Spackman to acquire company that leased equipment for ‘The Legend of the Blue Sea’

Spackman to acquire company that leased equipment for ‘The Legend of the Blue Sea’

By: 
Michelle Zhu
15/03/17, 07:39 am

SINGAPORE (March 15): Spackman Entertainment Group has entered into a sale and purchase agreement to acquire a 100% interest in Korean equipment leasing company Frame Pictures from its owner, for a cash consideration sum of KRW 900 million ($1.1 million).

Additionally, the transaction will include the group’s payment of 497,250 shares from its partially-owned associated company, Spackman Media Group (SMG), to the unnamed vendor, which is only referred to by Spackman as an “independent third party”.

The consideration shares amount to about 1.63% of SMG’s total share capital. Upon completion of the acquisition, Spackman’s interest in SMG will therefore be diluted from 24.53% to 22.9%.

Frame Pictures was established in 2014 by Kim Jun-young, a veteran director of photography.

The company has provided camera and lighting equipment for the production of drama and movie projects in Korea including The Legend of the Blue Sea (2016) featuring Jeon Ji-hyeon and Lee Min-ho, as well as Veteran (2015), a Korean box office topping film starring Yoo Ah-in.

In its Wednesday filing to the SGX before the market opened, Spackman says the acquisition of Frame Pictures, a profitable business, is in line with its strategy of “making acquisitions of companies involved in the entertainment industry that can financially and strategically complement [its] core operations”.

It also believes the acquisition will help the group to “create a more diversified and consistent revenue stream which has been significantly reliant on the box office performance of its movies”.

Lastly, Spackman says it is “strategically positioned to further enhance the performance of Frame Pictures, especially in securing more film project deals, including its own in some cases”.

With the proposed acquisition, the group projects its losses for FY16 will narrow to US$1.5 million ($2.1 million) from US$2.2 million previously, bringing loss per share to 0.37 US cents as compared to the 0.56 US cents announced for FY16.  

(See also: Spackman Entertainment plans placement to raise $5.95 mil)

Shares of Spackman closed 1.2% lower at 16 cents on Tuesday.

Ex-Maybank Kim Eng dealer admits Soh gave orders on trades in 3 accounts

SINGAPORE (May 22): Prosecution witness Ong Kah Chye revealed trades in three accounts under him were solely executed on the instructions of John Soh Chee Wen. The former Maybank Kim Eng Securities dealer admitted he had received instructions from Soh for accounts belonging to three clients – Peter Chen Hing Woon, Tan Boon Kiat (also known as Gary Tan) and Magus Energy Group. However, Ong was not sure if Soh had given instructions for a fourth account – Friendship Bridge Holding — as the “account was really not active at all”. The directors of Magnus Energy, namely, Lim Kuan Ye....
Read More >>

Stamford Land's 4Q earnings fall 80% to $5 mil on lower revenue

SINGAPORE (May 22): Stamford Land Corporation reported an 80.4% y-o-y decline in 4Q19 earnings to $5 million compared to $25.6 million previously due to lower revenue. The latest quarterly result brings Stamford’s FY19 earnings to $47.8 million, down 15.4% from $56.4 million a year ago. Revenue for the latest quarter fell 74.8% to $47.9 million from $189.7 million 4Q18 on the back of lower contributions across all segments. The overall decline in 4Q topline was mainly due to a steep drop in revenue and operating profit for the Property Development segment in the absence of settled u....
Read More >>

Neo Group FY19 earnings nearly double to $5.4 mil after strong 4Q

SINGAPORE (May 22): Neo Group Limited has announced earnings of $3.9 million for the 4Q ended March, rising 42.8% from $2.7 million a year ago mainly due to higher revenue.    This brings the group’s FY19 earnings to $5.4 million, up 48.7% y-o-y from $3.6 million previously on higher revenue and lower full-year purchases and consumables used. Revenue for 4Q rose 7% to $50.9 million from $47.6 million previously, driven mainly by higher contributions from the group’s flagship Food Catering business due to stronger recurring income from the childcare and elderly market segmen....
Read More >>