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New Shares Issue Inflates SCi Life Raft News
Jon Wilcox
25/04/2008
Warner Bros. to purchase 25% of new shares; package to raise £60 million for SCi Entertainment as Eidos takes over Warner Bros. distribution in America...
Following SCi Entertainment's confirmation earlier in the week that it had pulled out of acquisition discussions, the UK-based publisher has today confirmed a new share issue, and further dealings with current investor, Warner Bros. Interactive Entertainment.
The new issue, which will see shares trading at around 35p each, is hoped to generate £60 million for the Tomb Raider and Hitman publisher, which has seen its share price plummet from highs of over 520p each in July 2007 to around 45p at lunchtime today.
Up to a quarter of the new shares will be purchased by one of SCi Entertainment's current investors, Warner Bros. Interctive Entertainment, boosting the US media giant's stake.
A further strengthening of ties between the two outfits has also been revealed, with SCi's Eidos subsidiary taking on the distribution responsibilities across the United States, Canada, and Mexico for WBIE.
Speaking about today's news, Phil Rogers, Chief Executive Officer at SCI Entertainment Group said, "Today we have significantly strengthened our relationship with Warner Bros. one of the world's largest media groups, to create an exciting strategic partnership, giving us increased scale in the North American market, to the benefit of all our major franchises."
"The new financing puts us in a clear position to deliver on the strategic
business plan which we announced in February with focus on cornerstone studios
and core franchises, delivering high-quality, world class games."
Kevin Tsujihara, President, Warner Bros. Home Entertainment Group, added that deal "underscores Warner Bros' commitment to becoming a major
presence in the video game business. With SCi's new management team in place
along with their track record of rich franchises like Tomb Raider, Hitman and
Deus Ex we believe we have formed an exciting partnership and a powerful engine
for growth."
SCi also confirms that Tomb Raider: Underworld remains on course for a Christmas 2008 release.
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1. Quad Bike Course from TR3.
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Date Added:Fri 18th Apr 2008 10:02
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