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| Strives to Maximize the Value of the Group Through Concerted Effort and Long-term Engagement of the Management |
HONG KONG, May 14, 2015 - (ACN Newswire) - Digital Domain Holdings Limited ("DDHL" or the "Company", and together with its subsidiaries, the "Group") (stock code: 547) has announced today that Mr. ZHOU Jian, a substantial shareholder of the Company entered into a legally binding memorandum of understanding (the "MOU") with Mr. SEAH Ang ("Daniel SEAH"), Chairman and CEO of the Company, pursuant to which Mr. ZHOU intended to transfer 2,458,171,442 ordinary shares, representing 25% of the issued capital of the Company to Mr. SEAH and/or the parties designated by Mr. SEAH. After the completion of the share transfer, this 25% of the issued capital of the Company is to be used for the establishment of a share incentive scheme for the benefit of the existing and future management of the Group, demonstrating management's strong confidence in the Group's business development prospects over the long term. The aggregate consideration of the share transfer is approximately HK$3,972.4 million, calculated based on the price of HK$1.616 per share.
Mr. Daniel SEAH, Chairman and CEO of Digital Domain Holdings Limited, said, "We are very optimistic about the Group's future growth. We think it is important to align the interests of the management and shareholders of the Company so as to speed up the realization and fast development of our strategic goals. Therefore, we have decided to launch the share incentive scheme for the management team with 25% of the issued capital of the Company, so as to maximize its value through the concerted effort and long-term engagement of the management. In the past year, we have taken a number of significant steps in terms of restructuring the Group's organization, forging strategic alliances and identifying growth areas with an aim to emerge as a leading content provider in the entertainment field. Looking ahead, we are very confident we can achieve new heights in business development and create constant return to the shareholders."
Leveraging VFX's strong technical knowhow, DDHL has marked its official entry into the entertainment business through acquiring the VFX production business in July 2013. With a solid track record of more than 100 Hollywood movies and more than 1,000 advertising videos, music videos and games as well as partnerships with international film production houses and famous brands including Universal, Warner Bros., Disney, etc, DDHL is well-equipped for further business expansion in various aspects of the entertainment field. In the past year, DDHL has successfully forged a number of major strategic alliances to further diversify the Group's revenue sources and enrich its content portfolio, including the formation of a joint venture ("JV") company for the business of 3D-reproductions of Teresa Teng's image and the JV partnership with Immersive Media to create leading-edge immersive video content and services - IM360, etc. The overwhelming response on DDHL's latest project - Teresa Teng's 20th Anniversary Memorial Virtual Human Concert - has successfully showcased DDHL's expertise and strength in the entertainment industry. In addition, through the JV partnership with POW! Entertainment, DDHL is to develop, produce, and distribute projects based on certain characters and other content developed by POW! or by the two parties jointly for distribution around the world, marking a milestone for DDHL in becoming a major creative content provider. Looking ahead, the Group continues to explore other potential opportunities for the benefit of its shareholders and investors.
About Digital Domain Holdings Limited
Digital Domain Holdings Limited ("DDHL" and together with its subsidiaries, the "Group") is listed on the Main Board of The Stock Exchange of Hong Kong Limited (stock code: 547). DDHL is a diversified investment holding company with its operating and investment businesses spanning Hong Kong, the United States, Canada, Mainland China and other countries, encompassing such businesses as media entertainment, visual effects production, co-production of movies, property investment, trading, etc.
On 4 July 2013, the Group acquired Digital Domain 3.0 Group comprising Digital Domain 3.0, Inc., Digital Domain Productions 3.0 (BC), Ltd. and Mothership Media, Inc. Digital Domain 3.0 Group has a history of about 20 years and has manifested itself as the leading digital production company. As one of the biggest VFX service providers in the US media industry, it is mainly engaged in the production of VFX, animations and movies. Digital Domain 3.0 Group is the creative force behind some of Hollywood's biggest blockbusters, including Fast & Furious 7, Iron Man 3, the Transformers trilogy, Maleficent and the X-Men franchise with its cutting-edge visual effects technologies.
The Group will continuously explore business opportunities in our new domain of business, and will pursue other strategic investments, to create benefits for its shareholders and investors and to develop more business opportunities with greater potential. Company website: www.ddhl.com
For enquiries:
Strategic Financial Relations Limited
Katrina Leung +(852) 2864 4857 katrina.leung@sprg.com.hk
Jovanni Cai +(852) 2114 4937 jovanni.cai@sprg.com.hk
Isabel Kwok +(852) 2864 4824 isabel.kwok@sprg.com.hk
Fax: +(852) 2527 1196
Topic: Press release summary
Source: Digital Domain Holdings Limited
Sectors: Film & Video, Daily Finance, IT Individual
https://www.acnnewswire.com
From the Asia Corporate News Network
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