RNS Number:9012S
SCI Entertainment Group PLC
23 April 2008
SCi Entertainment Group plc
Update re Proposal Received
In light of recent speculation, the Board of SCi Entertainment Group plc ('SCi'
or the 'Company') confirms that it has recently received an indicative proposal
from a third party relating to a possible offer for the Company at a significant
premium to the Company's current share price.
The proposal offered mostly equity consideration but the third party would have
assumed responsibility for the Company's funding requirements. In common with
other indicative proposals received by the Company over the last six months,
none of which has led to a firm offer being made for the Company, this proposal
was expressed to be subject to conditions, including significant due diligence.
The Board considers, amongst other things, that the proposal does not represent
sufficient value and that, given the Group's significant short- to medium-term
funding requirements, the pursuit of an uncertain takeover proposal with
consequent delay and risks to the Company's proposed issuance of new equity to
fund the execution of its revised strategic plan would not be in the best
interests of the Company or its shareholders. Accordingly the Company is not
pursuing discussions in relation to this proposal and the proposed equity
fundraising remains the Company's priority at this time.
For information:
Madano Partnership 020 7593 4000
Matthew Moth/Graham Moonie
This information is provided by RNS
The company news service from the London Stock Exchange
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