Leading cinema chain AMC is raising $230.5 million to purchase additional cinema leases and grow the consumer appeal of its existing properties.
AMC Entertainment Holdings, Inc. revealed on Tuesday that it is raising the funds through the sale of equity to Mudrick Capital Management, L.P. in exchange for 8.5 million shares of AMC’s Class A Common stock. The equity was raised at a price of approximately $27.12 per share. The cinema giant will also continue exploring deleveraging opportunities with the cash in hand.
AMC CEO and president Adam Aron has also said the exhibitor is eyeing theaters previously operated by Arclight Cinemas and Pacific Theatres.
“Given our scale, experience and commitment to innovation and excellence, AMC is being presented with highly attractive theater acquisition opportunities,” said Aron. “We are in discussions, for example, with multiple landlords of superb theaters formerly operated by Arclight Cinemas and Pacific Theatres. With this agreement with Mudrick Capital, we have raised funds that will allow us to be aggressive in going after the most valuable theater assets, as well as to make other strategic investments in our business and to pursue deleveraging opportunities.”
In April, the closure announcement of Arclight Cinemas and Pacific Theatres sent shockwaves across Hollywood. The closure meant that some of the most prominent and popular movie theaters in the heart of the film industry would be shuttered, including the iconic Cinerama Dome, which has hosted movie premieres and had cameos in everything from “Melrose Place” to “Once Upon a Time in Hollywood.”
“Given that AMC is raising hundreds of millions of dollars, this is an extremely positive result for our shareholders,” Aron added. “It was achieved through the issuance of only 8.5 million shares, representing less than 1.7 percent of our issued share capital and only a small portion of our typical daily trading volume. This transaction underscores the real value of having some authorized share capital available for us to opportunistically capitalize on shareholder value creation possibilities as and when they arise.”
“With our increased liquidity, an increasingly vaccinated population and the imminent release of blockbuster new movie titles, it is time for AMC to go on the offense again,” the executive concluded.
AMC is the world’s largest movie exhibition company with approximately 10,500 screens across the globe. China’s Wanda used to have a controlling stake in the business but recently divested its entire stake for $426 million.
Stanbic IBTC Holdings to Release Audited 2021 Half Results in August 2021
Stanbic IBTC Holdings Plc, one of the leading banks in Nigeria, on Wednesday announced its Board of Directors has decided to audit the Half Year Financial Results of the bank.
The bank announced in a statement signed by Chidi Okezie, Company Secretary.
According to the bank, the Audited Results for the Half Year Ended 30 June 2021 will be released not later than 29, August 2021 after the Central Bank of Nigeria has approved it.
The statement reads, “Having duly notified NGX RegCo of this development, the Management of Stanbic IBTC wishes to notify the investing public that the Company will aim to publish its 2021 Audited Half Year Results on or before 29 August 2021 in accordance with the extant Rules of NGX Regulation Limited as cited above.
“Thank you for your understanding. For any enquiry, please contact Chidi Okezie, Group Company Secretary – Email: email@example.com or Idris Toriola, Head Investor Relations – Email: firstname.lastname@example.org; Tel +234 422 8501”
Equities Market Closes in Red on Monday
The Nigerian Exchange Limited extended its bearish trend on Monday as several unclear economic policies continue to dictate market sentiment.
Investors traded 209,212,596 shares estimated at N1.763 billion during the trading hours of Monday.
Market value of listed equities dipped to N20.089 trillion on Monday, while the Nigerian Exchange Limited All-Share Index lost 0.27 percent 38545.30 index points.
Meyer Plc led gainers with 8.77 percent to close at N0.57 a share. This was followed by Champion Brew. Plc with 6.06 percent. See the details below.
|MEYER||N 0.57||N 0.62||0.05||8.77 %|
|CHAMPION||N 1.98||N 2.10||0.12||6.06 %|
|JBERGER||N 19.10||N 20.00||0.90||4.71 %|
|REGALINS||N 0.50||N 0.52||0.02||4.00 %|
|IKEJAHOTEL||N 0.94||N 0.97||0.03||3.19 %|
|FIDSON||N 5.10||N 4.60||-0.50||-9.80 %|
|LASACO||N 1.50||N 1.36||-0.14||-9.33 %|
|FTNCOCOA||N 0.33||N 0.30||-0.03||-9.09 %|
|MBENEFIT||N 0.45||N 0.41||-0.04||-8.89 %|
|CORNERST||N 0.58||N 0.55||-0.03||-5.17 %|
FG To Auction Three Bonds Worth 50B Each This Week
The Debt Management Office has said that the Nigerian government will offer N150 billion bonds for subscription in June.
The bonds comprised three bonds worth N50bn each, a circular said Friday.
The DMO said the bonds will be auctioned on June 23 and all three have the same date for settlement.
The bonds are a 10-year re-opening bond to be offered at the rate of 16.2884 percent and to mature in March 2027; a 15- year re-opening bond to be offered at 12.5 percent with the maturity date of March 2035; and a 30-year re-opening bond to be offered at 12.98 percent and mature in March 2050.
FGN Bonds are “backed by the full faith and credit of the Federal Government of Nigeria”, the DMO said, adding that they are equally charged upon the general assets of Nigeria.
The debt office explained further that FGN bonds qualified as liquid assets for liquidity ratio calculation for banks.
For re-openings of previously issued bonds where the coupon is already set, the circular said successful bidders would pay a price corresponding to the yield to maturity bid that cleared the volume being auctioned, plus any accrued interests on the instrument.
Last month, the DMO offered similar bonds of N150bn bonds for a subscription which comprised three bonds worth N50bn each.
Nokia Launches Next-generation AirScale 5G Portfolio Powered by ReefShark Technology
African Private Equity, Venture Capital Association (AVCA) and APO Group to Drive Trade and Investments Across Africa
NCDMB and NEXIM Sign $30 Million Agreement to Support Oil and Gas Services Firms
Cryptocurrency4 weeks ago
Can cryptocurrency survive regulators? Here’s what Ripple CEO says about XRP’s future
Sport Business1 week ago
Cristiano Ronaldo Snubs Coca-Cola Drink in Euro 2020 Press Conference, Wipes $4B Off Market Value
Cryptocurrency4 weeks ago
BankDhofar Launches Mobile Banking Payments from Oman to India with RippleNet
Government3 weeks ago
Buhari Talks Tough; Threatens IPOB, Others
Cryptocurrency2 weeks ago
Wei Zhou, Binance’s Chief Financial Officer Resigns
Cryptocurrency4 weeks ago
US SEC To Work With Congress To Regulate Crypto Exchanges
Education3 weeks ago
Senate Passes Bill To End HND/BSc Discrimination
Fintech4 weeks ago
kuda Bank USSD Code for Money Transfer, Bill Payment, Deposit