Imagi Announces USD $10 Million (HKD $78 Million) Equity PlacementSep 4th 2008
Hong Kong (September 4, 2008) – IMAGI International Holdings, Limited (HKSE Stock Code: 0585) today announced agreement on terms for the placement of approximately USD $10 million in new shares to a wholly-owned subsidiary of Shui On Holdings Limited.
Under the terms of the transaction, approximately 90,600,000 new shares will be acquired, priced at HKD $0.86 per share. The subscription shares will represent an approximate 7.56% ownership stake in Imagi International Holdings Limited as enlarged by the placing shares.
The investment is expected to be completed later this month, once regulatory procedures have been completed.
“This investment is indicative of investor confidence in IMAGI's strategy and growth potential,” said Douglas Glen, CEO of IMAGI. “As one of only two pure play computer graphics (“CG”) feature film animation studios in the world, we are extremely well positioned to continue delivering top quality CG and remain at the forefront of innovative animated feature films.”
The proceeds of the transaction will be used in the production of computer graphics animated feature films, including IMAGI's 2009 release Astro Boy.
Earlier this year, IMAGI 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), written by Timothy Harris (Space Jam, Twins, Trading Places, Kindergarten Cop), and produced by Maryann Garger (Flushed Away). Voice talent includes Nicolas Cage, Donald Sutherland, Bill Nighy, Nathan Lane, Eugene Levy and Freddie Highmore,
Imagi International Holdings Limited (“IMAGI”) is listed on the main board of the Hong Kong Stock Exchange (Stock Code: 0585). 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.