Credit Suisse

Posted onDecember 08, 2011 - 6:19 am by Admin | 0 Comments

Imagi Animation, the CGI studio responsible for last year's TMNT, has received a major investment boost.

According to Variety, the company sold $311 million HK (roughly equivalent to $40 million USD) worth of new stock to investor Mark Pawley, the former investment banking head of Credit Suisse's Asia Pacific office. This gives Pawley 18% of the expanded company and the right to nominate two people to Imagi's board of directors. The investor, who has been negotiating this deal for the past 9 months, bought the shares through his Oxley Spring Media company.

Mark Pawley Pays for Complete Imagi Movie

Imagi, which has scheduled a new animated film once every 8 months beginning in 2009, says the cash will go towards "the development of four full-length feature computer graphics imagery animation movies scheduled tentatively to be released from 2009 to 2011."

Considering that the studio cranked out 2007's TMNT for about $35 million, this means that Pawley has essentially financed a complete movie for Imagi.

The studio has two movies currently in production, both of which are adaptations of classic anime properties: Gatchaman, which makes its theatrical debut in early 2009, and Astro Boy, coming later that year. Summit Entertainment has received the worldwide distribution rights for both movies, except for Japan, Hong Kong and China. Imagi will do their own distribution in those territories.

The news boosted Imagi's stock prices to 11¢ a share, a 40% increase over last week's price.


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