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Author Topic: 2000AD Films PLC  (Read 3372 times)

Wake

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2000AD Films PLC
« on: 11 October, 2002, 05:27:18 PM »
The 2000AD Films share prospectus is now available to download. The current file is about 1 Mb, but a higher resolution 6 Mb file may be available later today.

No can someone with a legal mind work out whether the proposed group application can still work.

I guess tax is only a concern if the shares ever actually make a profit.

Wake

Link: 2000AD Films plc


Pagangirl

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Re: 2000AD Films PLC
« Reply #1 on: 11 October, 2002, 05:30:41 PM »
****I guess tax is only a concern if the shares ever actually make a profit. ***

Is that a teeny bit of pessemism I detect?

Oddboy

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Re: 2000AD Films PLC
« Reply #2 on: 11 October, 2002, 06:01:21 PM »
Looks like it'll be fun.
Make sure whoever fills it in for us ticks the D'yer Wanna Be An Extra? box.

Will we all be allowed to go to the premiere? on is it one ticket per application?

Then again, if we all went to the premiere then who'd be paying see it?  Better we pay our ticket money & then the film flops...
Better set your phaser to stun.

sigu

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Re: 2000AD Films PLC
« Reply #3 on: 11 October, 2002, 07:34:31 PM »
nice logo.

Do you know where we can write off for a proper paper version?

SiG

Oddboy

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Re: 2000AD Films PLC
« Reply #4 on: 11 October, 2002, 07:41:15 PM »
Website Download: http://www.2000adfilms.com

Email Request: df@2000adfilms.com

Postal Request: 2000AD Films Plc
Pinewood Studios
Pinewood Road
Iver Heath
Buckinghamshire SL0 0NH
United Kingdom


Phone request: 01753 657104
Better set your phaser to stun.

Buddy

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Re: 2000AD Films PLC
« Reply #5 on: 11 October, 2002, 08:50:02 PM »
As much as I'd love for this to happen, the chances of anything actually gettin' made is remote at best.

I remember seeing production sketches for the Stronty Dog (TV?) movie years ago. That bit the dust when it was discovered that some money would actually have to be spent to make it.

Same thing's gonna happen here, great ideas, no dosh.

Here endeth the rant

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critter

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Re: 2000AD Films PLC
« Reply #6 on: 12 October, 2002, 08:09:16 PM »
"you are a resident of the United Kingdom or acting on behalf of a resident of the United Kingdom; and"

Does this mean I can't participate because I Live in the US?

Will

roystead

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Re: 2000AD Films PLC
« Reply #7 on: 12 October, 2002, 08:47:47 PM »
OK, I'm officially not interested in this venture.

For reasons, look at clause 3.2 of the prospectus, which essentially seems to say "we just want your money, we'll decide what to do with it and we'll keep most of the profit for ourselves".

Details: There are two types of share - A and B. There are 200 "A" shares, retained by the company directors, and 6,000,000 "B" shares, which are the ones being sold.

Each of the 6,000,200 shares costs the same amount. Only "A" shares can vote on what the company does. If there's any profit (or any income from the shares at all) then it gets split in half, with half given to "A" shareholders and the other half to "B" shareholders.

Example - say the movie is made and it makes a profit of ?1,000,000. Each "A" shareholder receives ?2,500 per share out of that profit, while each "B" shareholder receives 8p per share out of that profit.

If there's a loss, the loss does not appear to be divided in quite the same way (see 3.2.4(ii)), with the liquidator having the discretion to share liability for any debts incurred by the company between all shareholders, "A" and "B".

Not content with this bet-hedging, the directors also seem to have allowed for their own share options (clause 3.2.7 - holders of "A" shares can obtain a shedload of "B" shares for free, thus diluting the value of other "B" shares, if anyone ever decides to buy or float the company). There's also a clause that the film won't be made if the company hasn't raised ?250,000 by November 19th.

It's not clear to me what right, if any, "B" shareholders would have to a (partial or full) refund at that point, or what liability they might have for any debts incurred in the interim.

I'm not a lawyer or an accountant, so it's possible that my analysis is completely wrong here. I am used to reading and negotiating business contracts, though. And personally I wouldn't touch this one with a stick of any size - it looks to me like the "B" shareholders (you and me) pay all the money and take all the risks while the "A" shareholders (the company directors) retain all the control, offset their risks and make the vast bulk of any profit.

GordonR

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Re: 2000AD Films PLC
« Reply #8 on: 12 October, 2002, 10:26:54 PM »
>>Does this mean I can't participate because I Live in the US?

That would be my understanding, yes.

These Enterprise Investment things are partly intended as tax shelters, or at least sources of tax relief.  UK residents who invest in them can then possibly claim some money off their income tax payments, the government's idea being, I suppose to encourage people to invest in UK-based enterprises.

The prospectus does mention the tax relief part, hecen why the scheme is only open to UK tax payers.

DavidXBrunt

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Re: 2000AD Films PLC
« Reply #9 on: 13 October, 2002, 12:18:32 AM »
But if you want to buy some send me ?2000 and I'll invest it for you. Wisely.

Something Fishy

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Re: 2000AD Films PLC
« Reply #10 on: 13 October, 2002, 02:34:48 AM »
I'd still like to put me money in because i like the idea and i suppose i must be stupid.

Andy Diggle

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Re: 2000AD Films PLC
« Reply #11 on: 13 October, 2002, 09:54:11 PM »
Interesting. Thanks for the legal walkthrough, roystead.

So if 2000AD Films plc fails to raise the requisite ?250,000 by November 19, what happens to all the money they *have* raised?

And even if they do raise the requisite amount, are they under any obligation to actually spend it trying to make a film?

roystead

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Re: 2000AD Films PLC
« Reply #12 on: 13 October, 2002, 11:50:06 PM »
"So if 2000AD Films plc fails to raise the requisite ?250,000 by November 19, what happens to all the money they *have* raised?"

That's not clear to me, from the prospectus. It looks like they deduct expenses, keep half of it to share amongst "A" shareholders and return the other half to "B" shareholders. BUt I can't be sure.

"And even if they do raise the requisite amount, are they under any obligation to actually spend it trying to make a film?"

An interesting question - again, it's not clear to me from this prospectus.

Jim_Campbell

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Re: 2000AD Films PLC
« Reply #13 on: 14 October, 2002, 05:40:48 PM »
++"So if 2000AD Films plc fails to raise the requisite ?250,000 by November 19, what happens to all the money they *have* raised?"



That's not clear to me, from the prospectus. It looks like they deduct expenses, keep half of it to share amongst "A" shareholders and return the other half to "B" shareholders. BUt I can't be sure. ++



Erm ...



From Page 25 of the Prospectus:



"If the Minimum Subscription is not received within 40 days of the issue of this prospectus, the Film will not proceed and applicants will be refunded their subscription money in full."



Which is not to say that I think it's a good deal - quite the reverse, in fact, since I agree completely with Roystead other than on this point.



I would also like to draw attention to the following (Article 3.2.2. p19):



"No holder of B Shares shall have the right to receive notice of, attend, speak or vote at any general meeting of the Company."



At which point, my interest in this project officially fell to 'zero'. If I'm expected to be part of the group putting up the vast majority of the capital, then I damn well expect to have some voting rights.



Cheers



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Tex Hex

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Re: 2000AD Films PLC
« Reply #14 on: 14 October, 2002, 05:58:08 PM »
Ive not read it, but I gather its more like 2000ad Films Charity? If I dont get to walk about on set with a cigar then what's the point?