Photon Kathaas Productions Ltd Trading Statement (2462R)
October 24 2013 - 2:00AM
UK Regulatory
TIDMPKP
RNS Number : 2462R
Photon Kathaas Productions Ltd
24 October 2013
Photon Kathaas Productions
Update
Further to the announcement made on 30 July 2013, the Board of
Photon Kathaas Productions Ltd (PKP) wishes to provide the
following update:
The audited accounts for the year ended 31(st) December 2012 and
the half year unaudited accounts for the six months to 30(th) June
2013 have been delayed due to the need to provide sufficient
evidence of working capital adequacy.
It had been expected that a large budget film would have
commenced production by now which would have released additional
funds to PKP and in addition a smaller budget film which has been
completed was intended for release in October. However the large
budget film has been now deferred to 2014 and the smaller budget
film has suffered a delay in release due to political problems
concerning the division of the Telagu State in the State of Andhra
Pradesh unrelated to PKP where is was to be shown. Once these local
problems are resolved the film can be released and that in turn
will release additional funds to PKP.
Notwithstanding these problems PKP has agreed in principle
external funding for a $3m film which is due to commence production
early in November. In addition it is in active discussions with
regard to a number of additional productions scheduled for
2014.
Assuming that the November production proceeds to plan, that
further films are agreed over the next few weeks for production in
2014 and adequacy of future working capital is resolved it is
anticipated that final audited accounts for December 2012 and the
half year accounts should be completed by early December thus
enabling listing to be restored.
A further announcement will be made as soon as more definite
information is available with regard to the projects referred to
above.
Enquiries
Photon Kathaas
Michael Rosenberg 020 7938 4026
Venkat Somasundaram, Chief Executive +65 6224 4991
Cantor Fitzgerald Europe (Nominated Adviser) 020 7894 7000
Rick Thompson (Corporate Finance)
Mark Percy (Corporate Finance)
This information is provided by RNS
The company news service from the London Stock Exchange
END
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