4th May 2018
Shaftesbury Avenue appoints advisors for GBP 3.8m private
placement, potential First North Listing.
Shaftesbury Avenue, a UK theatre production company, has mandated Crowe Clarke Whitehill and Child & Child to advise on a GPB 3.8m private placement, Managing Director Nevern Johns said. Seperately, the company has appointed Keswick Global for its application to list on NASDAQ First North, he added.
The private placement of just fewer than 11m shares is aimed at high net-worth individuals, Johns said. The process is scheduled to close in November, he said.
The proceeds of the private placement will qualify for the Government's Enterprise Investment Scheme (EIS), Johns said, and the cash will be used to finance two musicals, Lucky and Casanova. Shaftesbury Avenue raised GPB 150,000 earlier this year, he said.
The EIS helps smaller, high-risk trading companies ro raise finance by offering a range of tax relief to investors who buy shares in those businesses, as reported.
Seperately, Shaftesbury Avenue plans to apply to list on NASDAQ First North in November, and Johns expects the company to be trading by late January 2019. An August 2017 report by this news service on UK film production company Fashion on Screen, citing Johns who is also its MD, said listing on NASDAQ provides transparency to potential investors as well as access to an alternative funding source.
According to the Society of London Theatre (SOLT), which works to represent and promote theatre and the performing arts, mote than 15m people attended productions in the capital during 2017, the highest figure since the society began collecting data in 1986. Box office revenue amounted to more than GBP 700m according to SOLT data.
Shaftesbury Avenue is chaired by Stephen Evans, who has produced films including Peter's Friends, Much Ado About Nothing and The Madness of King George.
NASDAQ First North is the European growth market of the US-based stock exchange, designed for small and growing companies and runs parallel to the main market, as reported.