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Cinema City International NV announces proposed combination of Cineworld Group plc with its cinema operations

Friday, 10 Jan 2014 02:07am EST 

Cinema City International NV (Cinema City):Says on Jan. 10 it entered into a combination agreement with Cineworld Group plc (Cineworld) to transfer the entire issued share capital of the Cinema City's wholly-owned subsidiary, Cinema City Holding B.V. to Cineworld.Says the deal is based on an enterprise value (on a debt free/ ash free basis) of approximately 503 pounds million payable in shares and cash.Says Chief Executive Officer of Cinema City, Moshe (Mooky) Greidinger, and Chief Financial Officer of Cinema City, Israel Greidinger, will join the board of directors of Cineworld as Chief Executive Officer and Chief Operating Officer respectively.Says it is intended that on Completion, Moshe Greidinger and Israel Greidinger will step down as managing directors of Cinema City and will instead become non-executive directors of Cinema City.Says the Combination will be funded by Cineworld through a fully underwritten rights issue of Cineworld (the Rights Issue), new debt facilities and new Cineworld shares issued as consideration to Cinema City, representing 24.9 percent of Cineworld at Completion.Says an extraordinary general meeting of Cinema City to approve the Combination is expected to be held at the end of Feb. and the Combination is expected to complete in Mar. 

Company Quote

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11:35am EDT