Troubled UK production outfit Parallel Pictures is planning a rebirth as part of a new Internet group backed by Easynet co-founder Keith Young and Rank Group former director of treasury Clifford Perkins.
Parallel, whose shares have been suspended since October, aims to raise £3m to push into business-to-business Internet activities. The group will change its name to Netb2b.
Funding for the move is to come through placing 150 million new shares at two pence per share, with 15.2 million shares available to existing shareholders under an open offer.
Young, who will become executive chairman, will invest £750,000 under the placing and own 23.1 % of the company. Perkins will invest £100,000 and become chief operating officer.
Parallel joint head Bill Chamberlain said that Parallel will continue to be involved in film production as a subsidiary of the group. 'Parallel is back,' he said. 'We will carry on where we left off in October.'
Shares in Parallel were suspended last year when the firm decided to meet a liquidator after failing to find equity backing for a film. But liquidation was deemed unnecessary and the company's remaining directors worked to ensure the group's survival.
Parallel has producing and co-producing credits including black comedy The Man With Rain In His Shoes and Miramax Films acquisition Spanish Fly.