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RGM raises $22m from investors, burns through cash
[Wed 09/02/2011 12:48:22]
By Brendan Swift
RGM Media has raised more than $22 million to continue its push into film and TV production after the company burned through $1.25 million in cash during the last quarter.
The fledgling media conglomerate posted revenue of $694,581 in the first quarter of the financial year although total operating and investing cash flows were $1.25 million in the red, according to an announcement last week. During the first half of the financial year, the company’s total cash flows were $4.53 million in the red although its capital raising has given it a large operating buffer.
The former talent agency was founded by Robyn Gardiner and is pursuing plans to become a TV and film production house after listing on the ASX last year.
It recently appointed executive Greg Coote as chairman after he played a key role in sealing a deal with Fox International Productions to co-finance films aimed at non-English speaking markets such as China and India.
Late last month, the company raised $22.62 million – $6.85 million from private investors and the remainder from major shareholder RGM Entertainment Pte Ltd. Incoming chairman Greg Coote said: “This placement enables us to expand upon the solid foundation we have established in the media and entertainment sector and grow our slate of major US production and non-English focused films.”
A spokesman said further details about its Point Break 2 feature film project would be released in the near future.
The company has spent millions on the long-delayed follow up to the Keanu Reeves-Patrick Swayze hit, which was most recently expected to begin production in 2010.
