TV-Loonland AG / Miscellaneous
21.05.2008
Release of a Adhoc News, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Munich/London, 21 May 2008 The management of TV-Loonland is very pleased
to notify that following its recent corporate transactions for both the
sale of its rights in the Hasbro Classics Library and the sale of its
shareholding in Metrodome Group plc, the company has repaid all of its
remaining bank borrowings, thus becoming debt free.
Following the restructuring package agreed on at its last AGM in November
2007 the original bank debt of 20m was reduced to 6m, with the
companys bankers also receiving a 10% shareholding in the company in
return. Shortly thereafter an initial 1m was repaid from the proceeds of
a Convertible Bond issue, leaving 5m still payable.
Said outstanding amount of 5m has now been repaid in full by means of
selling both the rights in the Hasbro Classics Library to Hasbro Inc. and
of TV-Loonlands shareholding in Metrodome.
The initial excess proceeds from these transactions, approximately 1m, is
now available for use to the company, with further sums due.
Simon Flamank, CEO of TV-Loonland AG: 'This now marks a new exciting
chapter in the companys history, as for the first time in seven years the
company is debt free and thus we are able to concentrate on future
opportunities.'
'We will now consider further the various alternative scenarios which may
exist for the remaining core childrens animation business and in
particular the new properties that we have been developing.'
PR010-080521
About TV-Loonland
TV-Loonland is a brand management company primarily in the children's and
youth market focusing on high-quality content which it develops and
produces in house as well as coproduces with third party producers and
partners. With offices in key locations throughout Europe (Paris, Munich
and London) and in the USA (Miami), TV-Loonland is ideally positioned to
identify, produce and market top quality brands across all media including
TV, Home Entertainment, Licensing & Merchandising as well as digital media.
TV-Loonland's most recent successes include brands such as LITTLE PRINCESS,
THE OWL and PETTSON AND FINDUS.
Press/Investor Relations
Mark Kilisek/Wendelin Probst
Tel.: +49 (0) 89 20 50 8 0
Tel.: +49 (0) 89 20 50 8 - 199
E-mail: mkilisek@loonland.com / wprobst@loonland.com
TV-Loonland
Münchner Straße 16
85774 Unterfoehring/Munich
Germany
DGAP 21.05.2008
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Language: English
Issuer: TV-Loonland AG
Münchner Straße 16
85774 Unterföhring
Deutschland
Phone: +49 (0)89 205 08 - 0
Fax: +49 (0)89 205 08-199
E-mail: info@loonland.com
Internet: www.loonland.com
ISIN: DE0005348403
WKN: 534840
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Stuttgart, München, Düsseldorf
End of News DGAP News-Service
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DGAP-Adhoc: TV-Loonland AG debt free
| Source: EQS Group AG