By Brendan Swift
Biosignal – soon to be renamed RGM Media – has raised just over $4 million to expand the talent agency into a global media and entertainment business.
The company now plans to finalise its acquisition of RGM Group according to an Australian Securities Exchange statement released today.
RGM has previously said it planned to spend about $2.42 million of the proceeds to produce action film Point Break 2; about $736,000 to expand its artist management services and increase the size of its content development and management teams; and about $300,000 on a new TV joint venture with Mark Burnett International.
An estimated $547,000 will be used to pay off the costs of the capital raising, including $340,000 in commissions paid to brokers who sold the offer to the public.
The Singapore-based company was founded by Robyn Gardiner in 1982 and is best known for co-representing high profile actors such as Cate Blanchett.
RGM's move into film and TV production marks a new direction for the company, which generates the bulk of its revenues by taking a 10 per cent commission on artists' earnings and 12 per cent for literary clients.