Monday, March 12, 2012


date: Mon May 12 11:41:20 2008
from: Keith Briffa <>
subject: Re: FW: Re SCM Entertainment
to: "Carey, Gerald" <>

I would prefer to let this offer lapse - not worth the bother even if the takeover does
materialise. Thanks
At 11:05 12/05/2008, you wrote:

Herewith e mail of 30 April.

From: Carey, Gerald
Sent: 30 April 2008 12:06
To: 'Keith Briffa'
Subject: Re SCM Entertainment
Dear Keith,
SCI Entertainment have announced a placing and open offer of shares to raise �56.5m.The
terms are 8 shares for every 9 shares held @35p.The current buying price in the market
is 50.75p.
As you may know,there is speculation the company is in bid talks.The cash raising equity
issue is being made to address projected year end debt of �42m and a borrowing facility
of �20m.The new management id reducing staffing levels by 25% and refocusing the
business on its core franchises and key studios.This is sensible but a bit late.The
management is forecasting revenues of c�200m and margins within the industry range.
Last time, take over negotiations floundered on price.It is being speculated that
current negotiations may be pitched around 80p.Taking up the open offer would be a
gamble either that a take over goes through or that,if the company stays
independent,the new management can improve the trading performance .Failing both,I would
certainly advise against putting any more money into the company.As in all speculated
take over situations,I do not know what will happen for sure.If you wish to
gamble,please let me know and I will arrange for the open offer to be taken up.Based
upon your holding of 393 shares in your ISA ,you are entitled to take up 349 shares at a
cost of �122.15.We have plenty of cash here on deposit.
I look forward to hearing fro you.
Kind Regards.

Gerald Carey
Divisional Director-Private Clients
Tel:0845 213 3288
Fax:0845 213 3627

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Professor Keith Briffa,
Climatic Research Unit
University of East Anglia
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