News blog
Ludorum
- BY: Andrew Hore |
- POSTED: 11/10/2007 |
Animations developer Ludorum has raised £3.1m through a placing at 100p a share to help finance its first series.
The cash will be spent on developing its animated series, Chuggington, which is about three diesel engines. The series will be shown by the BBC. Other deals should follow. A major toy maker will provide 50% of the finance for the series in return for a global master toy licence and participation in the net profit of the series.
The series is being animated and edited in China by Shanghai Motion Magic Digital Entertainment Inc for £1.24m. |The total budget for the series is £3.15m, so Ludorum will finance £1.58m of that. It has already paid £250,000 to Shanghai Motion Magic.
Ludorum raised £4.95m at 100p a share when it floated in April 2006. Ludorum lost £2.24m in the six months to June 2007 half of which was due to aborted acquisition costs. Along with previous losses this meant that cash in the bank was down to £680,000.
Subsidiary Gong Ltd is developing anime content for new media. Ludorum has tried to acquire businesses in this area but failed. It is considering the future of the business and could sell all of its stake or retain a minority interest.
A former consultant is claiming £200,000 in fees, plus 3% of net revenue share, for a pre-school animation project that the company is developing.
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