RNS Number:3248G
UTV Motion Pictures PLC
25 October 2007
FOR IMMEDIATE RELEASE THURSDAY 25 October 2007
UTVM RELEASES MAIDEN INTERIM RESULTS
UTV Motion Pictures Plc ("UTVM" or "the Company") the holding company of UTV
Motion Pictures (Mauritius) Limited ("UTV Mauritius") a global movie studio,
announces its results for the period ended 30 September 2007 which have been
subjected to a limited review by the auditors.
KEY HIGHLIGHTS FOR THE PERIOD:
* successful float to AIM through raising of US$70 million gross via a
placing of new ordinary shares with investors in the UK, Europe and Asia
* collaboration with Virgin Comics to create four original superheroes
in India
* signed finance agreement to co-produce M.Night Shyamalan's The Happening
* entry into the Telugu film market, India's second largest market
FINANCIAL HIGHLIGHTS:
* Total revenue of US$10 million
* Profit after tax US$8.1 million
* Diluted earnings per share US$0.088 (FV 0.05)
* During the period, the company subscribed to shares of its operating
subsidiary at par when the net asset value of the said subsidiary was
US$ 2.87 million. In the consolidated financial statement, the excess
of net asset value over the investment value of US$ 2.87 milllion has
been recognised as "Negative Goodwill on Consolidation" , which is a
one time income.
UPCOMING RELEASES:
* Goal: Expected Release date - November 2007; a football action drama
starring John Abraham and Bipasha Basu;
* Kennamoochi Yennada: Expected Release date - November 2007; UTVM's first
South Indian production in the Tamil Language
* Welcome: Expected Release date - December 2007; a rip roaring comedy
starring Akshay Kumar
* Jodhaa Akbar: Expected Release date - January 2008; starring superstars
Hrithik Roshan and Aishwarya Rai
Ronnie Screwvala, Non-Executive Chairman, commented: "UTVM is entering an
exciting phase with an extensive slate of projects, under development and soon
to be released, with eminent directors and excellent talent. Such a diverse
slate, containing multiple genres, languages and budgets re-affirms our
Hollywood studio business model which we believe will generate excellent future
returns for UTVM shareholders."
ENDS
CONTACTS
UTV Motion Pictures Plc +91 22 2495 2513
Siddharth Kapur - Chief Operating Officer
Grant Thornton (Nomad) +44(0) 207 383 5100
Fiona Owen
Jermyn Capital (Joint Broker) +44 (0) 207 399 2020
Dharmesh Doshi
Evolution China (Joint Broker) +44 (0) 207 220 4872
Vineeta Manchanda or Barry Saint
Bankside (Financial PR) + 44 (0) 207 367 8888
Simon Bloomfield or Andy Harris
Chairman's Report
The results of UTV Motion Pictures for the six months ended 30 September 2007,
are the first since the Company listed on the AIM market in London on 2 July
2007.
The Company was established to create India's leading movie studio with a
significant presence overseas as well as in the domestic market. Our strategic
objective is to build on the first mover advantage resulting from our Hollywood
Studio business model wherein we have a strong portfolio of movies under
production at all times, long-term multiple movie contracts with successful
directors and artists and a line-up of releases designed to appeal to a variety
of audiences.
At flotation, we raised approximately US$65 million net of expenses to acquire a
US$30 million slate of movies in incubation from our parent company and to
finance their development and production, as well as to fund the Company's
expansion through the production, co-production and acquisition of other movies.
I am delighted to report that, since our flotation we have successfully begun to
implement our strategy and lay solid foundations for profitable growth.
During the interim period, we achieved total revenue of US$ 10 million, although
most of our key releases for the year are scheduled to take place in the period
from October 2007 - January 2008 after 1 October 2007.
Some of the key highlights of the first half include:
* the release of Mira Nair's The Namesake, our critically acclaimed
international co-production with Fox Searchlight, which theatrically
released in March 2007 in North America. This was one of the movies
acquired at the time of flotation and, has already established itself
as a commercial success
* the release in North America of I Think I Love My Wife, another
co-production with Fox Searchlight which is starting to generate the
first revenues from Home Video and Television
* the release of Life in a Metro, starring Celebrity Big Brother winner
Shilpa Shetty in May 2007, which was another box office success, having
recovered close to twice its investment within only four months from
theatrical release
* the Blue Umbrella, a film based on a novella by Ruskin Bond, was released
in August 2007 to limited art house audiences in India and met with
widespread acclaim winning the prestigious Indian National Award for Best
Children's Film
* in September, we signed a financing agreement with Twentieth Century Fox
for 50 per cent of the production costs of the live action movie, The
Happening, which is being co-produced with Blinding Edge Pictures Inc.,
a movie production company established by the director, M. Night Shyamalan.
The estimated total production costs of The Happening are US$67 million.
* the Company also participated in acquiring international rights of
World Movies for the Indian subcontinent for exploitation in multiple media
The Company has an extensive slate of projects under development with eminent
Directors, excellent talent and most importantly a tremendous amount of work and
research on script development. Our projects cut across multiple genres in the
Hindi language, feature the most interesting slate of animation movies coming
out of India, and include a growing number of titles in Tamil and Telugu and a
significant number of International titles.
Chairman's Report (Continued)
MANAGEMENT
Since the end of the period, Mr Babulal Vedprakash Gautam has been appointed as
Chief Operating Officer of both UTV Motion Pictures Plc and its subsidiary UTV
Mauritius Limited, with effect from 1 October 2007. Prior to joining UTV Mr.
Gautam worked as the Commercial Director at Zee Telefilms Ltd and as Chief
Operating Officer of the B4U Network.
Following Mr Gautam's appointment, Siddharth Roy Kapur remained as a
non-executive director of UTV Motion Pictures Plc.
NEW REVENUE STREAMS
As part of our strategy for maximising revenues from our productions, during the
period we established UTV Home Video, including a core team and support
infrastructure, to give the Company a Home Video division with strong
distribution across India. Successful releases through UTV Home Video include
The Namesake, Life in a Metro and The Blue Umbrella.
The Company has been one of the most active players in new media distribution
from the Indian entertainment industry, forging alliances worldwide to ensure
delivery of our content across multiple platforms. We have concluded deals for
online downloads of our content with portals in India and overseas VOD, Cable
and IPTV deals with key players in the U.S. and a Manufacturing On Demand deal
with Hewlett Packard for Home Video distribution.
SOUTH INDIAN FILM INDUSTRY
Our first South Indian co-production in the Tamil language Kennamoochi Yennada,
was completed in this period, and is scheduled for release in November 2007.
In September, we entered the Telegu film sector with a deal for two movies with
Mahesh Babu, one of the biggest Telegu film stars; and a co-production deal with
Indira Productions for two Telegu films, one of which will feature Mahesh Babu.
The Company also acquired the Andhra Pradesh theatrical distribution rights to
Atidhi, Mahesh Babu's next movie which is scheduled for release on October 18,
2007 and follows Mahesh Babu's record breaking Pokhiri.
The roster of relationships with key talent and production outfits the Company
is establishing in South India is strengthening our position in this market and
should contribute positively to the financial performance of the second half of
the current year and beyond.
TALENT RELATIONSHIPS
Signing talented directors and artists, who share our creative vision and drive
to produce high quality movies with excellent revenue potential, is key to our
strategy.
During the period, we signed a two-movie deal with Shahid Kapur who is
recognised as a rising star in the Indian film industry following his debut in
Ken Ghosh's Ishq Vishq (in 2003) and subsequent box office hits in 2006 like 36
China Town and Vivaah.
We also signed long-term multiple film agreements with Priyanka Chopra, John
Abraham, Rakeysh Omprakash Mehra and Anurag Basu.
Chairman's Report (Continued)
SPOTBOY
Another key element of our strategy is to broaden the scope of productions and
provide flexibility across a range of genres, budgets and target audiences, to
which end the Company launched the SpotBoy studio during the period.
In August, SpotBoy entered into collaboration with Virgin Comics, an
entertainment division of Sir Richard Branson's Virgin, to create original
superhero franchises for publishing, animation and gaming, targeting India's 550
million teenage audience.
Since the end of the period, SpotBoy has signed agreements with directors for
three Hindi films. Shyam Bengal, who has received India's highest honours
including Padma Shri and Padma Bhushan, is returning to comedy after a 25-year
absence with Mahadev. Anurag Kashyap is one of the most outspoken and bold
directors in recent times and is planning to recast the classic Devdas in
contemporary times in his forthcoming film Dev D. Raj Kumar Gupta makes his
debut as a director in Amir, a thriller about a young Muslim professional who
lands in Mumbai International Airport.
INTERNATIONAL PRODUCTIONS
Our co-production with 20th Century Fox, The Happening, directed by M. Night
Shyamalan and starring Mark Wahlberg, has recently completed its shoot and is in
post production in the U.S. and is slated for release in June 2008.
Live action and Animation projects with Will Smith's Overbrook are in the
development stage.
RISK PROFILE AND CUSTOMER INTERACTION
The Directors believe that the Company sits at the lowest end of the risk chain
while remaining at the top end of the value chain. By being active Producers who
incubate talent internally whilst having long-term strategic relationships with
our Directors, we are able to keep our costs down when compared to others in the
field, whilst establishing a worldwide marketing and distribution organization
that touches the consumer directly, we are able to achieve higher returns from
our productions
OUTLOOK FOR THE NEXT HALF YEAR
The outlook for the next six months is very encouraging, with one of the
strongest slates of releases from any Indian studio.
Our slate of releases for the second half includes Telegu blockbuster Atidhi;
our first Tamil co-production Kennamoochi Yennada; a football sports action
drama shot completely in the U.K. - Dhan Dhanadhan Goal; an all star cast
comedy, Welcome, starring Akshay Kumar; and Taare Zameen Par, directed by and
starring Aamir Khan, which we will distribute in all markets worldwide except
India. On 25 January 2008, Jodhaa Akbar, starring Hrithik Roshan and Aishwarya
Rai is scheduled for release. In addition the second half will also see the
release of lower budget movies, Bombay Meri Jaan and Wednesday.
On behalf of the Board, I would like to thank the entire team at UTV Motion
Pictures, our stakeholders and our audiences, for helping us lay the foundation
for future years of dynamic growth.
Ronnie Screwvala
Chairman
Condensed Interim Consolidated Income Statement
For the period 27 March 2007 (date of incorporation) to 30 September 2007
Group
Notes USD
CONTINUING OPERATIONS
Revenue 10,017,012
Cost of sales (4,626,365)
Gross profit 5,390,647
Administrative expenses (359,638)
Profit from operations 5,031,009
Investment income 448,710
Negative goodwill on Consolidation 4 2,874,092
Profit for the period before tax 8,353,811
Taxation (170,903)
Profit for the period after tax 8,182,908
Attributable to:
Equity holders of parent 8,169,120
Minority interest 13,788
8,182,908
Earnings per share
Continuing operations
Basic earnings per share 5 0.088
Diluted earnings per share 5 0.088
Condensed Interim Consolidated Balance Sheet
As at 30 September 2007
Group
USD
ASSETS
Non-current assets
Property, plant and equipment 4,416
Investment in securities 5,000,000
5,004,416
Current assets
Inventories 46,818,966
Group company loans 250,566
Trade and other receivables 11,675,093
Cash in hand and at bank 16,554,271
75,298,896
TOTAL ASSETS 80,303,312
Condensed Interim Consolidated Balance Sheet
As at 30 September 2007 (continued)
Group.
Notes USD
LIABILITIES
Current liabilities
Trade and other payable 2,033,886
Group company loans 1,463,776
Tax liabilities 174,103
TOTAL LIABILITIES 3,671,765
EQUITY
Share capital 6 5,206,897
Share premium account 6 63,224,557
Retained earnings 8,169,120
Equity attributable to equity holders of the
parent
76,600,574
Minority interest 30,973
76,631,547
TOTAL LIABILITIES AND EQUITY 80,303,312
Condensed consolidated statements of changes in equity
For the period 27 March 2007 (date of incorporation) to 30 September 2007
Attributable to equity holders of the company
Share Share Retained Minority Total
Capital Premium Earnings Total Interest Equity
USD USD USD USD USD USD
Profit for the period - - 8,169,120 8,169,120 13,788 8,182,908
Minority share of subsidiary net
assets at date of acquisition - - - - 17,185 17,185
Issue of ordinary shares 5,206,897 68,793,103 - 74,000,000 - 74,000,000
Issue costs - (5,568,546) - (5,568,546) - (5,568,546)
At 30 September 2007 5,206,897 63,224,557 8,169,120 76,600,574 30,973 76,631,547
Condensed interim consolidated cash flow statement
For the period 27 March 2007 (date of incorporation) to 30 September 2007
Group
USD
Net cash used in operating activities (47,361,466)
Investing activities
Investment in securities (5,000,000)
Purchase of property, plant and equipment (4,496)
Interest received 406,822
Net cash used in investing activities (4,597,674)
Financing activities
Issue of shares 74,000,000
Issue costs (5,568,546)
Net cash from financing activities 68,431,454
Net increase in cash and cash equivalents 16,472,314
Cash and cash equivalents at beginning of the period 81,957
Cash and cash equivalents at end of the period 16,554,271
Cash and cash equivalents made up of:
Bank balances and cash 16,554,271
Selected notes to the interim consolidated financial statements
For the period 27 March 2007 (date of incorporation) to 30 September 2007
1 Company profile
UTV Motion Pictures Plc is a company incorporated in the Isle of Man under the
Isle of Man Companies Act 2006. The address of the company's registered office
is Chapter House, Upper Church Street, Douglas, Isle of Man.
UTV Motion Pictures Plc was incorporated on 27 March 2007 with Share Capital of
US$ 1. On 26 April 2007, UTV Software Communications Limited, a Company
incorporated in India invested US$ 4,000,000 for 80,000,000 shares of USD 0.05
each in UTV Motion Pictures Plc, thereby acquiring 100% stake in UTV Motion
Pictures Plc.
During the period 7 March 2007 to 26 April 2007, there were no transactions in
the Company except share capital of US$ 1 and sundry debtor of US$ 1.
On 2 July 2007, UTV Motion Pictures Plc listed its shares on London Stock
Exchange's Alternative Investment Market (AIM) with the issue of additional
24,137,931 Equity shares of the face value of USD 0.05 each (constituting 23.18%
of the expanded share capital) at an issue price of USD 2.90 per share to
overseas investors.
The consolidated interim financial statements for the period ended 30 September
2007 comprise the Company and its subsidiary, UTV Motion Pictures (Mauritius)
Limited (together referred to as the "Group"). The Group is primarily involved
in the business of producing and distributing cinematographic movies, acquiring
and selling rights therein, producing and distributing television movies,
television programmes and video movies.
2 Basis of preparation
The condensed interim financial statements have been prepared in accordance with
International Financial Reporting Standards (IFRS) and with applicable legal and
regulatory requirements of Isle of Man law. It has been presented in accordance
with IAS34 "Interim Financial Reporting".
The financial statements are presented in United States dollars.
As this is the first period of operation of the Group, there are no comparative
figures. The same accounting policies and methods of computation are followed
as expected to be applied in the annual financial statements.
3 Significant accounting policies
Unless otherwise stated, the accounting policies set out below have been applied
consistently by all Group entities.
Selected notes to the interim consolidated financial statements (Continued)
For the period 27 March 2007 (date of incorporation) to 30 September 2007
(a) Basis of consolidation
The consolidated financial statements incorporate the financial statements of
the Company and enterprises controlled by the Company (its subsidiaries) for the
period ended 30 September 2007. The excess of cost of acquisition over the fair
values of the Group's share of identifiable net assets acquired is recognised as
goodwill. Any deficiency of the cost of acquisition below the fair value of
identifiable net assets acquired (i.e. discount on acquisition) is recognised
directly in the income statement.
The purchase method of accounting is used to account for the acquisition of
subsidiaries by the Group. The costs of an acquisition is measured as the fair
value of the assets given equity instruments issued and liabilities incurred or
assumed at the date of exchange, plus costs directly attributable to the
acquisition. Identifiable assets acquired and liabilities and contingent
liabilities assumed in a business combination are initially measured at fair
value at acquisition date irrespective of the extent of any minority interest.
The results of subsidiaries acquired or disposed of during the period are
included in the consolidated income statement from the effective date of
acquisition or up to the effective date of disposal, as appropriate.
Where necessary, adjustments are made to the financial statements of
subsidiaries to bring the accounting policies used into line with those used by
other members of the Group.
All intra-group transactions, balances, and unrealised gains on transactions
between group companies are eliminated on consolidation. Unrealised losses are
also eliminated unless the transaction provides evidence of an impairment of the
asset transferred.
(b) Foreign currencies
Foreign currency transactions are accounted for at the exchange rates prevailing
at the date of the transactions. Gains and losses resulting from the settlement
of such transactions and from the translation of monetary assets and liabilities
denominated in foreign currencies are recognised in the Income Statement. Such
balances are translated at year-end exchange rates unless hedged by forward
foreign exchange contracts, in which case the rates specified in such forward
contracts are used.
(c) Financial instruments
Financial assets and liabilities are recognised on the balance sheet when the
Group has become party to the contractual provisions of the instrument.
The Group's policies in respect of the main financial instruments are as
follows:
Trade receivables
Trade receivables are stated at their normal values as reduced by appropriate
allowances for irrecoverable amounts.
Trade payables
Trade payables are stated at their nominal values.
Cash resources
Cash resources are measured at fair values.
Equity instruments
Equity instruments are recorded at the proceeds received, net of direct issue
costs.
Selected notes to the interim consolidated financial statements (Continued)
For the period 27 March 2007 (date of incorporation) to 30 September 2007
(d) Inventories
Inventories are valued at lower of cost or net realizable value. At every
year-end or at appropriate time intervals, the company evaluates the net
realizable value and / or the revenue potential of each and every item of stock.
Wherever, it finds that the realizable values are lower than costs, appropriate
write downs are effected in books of account. Inventorisation policy is
consistent with that followed last year by UTV Motion Pictures ( Mauritius )
Limited.
(e) Earnings per share
The Group presents basic and diluted earnings per share (EPS) data for its
ordinary shares. Basic EPS is calculated by dividing the profit or loss
attributable to ordinary shareholders of the Company by the weighted average
number of ordinary shares outstanding during the period. Diluted EPS is
determined by adjusting the profit or loss attributable to ordinary shareholders
and the weighted average number of ordinary shares outstanding for the effects
of all dilutive potential ordinary shares.
(f) Revenue recognition
Revenue represents the total value of sales made during the year. Revenues from
licensing of movies are recognised on the signing of the license agreement, or
on delivery of the movies, whichever is later.
(g) Taxation
The tax expense represents the sum of the tax currently payable.
The tax currently payable is based on taxable profit for the year. Taxable
profit differs from net profit as reported in the income statement because it
excludes items of income or expense that are taxable or deductible in other
years and it further excludes items that are never taxable or deductible. The
Group's liability for current tax is calculated by using tax rates that have
been enacted or substantively enacted by the balance sheet date.
(h) Share-based payments
The Group has applied the requirements of IFRS 2 Share-based Payments.
The Group issues equity-settled and cash-settled share-based payments to certain
employees. Equity-settled share-based payments are measured at fair value at the
date of grant. The fair value determined at the grant date of equity-settled
share-based payments is expensed on a straight-line basis over the vesting
period, based on the Group's estimate of shares that will eventually vest.
As the Group is newly listed, there is insufficient information on historical
volatility of the share price. Therefore, share options are valued at intrinsic
value, initially at grant date and subsequently at each reporting date, and at
the date of final settlement. Changes in intrinsic value are recocgnised in the
income statement.
(i) Segmental reporting
The Group considers its business to be made up of only one segment and therefore
segmental reporting is not considered necessary.
(j) Cash and cash equivalents
Cash comprises cash at bank. Cash equivalents are short term and highly liquid
investments that are readily convertible into known amounts of cash and which
are subject to insignificant risk of change in value.
Selected notes to the interim consolidated financial statements (Continued)
For the period 27 March 2007 (date of incorporation) to 30 September 2007
4 Acquisition of subsidiary
On 30 April 2007, UTV Motion Pictures Plc subscribed to 80,000,000 newly issued
shares in UTV Mauritius Limited, a company incorporated in the Republic of
Mauritius. Prior to this, UTV Motion Pictures (Mauritius) Limited was a wholly
owned subsidiary of UTV Software Communications Limited, the parent company of
UTV Motion Pictures Plc.
The shares were acquired at nominal value of US$4,000,000 resulting in a
deficiency of the cost of acquisition below the fair value of identifiable net
assets acquired of US$ 2,874,092. This discount on acquisition has been
recognised directly in the income statement.
The 80,000,000 shares in UTV Motion Pictures (Mauritius) Limited represent a
99.75% shareholding in the Company. The remaining 0.25% is owned by the Indian
parent Company, UTV Software Communications Limited.
The acquisition has the following effect on the Group's assets and liabilities
on acquisition date:
Pre-
acquistion Fair Recognised
carrying value values on
amounts adjustments acquisition
Inventories 3,864,631 - 3,864,631
Trade and other receivable 3,566,823 - 3,566,823
Cash and cash equivalents 4,071,778 - 4,071,778
Loans and borrowings (893,502) - (893,502)
Trade and other payables (3,735,638) - (3,735,638)
Net identifiable assets and liabilities 6,874,092 - 6,874,092
Negative goodwill (2,874,092)
Purchase price 4,000,000
As the subsidiary was acquired as a result of an issue of new shares, there was
no cash outflow from the Group as a result of the acquisition.
In the period ended 30 September 2007 the subsidiary contributed profit of
US$5,514,810. If the acquisition had occurred on 27 March 2007, management
estimates that consolidated revenue would have been US$10,044,682 and
consolidated profit for the period would have been US$8,180,188.
Selected notes to the interim consolidated financial statements (Continued)
For the period 27 March 2007 (date of incorporation) to 30 September 2007
5 Net asset value per share
The net asset value per share, based on the net assets attributable to ordinary
shareholders at the period end of US$76,600,574 divided by 104,137,931 shares in
issue at the period end, amounts to 73 cents per share.
6 Earnings per share
Basic earnings per share
The calculation of basic earnings per share at 30 September 2007 was based on
the profit attributable to ordinary shareholders of US$ 8,169,120, and a
weighted average number of ordinary shares of 92,003,015 calculated as follows:
30 Sept 2007
Issued ordinary shares at 1 April 2007 80,000,000
Effect of shares issued on 2 July 2007 12,003,015
92,003,015
USD
Basic earnings per share 0.088
Diluted earnings per share
Following admission to AIM, two of the Company's directors, Andrew Carnegie and
Peter Vanderpump hold options in respect of 208,276 and 52,069 ordinary shares
respectively. The option price for these shares is $2.90 per shares being the
issue price of ordinary shares on admission. As a result, these share options
do not have a dilution effect and the diluted earnings per share are equal to
basic earnings per share.
Selected notes to the interim consolidated financial statements (Continued)
For the period 27 March 2007 (date of incorporation) to 30 September 2007
6 Share capital
Authorised share capital
No. of shares USD
Ordinary shares of US$0.05 each 104,137,931 5,206,897
Issued share capital and share premium
No. of shares Share Share
Issued and Capital Premium
Fully Paid USD USD
Subscriber shares 1 - -
26 April 2007 - Issue 79,999,999 4,000,000 -
2 July 2007 - AIM placing 24,137,931 1,206,897 68,793,103
2 July 2007 - Placing costs - - (5,568,546)
104,137,931 5,206,897 63,224,557
7 Share based payments (directors' interests)
On 26 June, 2007 Andrew Carnegie and Peter Vanderpump, non-executive directors,
were conditionally granted options to subscribe for 208,276 and 52,069 ordinary
shares, respectively, at an exercise price of $2.90 per ordinary share (being
the placing price). Each of these options becomes exercisable in respect of a
third of the ordinary shares subject to the option on each of the first three
anniversaries following the date of admission to AIM and ceases to be
exercisable on the fifth anniversary of the date of grant. The grant of these
options is for nil consideration and became unconditional on admission to AIM.
The fair value of options at the grant date of US$123,663 has been calculated
using the intrinsic valuation method.
Save as set out above, no director has any interest, beneficial or otherwise, in
the share capital of the Company.
Selected notes to the interim consolidated financial statements (Continued)
For the period 27 March 2007 (date of incorporation) to 30 September 2007
8 Related party transactions
During the period ended 30 September 2007 the Group traded with related entities
as follows:
UTV Software Communications Limited - Parent Company
USD
Purchase of rights from parent 13,126,577
Expenses charged by parent 493,906
Payments made to parent 16,557,596
Sale of rights to parent 569,227
Credit balance on loan with parent at 30 September 2007 763,783
UTV Software Communications (USA) LLC - Fellow subsidiary
USD
Purchase of rights from fellow subsidiary 13,387,504
Payments made to fellow subsidiary 12,124,463
Sale of rights to fellow subsidiary 4,104
Credit balance on loan with fellow subsidiary at 30 September 2007 699,993
UTV Communications (UK) Limited - Fellow subsidiary
USD
Advance from fellow subsidiary 295,086
Sale of rights to fellow subsidiary 1,497
Debit balance on loan with fellow subsidiary at 30 September 2007 250,567
This information is provided by RNS
The company news service from the London Stock Exchange
END
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