SINGAPORE — Media OutReach — 22 December 2017 — Spackman Entertainment Group Limited (“Spackman Entertainment Group” or the “Company” and together with its subsidiaries, the “Group”) (Stock Quote: SGX: 40E), one of Korea’s leading entertainment production groups founded by Mr. Charles Spackman, wishes to announce that the Company has entered into a sale and purchase agreement with independent third parties to acquire the entire issued and paid-up share capital of the Constellation Agency Pte. Ltd. (“Constellation Agency”) (the “Proposed Acquisition”).
Constellation Agency is primarily involved in the business of representing and advising Korean artists in overseas markets outside of Korea. It acts as agent and advisor to a selective group of major Korean artists in entertainment content projects, events, and commercial endorsements in overseas markets, namely, in Greater China, Southeast Asia, and the U.S.
Constellation Agency owns The P Factory Co., Ltd. (“The P Factory”), an innovative marketing solutions provider specializing in event and branded content production. The P Factory leverages on its expertise across film, television, digital media, music, and access to key talent to originate and execute creative marketing strategies that enhance the marketing position of brands of various consumer products and services.
Constellation Agency also owns Platform Media Group Co., Ltd. (“PMG”), a talent management agency which represents and manages the careers of major artists in film, television, commercial endorsements, and branded entertainment. The artist roster of PMG includes drama and film artists such as Wang Ji-won (ONE LINE 2017, HOSPITAL SHIP 2017), Lee Ji-hun (I CAN SPEAK 2017, THE UNIVERSE’S STAR 2016), Han Ji-an (MARITAL HARMONY 2017, THAT SUN IN THE SKY 2016) and Oh Cho-hee (BLACK 2017, VOICE 2017).
The total purchase consideration for the Proposed Acquisition shall be 144,770,861 newly issued ordinary shares of the Company at S$0.115 per share, which was arrived at following arm’s length negotiations on a willing buyer, willing seller basis, and taking into account, inter alia, the Constellation Agency’s unaudited net profit of US$1.2 million (approximately S$1.6 million) for the period from the date of its incorporation to 30 November 2017 and its unaudited net asset value of US$3.6 million (approximately S$5.0 million) as at 30 November 2017.
Originally published at The Neo Dimension.