TIDMPKP

RNS Number : 2462R

Photon Kathaas Productions Ltd

24 October 2013

Photon Kathaas Productions

Update

Further to the announcement made on 30 July 2013, the Board of Photon Kathaas Productions Ltd (PKP) wishes to provide the following update:

The audited accounts for the year ended 31(st) December 2012 and the half year unaudited accounts for the six months to 30(th) June 2013 have been delayed due to the need to provide sufficient evidence of working capital adequacy.

It had been expected that a large budget film would have commenced production by now which would have released additional funds to PKP and in addition a smaller budget film which has been completed was intended for release in October. However the large budget film has been now deferred to 2014 and the smaller budget film has suffered a delay in release due to political problems concerning the division of the Telagu State in the State of Andhra Pradesh unrelated to PKP where is was to be shown. Once these local problems are resolved the film can be released and that in turn will release additional funds to PKP.

Notwithstanding these problems PKP has agreed in principle external funding for a $3m film which is due to commence production early in November. In addition it is in active discussions with regard to a number of additional productions scheduled for 2014.

Assuming that the November production proceeds to plan, that further films are agreed over the next few weeks for production in 2014 and adequacy of future working capital is resolved it is anticipated that final audited accounts for December 2012 and the half year accounts should be completed by early December thus enabling listing to be restored.

A further announcement will be made as soon as more definite information is available with regard to the projects referred to above.

Enquiries

Photon Kathaas

    Michael Rosenberg                                                         020 7938 4026 
    Venkat Somasundaram, Chief Executive                           +65 6224 4991 
    Cantor Fitzgerald Europe (Nominated Adviser)          020 7894 7000

Rick Thompson (Corporate Finance)

Mark Percy (Corporate Finance)

This information is provided by RNS

The company news service from the London Stock Exchange

END

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