SINGAPORE – Spackman Entertainment Group Limited one of Korea’s leading entertainment production groups founded by investment veteran Mr. Charles Spackman announced that its Board has approved the spin-off of the Group’s 51%-owned subsidiary, Novus Mediacorp and the Group’s wholly-owned subsidiary, Frame Pictures Co., Ltd. for the combined entity to seek listing on the Catalist Board of the Singapore Exchange Securities Trading Limited (“SGX-ST”) (“Proposed Listing”).
The Company has appointed RHT Capital Pte. Ltd. (“RHT Capital”) as the financial adviser in relation to the Proposed Spin-off and the issue manager and full sponsor in relation to the Proposed Listing.
The Company believes that the Proposed Spin-off and Proposed Listing shall allow the combined entity of Novus Mediacorp and Frame Pictures to independently raise the capital necessary to unlock the full potential of its operations and projects, and to capitalize on the rapidly growing post-theatrical and camera equipment leasing markets.
Novus Mediacorp, a renowned post-theatrical distributor of films in Korea, and Frame Pictures, a leading Korean movie/drama equipment leasing player, are engaged in distinct and separate businesses from the Group’s core business of film production. These two companies were acquired after the Group’s IPO, and are managed separately and independently of the Group’s main operations.
RHT Capital will be making a submission to the Singapore Exchange Securities Trading Limited (“SGX-ST”) for the Proposed Spin-off in due course.
The Company would like to highlight that the Proposed Spin-off is in its preliminary stages and is dependent on, inter alia, the results of preparatory work to be undertaken, the requisite approvals from the relevant regulatory authorities, approval of the shareholders (if required) and the then-prevailing market conditions. Accordingly, there is no assurance that the Proposed Spin-Off and Proposed Listing will materialise.
Shareholders and potential investors are reminded to exercise caution when dealing in the securities of the Company and should consult their stockbrokers, bank managers, solicitors, accountants or other professional advisers if they are in doubt about the actions that they should take.