RNS Number:7692E
Europe Vision PLC
28 September 2007
Europe Vision plc
(The 'Company')
Interim results for the six months ended 30 June 2007
Chairman's statement to shareholders
This is been a challenging period for the Company.
Your Board of Directors has, with shareholder support, taken steps to deal with
the problems evidenced in the published calendar year end audit. Those accounts
were published late. The Company does not intend this to be repeated.
A 'fresh' start has been made by the appointment, at the Annual General Meeting
of shareholders, of Tenon Audit Ltd as new auditors to the Company.
Those accounts also contained a qualification as to limitation of scope which
was outside of the control of your Directors because it was caused by the
refusal of a third party (Tritel Management Group Inc 'TMG') to provide
information.
In order that such a qualification in the next annual audited accounts be
avoided, the Company, in consultation with it's new auditor, has taken steps
with TMG whereby TMG has agreed to allow access in future to the Company's
auditor in respect of the financing of the Morocco Film City project.
Your Directors are therefore confident that these historic audit problems (of
timing and scope) will not arise again.
On the business side the Company's involvement with the development in Morocco
Film City and the films being produced under that banner continues as planned.
'Deadline Beirut' and 'Baby' have completed their editing process, 'Kato' is in
edit, 'The Message' is in early pre-production and 'Sebastian's Love' is in
development. We expect to be able to announce involvement with other films
before the end of this calendar year. On the distribution side the Company
remains on track to release 'El Benny' (nominated for an Oscar in the best
foreign film category) this autumn.
In addition, the Company has earned revenues from the development of its
management and consulting services in the audio visual field. There have been
exciting developments in the transposing of the Morocco Film City blueprint to
other international sites which the Company expects to manage. In Vietnam the
Company has signed a consultancy agreement with a developer who is building
shopping malls with Vietnam's first cinema complexes as an integral part.
Advanced discussions are under way with the municipal government to joint
venture with them a leisure and media complex to be built in Shanghai.
All of this bodes well for the Company's long term future. Indeed we are pleased
to be able to announce in these interim numbers a small operating profit. We
intend that this positive trend will continue and grow.
However, your Board has been disappointed in the short term, by the lack of
benefits derived from its present listing on the AIM market.
In it's admission document the Company made no secret of it's intent to use it's
status as a publicly traded Company to attempt to acquire distribution vehicles
for it's product by the issue of shares as well as from cash resources.
Unfortunately, there has been very little liquidity in your Company's shares,
and such trading as has occurred, has seemingly been outside the market in
matched buyers and sellers, thereby avoiding the spread imposed by the market
makers.
The Company's appointed Nomad is KBC Peel Hunt who is also one of the market
makers in the Company's shares. The AIM listing is the subject matter of
continuing discussions between KBC Peel Hunt and ourselves.
The shareholders will remember that the Company announced that it was seeking
expert advice on matters relating to its corporate nationality and residency
since its businesses and its management control are all outside of the United
Kingdom.
Accordingly, having taken into account the AIM market situation, the Nomad
discussions and the corporate residency needs, your Board has decided that it
may be in the best interests of the Company (subject to shareholder consent
pursuant to AIM Rule 41 ) to de-list from the AIM market and to make application
to re-structure through a new corporate entity to be listed either on the Plus
market or on the Frankfurt Stock Exchange.
Discussions are underway with potential sponsoring institutions whereby a new
entity (whose shareholders would be your Company's existing shareholders and
whose business would be the present business of your Company) will undertake the
process of listing and reverse take over.
As these matters develop the Company will keep you fully informed by
announcements.
In the meanwhile, I ask that these structural and administrative matters do not
take away the focus from the positive results evidenced in these interim
accounts and that our business operations are on time and on budget.
David Lowe
Chairman
Enquiries:
Europe Vision plc
David Lowe, Chairman
Bell Pottinger Corporate and Financial
Olly Scott 078 1234 5205
KBC Peel Hunt Ltd
Capel Irwin 020 7418 8897
Richard Newman 012 1698 2151
INDEPENDENT REVIEW REPORT TO EUROPE VISION PLC
Introduction
We have been instructed by the Company to review the financial information in
the interim report for the six months ended 30 June 2007 which comprises The
Condensed Consolidated Income Statement, The Condensed Consolidated Balance
Sheet, The Condensed Consolidated Statement of Changes in Equity, The Condensed
Consolidated Cash Flow Statement and the related explanatory notes. We have read
the other information contained in the interim report and considered whether it
contains any apparent misstatements or material inconsistencies with the
financial information
This report is made solely to the Company in accordance with the terms of our
engagement. Our review has been undertaken so that we might state to the company
those matters we are required to state to it in this report and for no other
purpose. To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the company for our review work, for this
report, or for the conclusions we have reached.
Directors' responsibilities
The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by, the directors. The directors
are responsible for preparing the interim report in accordance with the AIM
Rules which require that the interim report must be presented and prepared in a
form consistent with that which will be adopted in the Company's annual
accounts.
As disclosed in note 1, the annual financial statements of the group are
prepared in accordance with International Financial Reporting Standards as
adopted by the European Union. The condensed set of financial statements
included in this interim report has been prepared in accordance with
International Accounting Standard 34 "Interim Financial Reporting" as adopted by
the European Union.
Our responsibility
Our responsibility is to express to the Company a conclusion on the condensed
set of financial statements in the half yearly financial report based on our
review.
Scope of review
We conducted our review in accordance with International Standard on Review
Engagements 2410, "Review of Interim Financial Information Performed by the
Independent Auditor of the Entity". A review of interim financial information
consists of making enquiries, primarily of persons responsible for financial and
accounting matters, and applying analytical and other review procedures. A
review is substantially less in scope than an audit conducted in accordance with
International Standards on Auditing (UK and Ireland) and consequently does not
enable us to obtain assurance that we would become aware of all significant
matters that might be identified in an audit. Accordingly, we do not express an
audit opinion on the financial information.
Basis for qualified conclusion
Included in the group balance sheet is an investment in TMG Inc at a book value
of #86,000,000. Group management has informed us during discussions held with
them as part of our review work that they have been unable to obtain from the
directors of TMG Inc audited accounts or all the other information they
considered necessary to fully assess whether there has been impairment in the
carrying value of that investment. We have been informed by the directors that
this information will be available for year end audit purposes.
Qualified conclusion
Except for the adjustments to the interim financial information that we might
have become aware of had it not been for the situation described above, based on
our review nothing has come to our attention that causes us to believe that the
accompanying financial information in the interim report for the six months
ended 30 June 2007 is not prepared, in all material respects, in accordance with
International Accounting Standard 34 as adopted by the European Union.
Tenon Audit Limited
Chartered Accountants
1 Bede Island Road
Bede Island Business Park
28 September 2007
Condensed Consolidated Income Statement for the six months ended 30 June 2007
Notes Unaudited Pro-form, Audited
unaudited
6 months to 6 months to 12 months to
30 June 2007 30 June 2006 31 Dec 2006
#000 #000 #000
Revenue 2,064 - 14
Cost of sales - - (31)
--------- --------- ---------
Gross profit/(loss) 2,064 - (17)
Administrative
expenses (767) (277) (1,967)
Goodwill written
off - - (778)
Impairment in value
of prepayments - - (11,076)
Share based payment - - (8,694)
--------- --------- ---------
Operating
profit/(loss) 1,297 (277) (22,532)
Financial income - - 41
Financial expenses (909) (429) (1,346)
Foreign exchange
loss - (337) -
--------- --------- ---------
Profit/(loss) on
ordinary activities
before taxation 388 (1,043) (23,837)
Taxation - - -
--------- --------- ---------
Profit/(loss) on
ordinary activities
after taxation for
the financial
period 388 (1,043) (23,837)
========= ========= =========
Attributable to:
Equity shareholders
of parent company 388 (1,042) (23,836)
Minority interest - (1) (1)
--------- --------- ---------
388 (1,043) (23,837)
========= ========= =========
Basic earnings/
(loss) per ordinary
share 3 0.003p (0.008)p (17.5)p
========= ========= =========
Fully diluted
earnings/(loss) per
ordinary share 3 0.002p (0.008)p (17.5)p
========= ========= =========
Notes Unaudited at Pro-forma, Audited
unaudited at
30 June 2007 30 June 2006 at 31 Dec 2006
#000 #000 #000
ASSETS
Property, plant and
equipment 5 - 3
Investments 1 86,000 110,645 86,000
Prepayments 5,169 - 5,169
---------- ---------- ----------
Total non-current
assets 91,174 110,645 91,172
========== ========== ==========
Prepayments and
accrued income 4,698 18,659 2,520
Other short term
receivables - 106 -
Cash and cash
equivalents 1,803 2,832 189
---------- ---------- ----------
Total current
assets 6,501 21,597 2,709
========== ========== ==========
---------- ---------- ----------
TOTAL ASSETS 97,675 132,242 93,881
========== ========== ==========
LIABILITIES
Interest bearing
loans and
borrowings 5 28,847 30,897 27,818
Trade and other
payables 2,151 756 990
Income tax payable - - 9
---------- ---------- ----------
Total current
liabilities 30,998 31,653 28,817
========== ========== ==========
---------- ---------- ----------
TOTAL LIABILITIES 30,998 31,653 28,817
========== ========== ==========
---------- ---------- ----------
NET ASSETS 66,677 100,589 65,064
========== ========== ==========
EQUITY
Share Capital 13,909 13,654 13,809
Share Premium 3,100 - 2,200
Merger reserve 85,826 85,826 85,826
Reverse acquisition
reserve 410 2,055 410
Capital redemption
reserve 46 - 46
Accumulated losses (38,579) (1,039) (39,077)
Foreign exchange
translation reserve 1,965 (18) 1,740
---------- ---------- ----------
Total equity
attributable to
equity holders of
parent 66,677 100,478 64,954
Minority interest - 111 110
---------- ---------- ----------
TOTAL SHAREHOLDERS'
EQUITY 66,677 100,589 65,064
========== ========== ==========
Condensed Consolidated Balance Sheet at 30 June 2007
Consolidated Statement of Changes in Equity for the six months ending 30 June
2007
Retained
Reverse Capital earnings/ Foreign Total before
Share Share Merger acquisition redemption (Accumulated exchange minority Minority
Capital Premium reserve reserve reserve losses) reserve interest interest Total
#000 #000 #000 #000 #000 #000 #000 #000 #000 #000
At 1
January
2006 99,441 - - - - 2 - 99,443 - 99,443
Reverse
acquisition
(see note
1) (85,841) - 86,380 410 - - - 949 111 1,060
Issue of
new 255 2,200 - - - - - 2,455 - 2,455
shares
Redemption
of
shares (46) - - - 46 - - - - -
Write off
of
acquisition
costs - - (554) - - - - (554) - (554)
Result for
the
year - - - - - (23,836) - (23,836) (1) (23,837)
Fair value
adjustment
to
investments
(see note
1) - - - - - (23,937) - (23,937) - (23,937)
Share based
payments - - - - - 8,694 - 8,694 - 8,694
Foreign
exchange
movements - - - - - - 1,740 1,740 - 1,740
-------- --------- --------- --------- ------- ---------- ------ -------- ------ ------
At 31
December
2006 13,809 2,200 85,826 410 46 (39,077) 1,740 64,954 110 65,064
-------- --------- --------- --------- ------- ---------- ------ -------- ------ ------
At 1
January
2007 13,809 2,200 85,826 410 46 (39,077) 1,740 64,954 110 65,064
Issue of
new
shares 100 900 - - - - - 1000 - 1000
Result for
the
period - - - - - 388 - 388 - 388
Minority
interest
acquired - - - - - 110 - 110 (110) -
Share based - - - - - - - - - -
payments
Foreign
exchange
movements - - - - - - 225 225 - 225
-------- --------- --------- --------- ------- ---------- ------ -------- ------ ------
At 30 June
2007 13,909 3,100 85,826 410 46 (38,579) 1,965 66,677 - 66,677
======== ========= ========= ========= ======= ========== ====== ======== ====== ======
Consolidated Cash Flow Statement for the six months ended 30 June 2007
Unaudited Pro-forma, Audited
unaudited
6 months ended 6 months ended 12 months ended
30 June 2007 30 June 2006 31 Dec 2006
#000 #000 #000
Profit/(loss)
for the period 388 (1,043) (23,837)
Depreciation - - 1
Goodwill
impairment - - 778
Impairment of
prepayments - - 11,076
Foreign
exchange
losses/(gains) - (17) -
Financial
income - - (41)
Financial
expense 909 428 1,346
Share-based
payments - - 8,694
Income taxes
repaid - - 8
-------- ---------- --------
Cash flows
from
operations
before changes
in working
capital and
provisions 1,297 (632) (1,975)
(Increase)/dec
rease in trade
and other
receivables (2,178) 83 (402)
Increase/(decrease)
in trade
and other
payables 1,152 716 1,235
-------- ---------- --------
Net cash flows
from operating
activities 271 167 (1,142)
-------- ---------- --------
Cash flows from investing
activities
Interest
received - - 41
Purchase of
investment - (110,645) (109,937)
Acquisition of
property,
plant and
equipment (2) - (4)
-------- ---------- --------
Net cash flows
from investing
activities (2) (110,645) (109,900)
-------- ---------- --------
Cash flows from financing
activities
Proceeds from
the issue of
share capital 1,000 50 1,900
Expenses
relating to
share issue - (550) -
Repayment of
borrowings (1,604) - -
Interest paid - (428) (1,346)
New loans 1,724 30,897 27,745
-------- ---------- --------
Net cash flows
from financing
activities 1,120 29,969 28,299
-------- ---------- --------
Foreign
exchange
movements 225 2,149 1,740
-------- ---------- --------
Net
increase/(decr
ease) in cash
and cash
equivalents 1,614 (78,360) (81,003)
Cash and cash
equivalents at
beginning of
period 189 81,192 81,192
-------- ---------- --------
Cash and cash
equivalents at
end of period 1,803 2,832 189
======== ========== ========
Notes to the consolidated interim financial statements
1. Basis of preparation of accounts
The interim financial statements have been prepared on the basis of the
accounting policies set out in the audited accounts for the year ended 31
December 2006. Extracts of key accounting policies are detailed below.
The financial statements have been prepared under the historical cost
convention, in accordance with International Financial Reporting Standards
adopted by the EU (IFRS) and with those parts of the Companies Act applicable to
the Group.
The interim financial statements are unaudited but the period ended 30 June 2007
have been reviewed by the auditors and their report to the directors is set out
on page 2. The comparative figures for the period ended 30 June 2006 have not
been subject to such a review. The statements do not constitute statutory
accounts within the meaning of Section 240 of the Companies Act 1985. Full
accounts of Europe Vision Plc for the year ended 31 December 2006, which were
prepared in accordance with International Financial Reporting Standards (IFRS)
have been reported on by the company's auditors and delivered to the registrar
of companies. The report of the auditors contained both a qualified opinion and
an emphasis of matter paragraph, both of which related to the underlying value
of the groups investment in Tritel Management Group Inc.
The Interim Report for the period ended 30 June 2007 was approved for issue by
the Board on 28 September 2007.
Accounting policies
Basis of consolidation
The consolidated financial statements incorporate the financial statements of
the Company and its subsidiaries. The consolidated financial statements
incorporate the results of the business combination using reverse acquisition
accounting.
On 27 June 2006, the Company, Europe Vision plc, entered into the Share Exchange
Agreement pursuant to which it acquired 99.89% of the entire issued share
capital of Tritel Media. Due to the relative values of the companies, the
shareholders of Tritel Media become the majority shareholders of the Company's
share capital. Further, the Company's continuing operations and executive
management were those of Tritel Media. Accordingly, the substance of the
combination was that Tritel Media acquired Europe Vision in a reverse
acquisition. The directors have followed the required accounting treatment for
this transaction as prescribed by International Financial Reporting Standard 3
("Business Combinations").
Under this method, Tritel Media AB has been identified as the acquirer and
accordingly the consolidated entity is considered to be a continuation of Tritel
Media AB. For accounting purposes Europe Vision Plc is thus deemed to have been
acquired by Tritel Media AB. The difference between the amount recognised in
respect of issued equity instruments (being share capital, share premium and
merger reserve) of Europe Vision Plc at the date of acquisition, and the issued
equity instruments of Tritel Media AB at the same date, plus the cost of
acquisition has been shown as a reverse acquisition reserve. As a consequence of
applying reverse acquisition accounting, the results of the Group for the year
ended 31 December 2006 comprise the results of Tritel Media AB for its year plus
those of Europe Vision Plc from 27 June 2006 to 31 December 2006.
Foreign Currency Translation
The financial statements of the subsidiary are presented in the currency of the
country in which it operates (its functional currency). The functional currency
of Tritel Media is Swedish Krona (SEK). Transactions in currencies other than
SEK are recorded at the rates of exchange prevailing on the dates of the
transactions. At each balance sheet date, monetary assets and liabilities that
are denominated in foreign currencies are retranslated at the rates prevailing
on the balance sheet date. Non-monetary assets and liabilities carried at fair
value that are denominated in foreign currencies are translated at the rates
prevailing at the date when the fair value was determined. Gains and losses
arising on retranslation are included in the income statement for the period,
except for exchange differences on non-monetary assets and liabilities where the
changes in fair value are recognised directly in equity.
The presentation currency of the consolidated financial statements is Pound
Sterling (#). On consolidation, the results of Tritel Media are translated into
# at average exchange rates unless the exchange rates fluctuate significantly.
All assets and liabilities are translated at the rate ruling at the balance
sheet date. Exchange differences arising on translation are recognised directly
in the equity (Translation Reserve).
Investments
Through its subsidiary, Tritel Media AB, the Company owns 11% of the total share
capital of Tritel Management Group Inc ("TMG") which is developing Morocco Film
City in Marrakech, Morocco. The development includes film studios, hotel leisure
and residential facilities, and the Company will benefit from the exclusive
distribution rights of films produced at the facility. Considerable
infrastructure work is already underway, and it is expected that construction
will commence by September 2008.
This investment, being an equity investment in an unquoted company, is
classified as being "available for sale" and is stated at fair value, with any
resultant gain or loss recognised directly in equity.
There is no active market for this equity and the fair value of the investment
has therefore been determined by the directors using valuation techniques
commonly applied for equity investments where there is no active market. The
directors used independent experts to provide valuations of TMG and the Group's
equity investment to assist the directors to assess its fair value.
In arriving at the fair value at 31st December 2006, the directors reduced the
valuations provided by the experts to reflect their view on the uncertainties
inherent in a long term project such as Morocco Film City.
Prepayments
This relates to share based payments made by Tritel Media AB in respect of the
provision of film distribution rights, and the provision of marketing and
advertising services to the company. The utilisation of these payments is
dependent upon the Group successfully implementing its business strategy. The
directors concluded that based on current plans they are unlikely to be able to
utilise the prepaid film distribution rights. Accordingly, in preparing the
accounts to 31st December 2006, they made a full impairment provision of
#11,076,000 in respect of this prepayment.
Interest bearing borrowings
Interest bearing borrowings are recognised initially at fair value less
attributable transaction costs. Subsequent to initial recognition, interest
bearing borrowings are stated at amortised cost with any difference between cost
and redemption value being recognised in the income statement over the period of
the borrowings.
Revenue
Revenue for the sale of services is recognised in the income statement at fair
value of the consideration received.
Revenue is recognised to the extent that it is probable that future economic
benefits will flow to the Group and the Revenue can be reliably measured.
Warrants and Convertible Securities
The Company has issued an option to subscribe for ordinary shares at an exercise
price equal to 95% of the average closing mid-market price for the five business
days prior to the date of exercise. This option is exercisable for the period of
eighteen months from the date of Admission and so will expire on 2nd January
2008. The maximum consideration for shares so acquired will be #250,000.
Tritel Media AB issued an option to subscribe for up to one percent of the
issued share capital at an exercise price of SEK10. Under a novation agreement
dated 20th June 2006, Tritel Media AB transferred, and Europe Vision plc
accepted, all of the rights, liabilities, duties, and obligations of Tritel
Media AB under the original agreement. The option holders consented to the
novation. The option expires on 27th April 2008.
The Company has granted an option to acquire 30,000,000 ordinary shares at a
price of 127p. This agreement expires on 23rd November 2009.
The Company had granted an option over 238,095 shares. The exercise price was
105p and the expiry date of the option was 3rd July 2007. The option was not
exercised.
Share Capital
The company issued one million new ordinary shares in April 2007 and raised
#1,000,000. The difference between the nominal value of #100,000 and the total
consideration has been credited to the share premium account.
2. Segmental reporting
Management consultancy Media and Leisure Total
6 months 6 months Year 6 months 6 months Year 6 months 6 months Year
ended ended ended ended ended ended ended ended ended
30 June 30 June 31 Dec 30 June 30 June 31 Dec 30 June 30 June 31 Dec
2007 2006 2006 2007 2006 2006 2007 2006 2006
#000 #000 #000 #000 #000 #000 #000 #000 #000
Revenue -
sales to
external
customers 2,064 - 14 - - - 2,064 - 14
---------------------------- ------------------------ ------------------------------
Results
Segment results 1,774 - 14 (120) - (11,076) 1,654 - (11,062)
----------------------------- -------------------------- --------------------------------
Unallocated
expenses (357) (277) (1,998)
Other
unallocated
expenses:
- Goodwill impairment - - (778)
- Share based payment - - (8,694)
------------------------------
Profit/(loss)
before tax &
finance 1,297 (277) (22,532)
Finance
expenses (909) (429) (1,305)
Foreign
exchange loss - (337) -
-------------------------------
Net profit for
the year 388 (1,043) (23,837)
-------------------------------
Assets and
liabilities
Segment assets 2,064 - - 95,108 129,304 93,384 97,172 129,304 93,384
Unallocated
assets 503 2,938 497
--------------------------------
Total assets 97,675 132,242 93,881
---------------------------------
Segment
liabilities
Unallocated
liabilities 30,998 31,653 28,817
---------------------------------
Total
liabilities 30,998 31,653 28,817
----------------------------------
Other segment
information
Capital
expenditure:
Tangible fixed
assets 2 4
Depreciation 1
Goodwill
impairment
recognised in
income
statement 778
Prepayment
impairment
recognised in
income
statement 11,076 11,076
Impairment of
financial
asset
recognised in
equity 23,937 23,937
All management consultancy relates to geographical segments in Europe, and Media
and Leisure in North Africa. A separate geographical analysis has not therefore
been provided.
2. Earnings per share
The calculation of earnings per ordinary share for the six months ended 30 June
2007 was based upon the profit attributable to ordinary shareholders of #388,000
(30 June 2006: loss #1,043,000; 31 December 2006: loss #23,837,000) and the
weighted average number of shares in issue during the period of 138,421,330 (30
June 2006: 136,150,000; 31 December 2006 136,392,207).
Diluted earnings per share at 30 June 2007 has been calculated using the
weighted average number of shares in issue during the period as adjusted for the
dilutive effect of shares held under unexercised share options. The calculation
of diluted earnings per share assumes that all performance criteria are achieved
in full and all options exercised.
The potential increase in ordinary shares from the exercise of any of the
warrants or share options at 31 December 2006 would be anti-dilutive as the
Company reported a net loss for the year ended on that date. These potential
ordinary shares were therefore excluded from the calculation at that date and
the diluted loss per share figure reported is the same as the basic earnings per
share.
There were no warrants or share options in place at 30 June 2006 and the diluted
earnings per share is the same as the basic earnings per share.
3. Dividends
No dividends have been paid or proposed in any period.
4. Interest bearing loans
Aladdin Investment Services Limited, a related party, has made available to
Tritel Media AB an unsecured line of credit up to Eur 90million. Interest
accrues quarterly at the rate of LIBOR plus 2.5% on compound basis.
Unaudited Pro-form, Audited
unaudited
6 months to 6 months to 12 months to
30 June 2007 30 June 2006 31 Dec 2006
#000 #000 #000
Current liabilities
Unsecured loans 28,847 30,897 27,818
======== ========== ========
5. Related party transactions
Aladdin Investment Services Limited is considered to be a related company as it
is a beneficial shareholder in the Company holding 6% of the ordinary share
capital at 30 June 2007, increasing to 31.58% in July 2007, and is also owned by
Sovereign Trust (TCI Limited), which is considered to be the ultimate
controlling party.
As stated in note 5, there is an unsecured loan outstanding with this company.
During the period, interest of #909,000 has been accrued and is included in the
profit and loss account. This interest is outstanding and is included in the
loan balance in note 5. The maximum loan and interest outstanding is the opening
balance at 1 January 2007 of #27,818,000.
During the year the group made sales of #600,000 to Tritel Investments Inc which
is considered a related party as a beneficial shareholder, and is also owned by
Sovereign Trust (TCI) Limited. The whole amount is outstanding at the year end
and is included in prepayments and accrued income.
During the year the group made sales of #1,464,000 to Europeinvestment A/S,
which is considered a related party as a beneficial shareholder and is also
owned by Sovereign Trust (TCI) Limited. The whole amount is outstanding at 30
June 2007 and is included in prepayments and accrued income.
The Company has agreed with Europeinvestment A/S, a shareholder and related
party, to each invest EUR 2.5 million in a fund to invest in selected film
productions
This information is provided by RNS
The company news service from the London Stock Exchange
END
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