Norwegian airline-owner Kjos has invested millions on the company behind the film about Morgan Kane.
Two of Norway’s richest men are betting money on the film franchise about the notorious gunslinger. In addition to Kjos, shipping and real estate billionaire Arne Blystad’s money is also going to the company behind the project, WR Entertainment ASA.
The total investment to the 2 billionaires was around NOK 27.5 million for the film project, according to a stock exchange release the company sent out.
Impressed by Blystad and Kjos
The two large investors were brought in to invest money into WR Entertainment ASA under the leadership of the company’s CEO Tasmin Lucia-Khan.
“Both Kjos and Arne Blystad are impressive businessmen, not only in Norway, but also by international standards” says Lucia-Khan.
She says that the money from Kjos and Blystad will not go to the movie itself, but for working capital in WR Entertainment. The film is being financed through a SPV.
Movie recording starts soon
“Right now, Morgan Kane movie is what we call pre-production. Over 300 people will be working on this movie, and at this stage of the process, we are location scouting and the lead playing Morgan Kane has started stunt training. Pre production phase will be a few months – then all steam ahead for Production when filming starts,” says CEO Tasmin Lucia-Khan.
The company will issue roughly 15 million new shares, with a price of two crowns per share. The private placement yields 30.1 million kroner to the movie project. On the Merkur Market, WR Entertainment’s exchange rate has been around four per share, so the private placement towards Arne Blystad and Kjos is half the market price.
Why do you sell these for two kroners per share?
“It’s obviously lower, but what we need now is a solid foundation and working capital for the company and it’s projects. So I’m not worried about the price reduction”, says Tasmin Lucia-Khan.
The company will have an extraordinary general meeting on April 1 to adopt the private placement towards the two Norwegian billionaires.
“A strategic group”
In addition to Kjos and Arne Blystad is also a number of other investors, among them Frode Foss and Thomas Raaschou. Manager wrote about the film project in early January, when the company behind the film project was listed in Oslo.
Read about the Morgan Kane films being a billion kroner adventure.
The company owns the book and film rights to 83 books on the famous gunslinger. The films will be shot in Mexico, and production has been waiting for funding but now is ready to go.