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Author Topic: 2000AD Films PLC  (Read 3210 times)

Andy Diggle

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Re: 2000AD Films PLC
« Reply #15 on: 14 October, 2002, 08:13:06 pm »
I've just been assured that your interpretation of the prospectus is way off target, roystead.



If Rebellion don't raise the requisite amount by November 19th, they apparently return all the money, and also pay any expenses themselves.



If they do raise the requisite amount, they're legally obliged to spend it making films - so they can't just spend it on, say, a quarter of a million quid's worth of gobstoppers.



So that's all right then!



Unless you're a gobstopper wholesaler, in which case it's probably a bit gutting.



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gifle

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Re: 2000AD Films PLC
« Reply #16 on: 14 October, 2002, 08:19:41 pm »
If you had actually thought about reading the prospectus properly before sharing your wisdom with the world then maybe someone might take what you say as actually being of an informed nature and not just worthless tattle. As a potential investor, I have had my financial advisor look over the document in question. I note that the A shares owned by the directors who have to operate the company and make it a success are virtually valueless unless the owners of the B shares (investors) turn a profit, at which point directors are entitled to participate in the excess of the profits therein after. This to me seems a perfectly reasonable incentive for said directors to do evrything in their power to make this venture a success, otherwise what is the point of the whole excercise.
Furthermore, if the minimum amount required to operate the company has not been raised in a pre-determined time, then the offer will not proceed and all investment will be returned to you and I with no costs deducted.
You should note that this is a very common way for business in the UK to raise capital for funding business and offers very attractive tax breaks for its investors, which I have participated in before.

I will certainly be giving this venture a punt as an avid fan of 2000 AD since inception.

Jim_Campbell

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Re: 2000AD Films PLC
« Reply #17 on: 14 October, 2002, 08:39:52 pm »
++I've just been assured that your interpretation of the prospectus is way off target, roystead. ++



I agree that it's not a take-the-money-and-run deal, but I do have to say that it still _really_ doesn't look like a good deal [1], based on Roystead's other points, and sundry other little clauses in the prospectus, ie:



1) The B shareholders (that's you and me, BTW) put up all the money and only get half the profits.



2) The B shareholders can,at a liquidator's discretion, be made equally liable for the company's debts, despite only ever being in line for half the profits.



3) The A shareholders can be awarded unspecified bonuses in the form of B shares, meaning that, in addition to automatically being in line for half the profits anyway, the A shareholders can help themselves to a portion of the B shareholder's half.



4) The B shareholders have no voting rights, no right to attend AGMs and will not be told when and where AGMs will be held. This means that if (purely hypothetically) the B shareholders were of the opinion that the directors (also, not coincidentally, the A shareholders) were pissing their investment up the wall, they would have no means of expressing their displeasure to the board, short of private litigation or mass letter-writing campaigns.



Now, perhaps the tax breaks might be attractive to invesment companies and institutions, but a private investor contemplating raiding their savings might want to look elsewhere for additions to their investment portfolio.



No, no ... me and my barge pole will be steering well clear, thankyouverymuch ...



Cheers



Jim



[1] Please qualify all the following with the usual "I am not a lawyer"-type disclaimers ...
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Oddboy

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Re: 2000AD Films PLC
« Reply #18 on: 14 October, 2002, 10:00:06 pm »
If they do raise the requisite amount, they're legally obliged to spend it making films - so they can't just spend it on, say, a quarter of a million quid's worth of gobstoppers.

Depends... they might be making the sequal to "Mind the Oranges, Marlon" which involves a million gobstoppers.
Better set your phaser to stun.

Matt

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Re: 2000AD Films PLC
« Reply #19 on: 14 October, 2002, 10:06:36 pm »
Can't remember the gobstoppers, thought it was oranges.

Oddboy

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Re: 2000AD Films PLC
« Reply #20 on: 14 October, 2002, 10:58:23 pm »
THAT's why I said it would be a sequal...

I'll get me coat (and take it to a comedy club which has a higher level of audience who will appreciate my humour)


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Trout

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Re: 2000AD Films PLC
« Reply #21 on: 14 October, 2002, 11:23:45 pm »
Let's make a prequel!

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Trout

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Re: 2000AD Films PLC
« Reply #22 on: 15 October, 2002, 03:57:17 am »
I really think we need some proper advice here. Is there a lawyer in the house?

I have a (Scots) law degree but this really isn't my speciality. NB I am not a practising lawyer.

One possibility might be to draw up a basic partnership agreement or simply register a small company with Companies House, or whatever it's called in England and Wales.

We would provide investment capital for the company

(which, if it's set up like a charity, with shares limited by guarantee, might be able to avoid quite a lot of tax by itself)

and the company buys the shares.

Obviously, this creates admin, legal, accountancy costs, which would add to the financial burden, to a relatively small extent, that we as directors or members of the company would bear, but I reckon it's the simplest way of doing it.

Please don't be frightened of I'm getting a little technical; it's very simple, in Scotland at least, to set up a basic partnership.

That said, I'd prefer it if someone else took this on. I often feel like I'm on a million committees and right now I'm trying to scale down my involvement in various things.

Is the idea of buying into this thing unravelling as rapidly as it seems to be?

- Trout