Everyman Chief bets on James Bond box office appeal
CEO Alex Scrimgeour’s purchase of £ 57,448 worth of shares in film company Everyman Media was announced just ahead of the much-delayed James Bond film’s opening weekend, No time to die.
The film grossed £ 21million in its first three days in UK cinemas which was more than its predecessors Fall from the sky and Spectrum made in their opening weekends. It has also become the biggest source of money for UK cinemas since the pandemic began after just four days, according to the industry headline. International Screen.
While the reappearance of Britain’s most famous spy on the big screen may have shaken the UK film industry, it did not shake the share price of Everyman, who was only trading in 2 pence above the 130 pence that Scrimgeour bought its shares on September 24.
Everyman Media Group is a chain of 35 cinemas aimed at the high-end segment of the market, with comfortable sofas and special and one-off screenings of live events. Its largest shareholder is Blue Coast Long-Term Private Equity with a 19 percent stake, but Blackrock and Canaccord Genuity also have significant stakes of 9.5 percent and 9 percent, respectively.
The company raised £ 17.5million through a private placement at the start of the pandemic when it became clear that cinemas may have to go long periods of time without revenue. They remained closed until May 17 and, even then, were operating at limited capacity. As a result, his first half loss as of July 31 was £ 9.2million on income of £ 7.7million, which included £ 3.7million in Covid-19 support loans. . Scrimgeour, who joined Everyman in January after leading Cote Restaurants, expressed confidence in the company’s prospects when releasing interim results last month, saying attendance on September 19 had already reached 80% of levels before the pandemic. The company plans six new openings by the end of next year, with the first scheduled to open at London’s Borough Market in December.
Petershill Partners board members buy shares at listing price
The financial industry never seems to run out of ideas on how to generate fees on its own, with the waterline from Petershill Partners the last example. Petershill, majority owned by funds managed by investment bank Goldman Sachs, buys general partner stakes in private equity firms, hedge funds and other alternative asset managers.
It has stakes in 19 mid-sized companies with between $ 2 billion and $ 15 billion in assets under management, a sector of the market that has grown faster over the past decade than mega-companies managing $ 15 billion. dollars or more, according to its prospectus. He has invested in venture capitalists General Catalyst and Industry Ventures, buyout firms Harvest Partners and Accel-KKR, and hedge funds including Caxton Associates and LMR Partners.
The companies he has invested in have $ 187 billion in assets under management and the reduction in revenue for Peterhill’s partners last year increased 15% to $ 313 million. The alternative asset sector, which includes private equity, private credit, hedge funds, infrastructure funds and real estate funds, has experienced compound annual growth of over 10% per year over the past decade. , according to data provider Preqin. He estimates that the industry will continue to grow 9.8% per year between 2020 and 25, when it will manage assets worth around $ 17.2 billion.
Growth is driven by institutional investors who increase their allocation to alternative assets in a market lacking in yield.
Petershill Partners raised £ 1.2bn when it went public, valuing it at £ 4bn. Three board members took stakes in the company at its offering price of £ 3.50 per share at the start of trading on October 1, with chairman Naguib Kheraj investing £ 750,000 and independent non-executives Erica Handling and Mark Merson buying shares worth around £ 300,000 and £ 400,000, respectively.
Petershill shares traded widely sideways from the float. Its main competitor in the market for buying GP shares is Blue Owl, the US-based company that went public on the New York Stock Exchange in December of last year. Since listing, its shares have jumped more than 50 percent to $ 15.59.