Greenlight Content is primarily involved in the business of investing into dramas and movies, as well as providing consulting services for the production of Korean content

 

Greenlight Content is a main investor of the Group's first co-produced drama TERIUS BEHIND ME, a romantic comedy mystery drama starring So Ji Sub of the Group's associated company, Spackman Media Group

 

Acquisition of Greenlight Content allows the Group to reinforce its foothold into the Korean drama sector and raise the utilization rate of Spackman Media Group to participate into the highest quality entertainment content projects

 

SINGAPORE -- 19 October 2018 - Spackman Entertainment Group Limited ("Spackman Entertainment Group" or the "Company" and together with its subsidiaries, the "Group"), one of Korea's leading entertainment production groups founded by financier Charles Spackman, wishes to announce that the Company has entered into a sale and purchase agreement with four independent third parties (the "Vendors") to acquire the entire issued and paid-up share capital of the Greenlight Content Limited (the "Target Company" or "Greenlight Content") (the "Proposed Acquisition").

 

The Target Company owns 100% equity interest in Greenlight Content Co., Ltd. which is incorporated in the Republic of Korea. Greenlight Content is headed by Mr. John Ko ("Mr. Ko"), one of the Vendors and the Chief Executive Officer of Greenlight Content Co., Ltd. He is a 20-year veteran in the media and technology industry. Mr. Ko's current and previous clients include Sidus Pictures, a film production and distribution company based in Korea, and Mongjakso Co. Ltd., a Korean producer of TV dramas.

 

Greenlight Content is primarily involved in the business of investing into dramas and movies, as well as providing consulting services for the production of Korean content. 

 

It is also one of the main investors of the Group's first co-produced drama, TERIUS BEHIND ME, a romantic comedy mystery story starring top Korean actor So Ji Sub of the Group's associated company, Spackman Media Group Limited ("Spackman Media Group"). TERIUS BEHIND ME led viewership ratings on the day of its premiere, 27 September 2018, in Korea. According to Nielsen Korea, the hit TV drama scored high premiere viewership ratings of 7.5%, 8.7%, 7.2% and 7.4% for the first four episodes released on the day of its premiere.

 

The total purchase consideration for the Proposed Acquisition shall be 150,000,000 newly issued ordinary shares of the Company at S$0.046 per share, which was arrived at following arm's length negotiations on a willing buyer, willing seller basis, as well as reviewing the average of the Group's past one month's volume weighted average price of approximately US$0.043, and taking into account, inter alia, Greenlight Content's unaudited net profit of US$938,916 (approximately S$1.3 million[1]) for the period from 1 January 2018 to 30 September 2018 and the unaudited net asset and net tangible asset value of US$1.3 million (approximately S$1.9 million1) and US$1.0 million (approximately S$1.4 million1) as at 30 September 2018.  

 

The Group views that the Proposed Acquisition is in line with the Group's strategy of expanding its business scope to the production of TV dramas as well as participating into high quality content projects. The Proposed Acquisition shall enable the Group to accelerate its access into these top-tier projects and reinforce the Group's foothold in the Korean drama sector which the Group has already launched entry into, starting with its first co-produced drama. 

 

In addition, Greenlight Content's unique strength as a consultant can allow the Group to better coordinate potential pairing of new content projects with the talent management platform of Spackman Media Group.

 

The Group believes that Greenlight Content is well-positioned to raise the utilization rate of Spackman Media Group as the Group continues to leverage on its talent management platform to participate into and actively fill roles in top quality entertainment content projects. (mor/*).