SMI announced that it was short of sufficient working capital to support its business operations. As a result, around 140 of the 320 cinemas operated by SMI have temporarily suspended operations, of which around 11 may be closed in the near future. SMI is pursuing its refinancing arrangements.
GVMH currently has 44 panels installed in SMI cinemas. We confirm that none of the panels are in any of the temporarily suspended sites or at those sites marked for closure. We further confirm that we continue to receive new advertising orders including for those panels located at the SMI cinemas.
GVMH is currently reviewing the situation with respect to SMI and will provide an update on any actions that we may implement as a result. The problems at SMI are not expected to have any material impact on GVMH’s business model. We confirm that we are not owed any monies by SMI. As stated above, SMI is a deployment partner, not a customer of GVMH. GVMH continues to manage its current portfolio of cinema locations to maximise audience reach, and is continuing the rollout of panels to other cinema locations.
The full SMI announcement can be viewed here
For further information, photos and enquiries please contact:
|Grand Vision Media Holdings plc||Jonathan Lo / Ajay Rajpal
|Tel: +44 (0) 20 7866 2145|
|Alfred Henry Corporate Finance Ltd, Corporate Advisor||Nick Michaels / Jon Isaacs
|Tel: +44 (0) 20 3772 0021|
|Alexander David Securities Ltd, Broker||David Scott
|Tel: +44 (0) 20 7448 9820|
|Keene Communications, Public Relations||Alex Glover
|Tel: +44 (0) 7887 610335|
Company web site: www.gvmh.co.uk
Notes to Editors
Grand Vision Media Group is an integrated out-door digital media company with a difference. We aredeploying innovative display and marketing technologies at strategic, high-traffic locations. Our glasses-free 3D technology in digital out-of-home (OOH) media is enabling advertisers to engage with affluent consumers in important and growing markets such as China and elsewhere around the world.