Since September 2009 Network 18 Holdings Limited and its associates own in aggregate 80.4% of the existing issued ordinary share capital of the Company. Half yearly results to end September weren’t great and it’s extremely hard to see what value is in this stock for minority shareholders
BACKGROUND
The Indian Film Company Limited was admitted to trading on the AIM market in June 2007 having raised £55 million at 100p per share in order to invest in a diverse portfolio of Indian films targeted at the Indian audiences across varying genre, language and budgets. The Company is managed by Film Investment Managers (Mauritius) Ltd., which is jointly and equally owned by Viacom Inc. and BK Media Mauritius PVT. BK Media Mauritius PVT is owned by Raghav Bahl, the founder and controlling shareholder of Network 18.S
SHAREHOLDING
Since September 2009 Network 18 Holdings Limited and its associates own in aggregate 80.4% of the existing issued ordinary share capital of the Company. They have retained the AIM quotation and expect to continue to invest in a diverse portfolio of Indian films though co-production and acquisition of high quality content in order to maximise return for shareholders. However should any aspect of the proposed strategy change, the Company will make an update to its shareholders and the market accordingly.
RECENT NEWSFLOW
20th January 2010 - Network 18 Quarterly Results: Network 18 Media and Investments Limited (“Network 18”), the parent company of IFC, released quarterly results on 20th January. Financial information presented in Network 18’s quarterly results includes information based upon IFC’s management accounts which have been prepared on the basis of Indian GAAP. The revenue figure being reported for IFC for the period from 1st October 2009 to 31st December 2009 in Network 18’s quarterly results is £4.16m.
The films slated for release, in the fourth quarter of the current financial year are “Striker”, “Road Movie”, “Kaun Bola” and “Banda yeh Bindaas hai”. The Company signed up deals worth INR 240 million for satellite syndication of films in its library. The Company’s productions and co-production projects are at various stages of completion and are progressing as scheduled.
8th Dec 2009 - Unaudited half-yearly results for the six months ended 30 September 2009. Key points were that IFC consolidated into the Network 18 Group to leverage upon its industry leading position and access…
