E1 Share Placement Heavily Oversubscribed
Entertainment One successfully raises $25 million for possible acquisitions.
TORONTO – Entertainment One said a share issue was heavily oversubscribed and expects to raise around £16 million ($25 million).
The Toronto-based producer said Cenkos Securities issued 10 million new shares at 160 pence ($2.50) each to institutional investors, above share placement projections first unveiled on Feb. 25. The U.K.-listed producer said it will use the proceeds from the share placement to pay for potential acquisitions.
The Canadian company in 2007 and 2008 went on a buying spree to diversify into filmed entertainment, and has spent the last three years digesting acquisitions like U.K. distributor Contender Entertainment, Canadian distributor Seville Pictures and Oasis International, and Los Angeles-based Blueprint Entertainment.