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SINGAPORE (May 7): Spackman Entertainment Group announced that its board has approved the spin-off of its 51%-owned subsidiary, Novus Mediacorp and its wholly-owned subsidiary, Frame Pictures, and for the combined entity to seek listing on the Catalist Board of the Singapore Exchange (SGX).
The group has appointed RHT Capital as the financial adviser in relation to the proposed spin-off and the issue manager and full sponsor in relation to the proposed listing.
The group believes that this move shall allow the combined entity of Novus Mediacorp and Frame Pictures to independently raise the capital necessary to unlock the full potential of its operations and projects, and to capitalise on the rapidly growing post-theatrical and camera equipment leasing markets.
The two companies were acquired after the group’s initial public offering (IPO), and are managed separately and independently of the group’s main operations.
Richard Lee, interim CEO & executive director of Spackman, says, “Despite our turnaround to profitability and accretive acquisitions, our valuation remains significantly lower than our industry peers. Therefore, we seek to restructure our group through this proposed listing to unlock the value of our non-core subsidiaries, Novus Mediacorp and Frame Pictures.”
Shares in Spackman last traded at 7.1 cents on Friday.