MediaPro/Metrodome
Metrodome-MediaPro: Trading Statement and Directors Dealings*
Trading Update
LONDON July 1, 2008 – Metrodome Group plc (AIM: MRM), the audiovisual entertainment company which focuses principally on the sale and distribution of films through cinema and home entertainment channels, stated in the Offer Document posted to shareholders on 19 May 2008, that sales for the first quarter were marginally ahead of management expectations.
The Board is pleased to report that this positive trend has continued and sales have exceeded management expectations for the remainder of the period. The Company is likely to show a trading profit (before the non-recurring costs relating to the recent offer) when it announces results for the six months to 30 June 2008. This will be the first time in several years that the Company has not registered a trading loss in the first half.
The Company has experienced an increase in sales during the first half as a result of continued investment, made throughout 2007, in high quality theatrical releases. The Company also benefitted from a better than expected result in its Home Entertainment division, a particularly pleasing performance given the challenging conditions experienced on the high street and in the general retail market.
Whilst the disruptions experienced during the recent offer process have limited the amount of investment made into new theatrical releases and could constrain growth in the short term, the Board remains cautiously optimistic for the second half. For the medium term, the Board views the future with renewed optimism and confidence, particularly following the arrival of MediaPro as a new major shareholder. This move has been particularly well received by the industry and by our staff.
As stated at the time of the offer, MediaPro plans to invest capital into the business, as well as significantly adding to operations in a number of different ways. With this in mind, the Board is currently reviewing its strategic plan to incorporate the benefits of this support, including the potential for acquisition opportunities.
Peter Urie, Metrodome's Chief Executive, commented: "Following the successful completion of the offer, the period of uncertainty for the Company is now over. We have a sound financial and operational base upon which to build and the management team, bolstered by the appointment of a new Chairman, is now solely focused on growing the business, both organically and by acquisition, for the benefit of all our stakeholders."
Holdings in Company and Directors' Dealings
As set out in the announcement of 9 June, the company can now confirm that MediaPro has acquired a further 14,032,004 ordinary shares (representing 11.6 per cent of the issued share capital of the Company) from TV Loonland AG, and has sold 12,071,791 ordinary shares (representing 10.0 per cent of the issued share capital of the Company) to the new Chairman, Mark Webster. In addition, on 30 June 2008, MediaPro sold 2,000,000 shares to Peter Urie and 1,000,000 shares to Steve Winetroube. All transactions were completed at 2.62 pence per share. Following these transactions the holdings of the directors of Metrodome and of its largest shareholder are now:
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| Notes: 1. Of Peter Urie's total holding, 2,631,579 are held directly and 2,000,000 shares are held by his pension; and 2. All of Steve Winetroube's shares are held by his pension. |
| Grant of Share Options |
| The Company has also granted options to Peter Urie and Steve Winetroube in the following amounts: |
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| These options are exercisable at 2.62 pence per share during the period from 1 July 2011 to 30 June 2015. The new total number of share options held by the directors is as follows: |
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* Compass Advisers acted as financial advisor to MediaPro for the public offer.