Marwyn Value Investors has sold 26.5 million depositary interests representing common shares in Entertainment One (ETO LN) at a price of GBP3.30 per share, raising gross proceeds of approximately GBP87.5 million, of which approximately GBP61.1 million is attributable to the Company.
The Master Fund is now beneficially interested in approximately 52.9 million common shares of eOne, representing approximately 17.9 per cent of eOne’s issued common share capital.
Entertainment One was founded in 2008 following the initial reverse acquisition of Entertainment One Income Trust. Since that date eOne has established itself as a leading international entertainment company that specialises in the acquisition, production and distribution of film and television content as well as being the the owner of world class properties including Peppa Pig.
As a result of the Master Fund’s reduced shareholding, James Corsellis (pictured), who has represented Marwyn on eOne's Board since 2007, has stepped down from the Board of eOne with immediate effect. Marwyn remains supportive of the eOne management team and is confident that they will continue to deliver on the eOne growth story.
Darren Throop, President and CEO of eOne, says: "Marwyn's involvement has been critical to the success and growth of eOne. We look forward to their continued support as an investor and would like to thank both James Corsellis and Mark Watts for their contributions on the Board over the years."
Corsellis says: "On behalf of the Marwyn team, I am grateful for the dedication and hard work of Darren Throop, Giles Willits and all of all the directors and employees of Entertainment One. Over the last 8 years, they have been instrumental in the company’s extraordinary success in building a worldclass entertainment business. This remains an important investment for Marwyn and we continue to be excited by the scale of the opportunity that faces Entertainment One going forward."
