Fashion On Screen: MergerMarket On-Line News Article
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Fashion on Screen to raise GBP 3.7m, apply to list on NASDAQ unit by mid- November - MD Proprietary Intelligence
UK film production company Fashion on Screen has launched a private placement to raise GBP 3.7m, ahead of applying to list on the NASDAQ First North market, Managing Director Nevern Johns said.
The private placing is targeting high net- worth individuals, and Fashion on Screen is in talks with several potential investors, Johns said. The company will place some 6.8m shares priced at 55 pence, and the process should finish by mid-October, he said.
Fashion on Screen's advisors Crowe Clarke Whitehill, Clay & Associates and Child & Child are handling the private placing, and will be joined by Vienna-based IPO specialist Keswick Global for the NASDAQ First North application. Johns predicted the company will be listed between early and mid- November.
The funds raised by the private placement will qualify for the UK Government's Enterprise Investment Scheme (EIS), he said. The EIS helps smaller, higher-risk trading companies to raise finance by offering a range of tax reliefs to investors who buy new shares in those businesses.
Fashion on Screen raised more than GBP 1m in July to begin production of its first film, Will, which is at the casting stage, a company announcement notes. The private placement will be used for Will's production budget and to support Fashion on Screen's working capital requirements, Johns said. The company is also working on two more features, and actively looking at several other projects, he said.
Management is applying to list the company on NASDAQ to provide transparency to potential investors with reservations about the finances at film production companies, as well as to access an alternative source of funding, Johns said.
Johns did not disclose Fashion on Screen's turnover.
The UK is the world's third largest film market, generating annual revenue of GBP 4.1bn. Cinema remains the main revenue generator, providing more than GBP 1.2bn, a company announcement notes.
NASDAQ First North is the European growth market of the US-based stock exchange, and is designed for small and growing companies and runs parallel to the main market.
by Lloyd Vassell
Source Proprietary Intelligence
Value GBP 4m (Private placing amount)
Stake Value NIA
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