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Intandem Films

  • BY: Andrew Hore |
  • POSTED: 12/06/2013 |

Film development and sales company Intandem Films is raising £831,000 at 0.5p a share.

The share price slumped 0.33p to 0.65p, which values the existing share capital at £950,000.

The cash is required to maintain the viability of the business. A general meeting is being held on 1 July. Non-executive director Corrine Lambertís husband is acquiring 4m of the shares, taking their combined stake to 5.5m shares (1.8%).

The cash will be used to reduce debts and invest in new film projects.

Intandem has also agreed a £1m equity financing facility with Darwin Strategic, which has a partnership with Intandemís nominated adviser and joint broker finnCap. The facility lasts 36 months and Intandem can draw down from the facility when it wants. The subscription price is the average of the three lowest closing bid prices over the 15 trading days after a subscription notice, although Intandem can specify a minimum subscription price it is willing to accept. Darwin receives a fee of 5% of the amount subscribed. Intandem can give three months notice to terminate the agreement.

Darwin has also been awarded a warrant equivalent to up to 2% of Intandemís share capital exercisable at 0.625p a share. The warrant lasts for three years.

Intandem has nine fully contracted films, including four that are fully financed and where Intandem is the sales company. The slate of films has been progressed since Robert Mitchell became chief executive in February.

Under previous management there had been much talk of the film 10 Things I Hate About You but this is no longer being made by the company.

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