my silly bits,this will give an insight into the bad old days.
2.Green,Dunne and Wong changed the direction along with injecting monies.
3.Old IP's thrown out with new realistic IP's and joint ventures taking there place.
4.Croco doing amazingly well over the last year or so.
The main point is that GON has massive potential but there are still no black and white figures for revenue,sales ect ect ect.The good news is that the 'big players' appear to be involved now,which shows a lot of faith or they have a greater insight into GON's future prospects than I do.
GON is still high risk as the above shows,relating to the SP at the present time as it's all on potential!
The fact that last weeks share issues have all but been taken up shows great promise for the future.
I will reply in greater detail another night-lol
Peter Wimsey
- 30 Oct 2007 06:28
- 779 of 1609
Mick
It looks to me that Skunk is being moved out of the KidsWB block that has been subcontracted and is going on to the main network. Good news I agree but it would suggest it isn't a new channel but a move from its existing slot
I could be wrong...ask GON