PeterHoffman's Seven Arts Filmed Entertainment is to secure a listing on London'sAIM stock market for smaller stocks through a reverse takeover of costumejewellery business Cabouchon.
Cabouchonwill purchase Seven Arts for £4.8m in new shares, changing its name to SevenArts Pictures and selling its current business and assets to Julie Ann Wing,its managing director. Wing will leave Cabouchon, with Hoffman becoming chiefexecutive of the new-look company.
"Thecompany was established with a view to exploiting a perceived demand forcostume jewellery," Cabouchon said in a statement. "The directors have,however, become increasingly disappointed by the trading performance of thecompany and have been considering the most appropriate way to preserve shareholdervalue. In this context the directors decided that they should consider bothacquisition opportunities and the disposal of the current business."
Hoffman waspresident and chief executive officer of Carolco Pictures for six years, aperiod when the company was involved in Terminator2, Basic Instinct and Total Recall.He left Carolco to set up Cinevisions, the pre-cursor to Seven Arts.
This week's moveis subject to shareholder agreement at an extraordinary general meeting to beheld September 2. Seven Arts would join film companies ContentFilm and CivilianContent on AIM.