11 March 2018
Shaftesbury Avenue Limited raises funds to stage new West End musicals
Shaftesbury Avenue Limited is a new British company which will stage musicals on London's West End stages. On 12th March 2018, the company published an Information Memorandum to place up to 500,000 Ordinary Shares of 0.01p each at a price of 30p per share to raise up to £150,000. The Directors of the Company will make an application to HM Revenue & Customs for confirmation that the Company is a qualifying company under the Seed Enterprise Investment Scheme (“SEIS”) legislation.
The London stage and in particular its hosting of musicals has been one of the UK’s recent success stories. The success of shows including Hamilton and Harry Potter have helped push London theatre audiences past 15 million for the first time. Figures released by the Society of London Theatre (SOLT) showed 2017 was a record year for the capital’s theatre business with box office revenues topping the £700 million mark. It is the first time audiences have topped 15 million since the organization began collecting audience data more than 30 years ago, with the average theatregoer paying £46.71 for their ticket.
The first production from Shaftesbury Avenue Ltd, Lucky, is based on the storyline of the novel Oliver Twist but located in South Africa in 1954 and set to the infectious and irresistible music that gave voice to such a remarkable period in South Africa’s history. The Company already has three further musicals under development, details of which are provided in the Information Memorandum.
Nevern Johns, Managing Director of Shaftesbury Avenue, said, “I am delighted to launch our initial funding round in Shaftesbury Avenue which I fully expect to qualify under the terms of the Seed Enterprise Investment Scheme for significant tax advantages for investors. Traditionally, musical producers have relied on their own network of tried and trusted investors, many of whom support twenty or more musicals over years. Those who invested in Mama Mia or Cats many years ago are still enjoying the returns. But it is sometimes difficult for potential investors to become aware of opportunities in musical theatre as an alternative investment asset class. Shaftesbury Avenue addresses that opportunity.”
As part of the Company’s commitment to investors for transparency in its financial affairs, Shaftesbury Avenue intends to make arrangements for its shares to be admitted to Nasdaq First North, the exchange-regulated segment of NASDAQ Copenhagen (“NFN”).
Notes to Editors
About Shaftesbury Avenue Ltd:
Shaftesbury Avenue Limited is a new British musical production company which has been formed to capitalise on the enormous popularity of musicals amongst theatre-goers to today’s West End and regional playhouses. The Company's management team have worked on some of the most successful musicals such as Phantom Of The Opera, Les Miserables, Blood Brothers and many more.
The subscription list for the Offer Shares will open at 10.00 am on 12th March 2018 and may be closed at any time thereafter, but not later than 3.00 pm on 11th June 2018 unless at the discretion of the Directors it is extended beyond that date.
For further information please look at the website or contact:
Lisa Braund, Production Director, Shaftesbury Avenue Ltd.
Tel: +44 (0) 3300 972 993