LONDON: Great Point Entertainment Income Trust (GPEIT) announced its intention to launch an initial public offering (IPO) on the Specialist Fund Segment of the Main Market of the London Stock Exchange, by way of an initial placing and offer for subscription for a target issue of 200 million ordinary shares of £0.01 each at an initial issue price of £1.00 per Ordinary Share.
The Prospectus is expected to be published on or around 11 February 2021.
Great Point Entertainment Income Trust PLC is a newly established, externally managed closed-ended investment company.
The Company will provide project finance to content makers and commissioners in the global television and film production industry via senior loans secured against pre-sold intellectual property (IP) rights.
GPEIT’s investment objective is to provide Shareholders with dividend income and modest capital growth through exposure to media content finance.
In order to achieve this objective, the Company will create a portfolio of senior loans – the counterparties of which will include broadcasters like the BBC, ITV, Sky and Channel 4 in addition to streaming platforms such as Netflix and Amazon Prime Video.
The Company’s Investment Adviser, Great Point Investments Limited, has a proven track record for funding high quality productions which have completed and delivered on time and on budget.
The Investment Adviser’s team has produced, financed and distributed £2 billion of content, with £488 million invested in content production since 2013. This comprises over 400 film and TV production credits and 180 projects financed since 2013.
The Investment Adviser backs high-quality theatrical and television films, series, and mini-series, leveraging its close relationships with some of the best production companies in the UK, US, and abroad. Projects have featured on UK broadcast television, US cable networks, online streaming services, and in world-class film festivals including Sundance and the Berlinale.
By leveraging the Investment Adviser’s strong relationships within the industry, GPEIT will aim to source lucrative opportunities that will benefit its investors and, in so doing, develop the Company’s position to become the pre-eminent independent global financier of media content.
Nplus1 Capital Markets Limited (“N+1 Singer”) is acting as sole bookrunner and financial adviser to the Company.
Norman Crighton, Chairman of Great Point Entertainment Income Trust PLC, said: “We are excited to offer investors access to the production of film and television content through a London-listed investment trust. This is the first of its kind and an opportunity for investors to tap into a market that has proved resilient to both economic downturns and COVID-19, whilst being anchored by some of the world’s biggest media and technology businesses such as Amazon, Netflix, Disney, Apple, Google and Facebook.”
“GPEIT will provide investors with an attractive income stream and modest capital growth achieved through a portfolio of senior loans secured against pre-sold IP rights to finance the production of film and television content. In doing so, GPEIT provides a robust alternative income strategy uncorrelated to traditional financial markets which is highly appealing to investors.”
“In Great Point Investments Limited, we have an investment adviser with an unrivalled expertise and track record in delivering successful projects in this sector and we are excited to offer investors access to a listed investment company under their stewardship.”
“I look forward to harnessing the team’s knowledge and expertise to help us capture value for investors and support the continued growth of the media sector in the UK and beyond.”
Jim Reeve, Group CEO of Great Point, said: “The prospect of listing GPEIT and enabling investors to access a sector that is experiencing unprecedented levels of demand worldwide is very exciting. The Great Point team have the track record and expertise to become the first UK-listed investment trust to provide exposure to the production of media content. We look forward to having the opportunity to develop and diversify the business further as a listed company in London.”
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