Senator Entertainment Set to Raise up to $12 Million With New Share Issue

5:18 AM PDT 6/1/2012 by Scott Roxborough

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The German producer/distributor plans to issue nearly 10 million new shares to finance film acquisitions.

COLOGNE, Germany - German producer/distributor Senator Entertainment has unveiled details of its new share issue, which will see the company float up to 9.98 million new shares, which, at current market value, would bring in around $12 million (€10.2 million).

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The move, which will increase Senator's equity capital base by 50 percent, is intended to provide the cash to finance the ambitious expansion plans of Senator CEO Helge Sasse, including Senator's new output deal with Ryan Kavanaugh's Relativity Media. Senator has also announced several high-profile productions, including the Anton Corbijn-helmed spy thriller A Most Wanted Man featuring Philip Seymour Hoffman, which the company will co-produce.

Berlin-based Senator, which was close to collapse last year, now has a full war chest thanks to the phenomenal success of French comedy Intouchables, which Senator released in Germany and which has grossed an astounding $75 million at the box office here.