Here it comes! Latest info I've got.
It appears that the Canadian lead banker (First Marathon) has had such good interest that they no longer need to seek a simultaneous US issue. Here's the details that I've learned:
Issue will be done only in Canada on the Toronto exchange (many US firms will allow you to buy in Canada, Merrill Lynch has exchange status).
They will issue approximately C$30million in stock, none of the current shareholders are selling a share (tell's you something since they know more about the company than anyone). I think their old parent (Alliance) may selldown some shares because they need the money.
Bankers will be: Lead - First Marathon, others--RBC Dominion, Yorkton.
All three have excellent media analysts.
Pricing, I'm told, is very attractive. I'm hearing it will be below Canadian comparables (Cinar, Nelvana) and way below US comparables (Pixar, Film Roman etc...). Reason being that they are supposed to be announcing a number of new projects in the next 3-4 months (new TV shows, movies etc...), but don't have them all nailed down in time for the offering. I suppose the prospectus will have more info.
Since we've been waiting for this, Pixar has moved up 50%, Disney has shown the value in these companies by purchasing 5% of Pixar and locking them up for 10 years. That helps Mainframe as one of the only independant, long-form CGI animators in the world.
Industy sources tell me that Mainframe's technology gives them a huge cost/time advantage in movie production.
Also, last but not least, I heard that Mainframe showed a phenomenal short movie at the IMAX booth at the recent ShowWest. It was a fully rendered short called "Sign of the Seahorse". People at the show were blown away, as was IMAX who saw it for the first time. Evidently, it's a movie they are working on with Paul Allen's entertainment company Storyopolis and Warner Brothers. Not bad partners. Maybe this will be the first movie deal they get.
Looking good. |
