Spackman Entertainment Group Acquires Korean Film Production Company, Simplex

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  • Simplex is an early stage film production firm headed by veteran Korean producer, Ms. Lim Ji-young
  • Simplex’s first film, JESTERS: THE GAME CHANGERS, a historical comedy film starring Cho Jin-woong of THE SPY GONE NORTH (2018) and Son Hyun-joo of ORDINARY PERSON (2017), is expected to be released in August 2019 in Korea
  • Acquisition of Simplex enables the Group to expand its film production capacity annually and strengthen the performance of its film production business

SINGAPORE – Media OutReach – 15 July 2019 – Spackman Entertainment Group Limited (“Spackman Entertainment Group” or the “Company” and together with its subsidiaries, the “Group”), one of Korea’s leading entertainment production groups founded by media investor Charles Spackman, wishes to announce that the Company has entered into a sale and purchase agreement with four independent third parties to acquire the entire issued and paid-up share capital of Simplex Films Limited (the “Target Company” or “Simplex”) (the “Proposed Acquisition”).

The Target Company, a company incorporated in Hong Kong, owns 100% equity interest in Simplex Films Co., Ltd. which is founded on 9 May 2014 in the Republic of Korea. Simplex is an early stage film production firm headed by veteran Korean producer, Lim Ji-young. She has achieved the following accolades, namely, 2014 PGK (Producer Guild of Korea) Vice President, 2014 Winner for Best Female Producer of the 15th Annual Woman’s Film Awards, 2012 Grand Prize for Best Story for DEMI HUMAN from the Korean Creative Contents Agency and 2012 Grand Prize for Best Story for DEMI HUMAN from the Ministry of Culture, Sports and Tourism.

Simplex intends to produce top quality films to be theatrically released and distributed in Korea and overseas. Simplex shall first release its films initially in Korea and subsequently in post-theatrical markets such as cable television, broadcast television, IPTV, video-on-demand, and home video/DVD, etc.

Simplex’s upcoming film, JESTERS: THE GAME CHANGERS, a historical comedy film starring Cho Jin-woong of INTIMATE STRANGERS (2018) and THE SPY GONE NORTH (2018) and Son Hyun-joo of ORDINARY PERSON (2017), is expected to be released in August 2019 in Korea. The film, which is currently in the post-production stage, is distributed by Warner Bros. Korea and directed by Kim Joo-ho. Kim Joo-ho was nominated for the Best New Director at the 49th DAEJONG Film Awards and the 33rd Blue Dragon Film Awards. Notably, he won the Orient Express Award at the 33rd Fantasporto – Oporto International Film Festival.

John Ko, Chief Executive Officer of Spackman Entertainment Group said, “Through the acquisition of Simplex, the Group shall be able to expand its film production capacity and look forward to positive contribution from Simplex’s maiden film within this fiscal year.”

JESTERS: THE GAME CHANGERS relates the story of a ‘gang of clowns’ that manipulates rumors throughout the country and stirs the public. The ‘gang of clowns’ is discovered by Han Myung-hoe (played by Son Hyun-joo), the most powerful man in Joseon, and creates legendary stories about King Sejo (played by Park Hee-soon).

Simplex also has the following tentative pipeline of films, namely, A BOLT FROM THE BLUE, IRREVOCABLE PROMISE, OUR SUPERSTAR K, HAPPY MURDER, GIRL CRUSH and TEMPTATION. Directed by Kim Ji-mok, A BOLT FROM THE BLUE is a remake of a 2014 Japanese comedy drama and scheduled to start production in 2019.

The total purchase consideration for the Proposed Acquisition shall be 165,000,000 newly issued ordinary shares of the Company at S$0.02 per share, which was arrived at following arm’s length negotiations on a willing buyer, willing seller basis, as well as reviewing the average of the Group’s past one month’s volume weighted average price of approximately S$0.018, and taking into account, inter alia, the Target Company’s unaudited net profit before tax of KRW72,288,446 (approximately S$83,743)[1] for the period from 1 January 2019 to 31 May 2019.

The Group believes that the Proposed Acquisition can enable the Group to be better positioned to invest into Simplex’s pipeline of -quality films in terms of script and casting in order to seek higher returns as both a film producer and an investor.

The Proposed Acquisition is in line with the Group’s strategy of aggressively looking out for acquisitions that can add accretive value to the Group’s existing film production business. The Group views that Simplex is equipped with the capability to produce top quality films based on Ms. Lim Ji-young’s track record and experience in film production. The Proposed Acquisition also allows the sharing of networks and resources to bring about higher business synergy and efficiency in the Group’s film production business segment.

[1] 1KRW:0.0012SGD

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