HONG KONG, July 8 /PRNewswire-FirstCall/ -- Imagi International Holdings,
Limited (HKSE Stock Code: 585) today announced agreement on terms for the
placement of USD $40 million in ordinary shares to Singapore-based Oxley
Spring Media Limited.
Under the terms of the transaction, Oxley Spring Media will acquire
approximately 362,791,000 shares priced at HKD $0.86 per share. On a fully
diluted basis, the shares will represent an approximate 18.1% ownership stake
in Imagi International Holdings Limited as enlarged by the placing shares. An
initial $20 million tranche is expected to close soon. The second $20 million
tranche is expected to close within the next month, following Imagi
shareholder ratification of the transaction.
This investment is representative of a strategy by Oxley Spring Media to
target Asia-based leisure, entertainment and media investment opportunities.
"Imagi is one of only a handful of global animation film studios, said Mark
Pawley, a Director of Oxley Spring Media. "Moreover, it is the only one which
is headquartered in Asia, with all the attendant cost and other benefits. We
look forward to further increasing our stake as the company requires
additional growth capital. We view Astro Boy as one of the most exciting mass
market movies in production today."
"Investors like Oxley Spring Media are enabling Imagi to build a library
of mass market superhero brands, anchored by top quality computer graphics
('CG') animated feature films," said Douglas Glen, Imagi CEO.
The proceeds of the transaction will be used in the production of computer
graphics animated feature films, including Imagi's 2009 release Astro Boy.
Imagi last month announced that it had entered into a global alliance with
Summit Entertainment whereby Summit will distribute Astro Boy worldwide except
for Imagi's reserved territories of Japan, Hong Kong and China.
Originally created by the "god of manga" Osamu Tezuka, Astro Boy has been
one of the world's most beloved superhero characters for over 50 years. The
original animated television series aired in the 1960s and was followed by
subsequent versions in the 1980s and again in 2003.
Imagi's feature film version of Astro Boy tells the story of a young robot
with incredible powers created by a brilliant scientist to replace the son he
has lost. Unable to fulfill the grieving father's expectations, our hero
embarks on a journey in search of acceptance, experiencing betrayal and a
netherworld of robot gladiators, before he returns to save Metro City and
reconcile with the man who had rejected him.
Astro Boy is directed by David Bowers (Flushed Away, Shark Tale, Wallace &
Gromit Curse of the Were-Rabbit), written by Timothy Harris (Space Jam, Twins,
Trading Places, Kindergarten Cop), and produced by Maryann Garger (Flushed
Away, Prince of Egypt, Spirit). Voice talent includes Freddie Highmore,
Nicolas Cage, Bill Nighy, Nathan Lane, and Eugene Levy.
About Imagi
Imagi International Holdings Limited ("Imagi") is listed on the main board
of the Hong Kong Stock Exchange. Imagi's principal business is the development
and production of computer graphics animated theatrical feature films. Imagi's
first theatrical movie TMNT was released in March 2007, opening number one in
U.S. box office revenue, only the third time in history that an Asian-made
film has achieved that honour. Imagi has development operations in Los
Angeles, California, and CG production studios at its Chai Wan (Hong Kong)
headquarters.
About Oxley
Oxley Group is a private investment house with a focus on real estate,
leisure, and entertainment investments. Oxley typically acts as principal to
secure transactions and co-invest in partnership with our shareholders and
select institutional clients. Oxley is overseen by a highly experienced Board
and management team who have worked in Asia over many years. Oxley's Real
Estate and Private Equity teams have completed investments in Singapore,
Malaysia, Vietnam, China, India and Australia.
SOURCE Imagi International Holdings
Cora Yim of Imagi Hong Kong, +852-3103-8901, corayim@imagi.com.hk, or Asia
Ireton of Imagi USA, +1-818-986-3988, asiaireton@imagius.com; or Richard
Barton, rbarton@gavinanderson.com.hk, or Susannah Beattie,
sbeattie@gavinanderson.com.hk, or Michel Chau, mchau@gavinanderson.com.hk, all
for Imagi International Holdings, +852 2523 7189
