ERT Enter Rights.

 

TIDMERT 
 
RNS Number : 9157P 
Entertainment Rights PLC 
01 April 2009 
 
Entertainment Rights PLC (In Administration) 
For immediate release: 1 April 2009 
 
Entertainment Rights plc (In Administration) 
('Entertainment Rights or the Company') 
Appointment of Administrators, sale of UK and US subsidiaries, suspension of 
shares and cancellation of listing 
The Board of Entertainment Rights has explored a broad range of strategic 
options over the past six months including the possibility of restructuring or 
refinancing the Company's debt, raising new equity and a sale of all or parts of 
the business of the Entertainment Rights group of companies (the "Group"). 
Despite the financial support of the Group's lender through this period, the 
Group has been unable to achieve a solvent restructuring of the Company. 
Accordingly, the directors of the Company have appointed today as Joint 
Administrators, pursuant to paragraph 22 of Schedule B1 to the Insolvency Act 
1986, Nicholas Guy Edwards and Carlton Malcolm Siddle of Deloitte LLP (the 
"Joint Administrators") with immediate effect. 
Entertainment Rights' principal UK and US trading subsidiaries are not in 
administration and continue to trade as normal.  Immediately following the 
appointment of the Joint Administrators, the Company (acting by its Joint 
Administrators) sold the shares in the principal UK and US trading 
subsidiaries to Boomerang Media, a company backed by the Chicago based private 
equity group GTCR and managed by Eric Ellenbogen and John Engelman for a 
consideration which, as indicated in the announcement dated 26 February 2009, 
will not result in any return to shareholders. 
The sale secures the ongoing activities of the group's trading subsidiaries, 
allowing the former businesses of Entertainment Rights to survive under new 
ownership. The new owners have indicated their intention to invest in the 
business to further develop its strong portfolio of intellectual property. 
Application will be made today by the Joint Administrators, on behalf of the 
Company, to the UKLA and the London Stock Exchange to suspend the shares and 
cancel the listing of Entertainment Rights plc's shares on the London Stock 
Exchange. It is anticipated that the cancellation of the listing will take 
effect tomorrow. 
ENQUIRIES: 
Entertainment Rights plc (in Administration), 
Jo Ouvry: 020 7303 4820, or 
Vimala Camadoo: 020 7007 5098 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 SRSILFVISRILIIA 
 

Entertainment Rights (LSE:ERT)
Historical Stock Chart
From Oct 2024 to Nov 2024

Entertainment Rights (LSE:ERT)
Historical Stock Chart
From Nov 2023 to Nov 2024