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FFI Holdings receives mandatory bid from private group Lumiere

The offer price is 25p per share, a 28% premium to the close on 1 July.

Hollywood
Film insurance suffered after Weinstein scandal

Film insurance group FFI Holdings PLC (LON:FFI) has received a mandatory takeover offer from Lumiere following its acquisition of chief executive Steve Ransohoff ‘s 30.1% stake.

The offer price is 25p per share, a 28% premium to the close on 1 July.

Lumiere already holds a substantial stake in FFI and with the addition of the shares of Ransohoff and his family, its stake will rise to 68%.

Once the offer completes, the intention is to delist from AIM said Lumiere.

FFI joined the junior market almost two years ago but struggled in the wake of the Weinstein scandal that led to a sharp drop in the number of films being produced.

Julian Bartlett, a non-executive director, said: "FFI's time on AIM has been blighted by a number of industry-specific headwinds which have largely been beyond our control; the diversification strategy we have followed will, we believe, in the longer-term bear fruit."

Josh Wander, a co-founder of 777, the group behind Lumiere, said FFI was a highly attractive company with a strong brand and a rich history in the entertainment industry.

The offer values FFI at approximately £39.5 mln.

Quick facts: FFI Holdings PLC

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AIM:FFI
Market: AIM
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