London, 19 December 2018
Grand Vision Media
Holdings plc
(“GVMH” or the
“Company”)
Clarification on
Media Network
GVMH has issued the following clarification.
On 6 December 2018 SMI Holdings
Limited (“SMI”), a cinema operator and deployment partner of GVMH,
made an announcement on the Hong Kong Stock Exchange.
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
http://www.smi198.com/attachment/2018120623020100003345138_en.pdf
**ENDS**
For further information, photos and enquiries please
contact:
Grand Vision Media
Holdings plc |
Jonathan
Lo / Ajay Rajpal
info@gvmh.co.uk |
Tel: +44 (0) 20 7866
2145 |
Alfred Henry Corporate
Finance Ltd, Corporate Advisor |
Nick
Michaels / Jon Isaacs
enquiries@alfredhenry.com |
Tel: +44 (0) 20 3772
0021 |
Alexander David
Securities Ltd, Broker |
David
Scott
david.scott@ad-securities.com
James Dewhurst
james.dewhurst@ad-securities.com |
Tel: +44 (0) 20 7448
9820 |
Keene Communications,
Public Relations |
Alex
Glover
alex@keenecomms.com |
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 are deploying 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.