Placing & Trading Update
10 November 2004 - 11:57AM
UK Regulatory
Immediate release: 10 November 2004
Galleon Holdings plc
("Galleon" or the "Company")
Placing to raise �1.2 million
Conversion of Loan Notes & Trading Update
Placing and Loan Conversion
Galleon Holdings plc is delighted to announce that it has today completed a
Placing of 8,093,337 Ordinary Shares at 15p per share to raise �1,214,000
(before expenses) through the Company's broker Seymour Pierce Limited.
In addition the Board has decided to convert �126,000 of existing loans in the
Company into 840,000 new Ordinary Shares and a further 145,000 new Ordinary
Shares will be issued in relation to the acquisitions of J Christopher
Entertainment and Malcolm, announced on 20 September. Included in the existing
loans is �75,000 in respect of loans made by James Driscoll whose beneficial
interest is now 2,441,150 shares representing 12.96% of the enlarged issued
share capital.
Application has therefore been made for a total of 9,078,337 new Ordinary
Shares to be admitted to trading on AIM and dealings are expected to commence
on 12 November 2004.
James Driscoll M.B.E, Chairman, commented,
"I am delighted with the level of enthusiasm and appetite that we have seen for
this Placing, which reinforces the confidence that I, and our investors, have
in the future of the Company. The funds provided enable us to move the business
forward and capitalise on the many opportunities that the group is presented
with."
Trading Update
The Company is pleased to report considerable developments during the second
half of 2004 which has seen Galleon's intellectual property portfolio continue
to increase.
J Christopher Entertainment (JCE)
The acquisition in June of JCE, the animation facility based in California, has
been the main contributor to recent developments. Our team in Hollywood has
worked with great enthusiasm and delivered animation of the highest quality. As
a result we have now completed one eleven minute episode of Oggies, a two
minute fully animated trailer for Professor Winklebottom's Universe (PWU) and a
two minute trailer in flash animation for Malcolm. We have recently returned
from Mipcom, the television festival in Cannes where these properties were
shown to the market for the first time. All three were received very positively
and we are presently following up interest expressed from TV distributors and
broadcasters in a number of international territories. These include the USA,
UK, France, Italy, Spain, Germany, Canada, Netherlands and Russia. We have also
received co-production enquires for all three projects from two companies in
North America who are currently airing shows on the networks.
Over and above our own properties, our studio is also preparing budgets for
development and production of animation projects for third parties. In October
we completed the editing of a 26 half hour networked animation series in North
America on behalf of Bardel Entertainment in Canada. Three home video and DVD
releases for their award winning Silverwing cartoon series are now available
for worldwide distribution.
Peppers Patrol
Peppers Patrol, the pre-school animation series is now in development. Our
Joint Venture partners, Alibi Communications plc, have selected Siriol
Animation, Cardiff, producers of the new Fireman Sam series for the BBC as the
studio to undertake the work. They are currently in the process of modelling
some of the characters.
Oggies
Jason Blewitt was appointed to the group in September 2004 as Marketing and
Promotions Executive for our property, Oggies, an animation largely focussed
around action sports which includes surfing, snowboarding, skateboarding and
mountain biking. Jason is a former Australian National Long Board Surfing
Champion three years consecutively and previously operations manager at Surfing
Australia, he is well known to surfing, skateboarding and snowboarding
associations across the world and is currently negotiating promotional and
licensing opportunities. Contracts have been signed with the British Surfing
Association and Surfing Australia who will be launching Oggies surf academies
in 2005 to teach children to surf safely.
The safer surfing on the Internet initiative with Fistral Freddie, a character
from Oggies, was launched in October 2003 by the Metropolitan Police in
conjunction with Crimestoppers and is planned to be rolled out to schools
nationally during 2005. This project is designed to warn children about the
potential dangers of the Internet and in particular chat rooms. Our association
with The Met and Crimestoppers once again demonstrates the strength of our
portfolio of characters.
Croco Worldwide Sourcing
Croco Worldwide Sourcing has also made progress since acquisition in May 2004,
we have signed exclusive licences for global distribution of two premiums, on
and in pack toy related products, these have recently been accepted and
approved by a blue chip client who is considering using them for promotions
during 2005. Croco also own promotional rights in PWU, which JCE has now
developed into an animation concept for the world market.
We have spent the past six months putting the cornerstones of the business in
place which has meant us reviewing our strategic objectives. We remain
committed to building a valuable IPR portfolio and with the addition of JCE and
Croco it gives us the opportunity to retain more rights ownership. We have also
identified new income streams that we are now in a position to exploit which
were not available to us previously.
------------------------------------------------------------------------------------------------------------
Further Information
Galleon Holdings plc Tel: 07785 977969
Jim Driscoll
Seymour Pierce Limited Tel: 020 7107 8000
Sarah Wharry / Dru Edmonstone
Hansard Communications Tel: 020 7245 1100
Adam Reynolds / Ben Simons
END
Galleon (LSE:GON)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
Galleon (LSE:GON)
Historical Stock Chart
Von Jul 2023 bis Jul 2024
