Magnetic purchased 627,000 class A shares of Planet Hollywood, according to U.S. Securities and Exchange filings. The investment firm previously bought 930,000 shares of class B stock. The class B stock gives Magnetic voting rights and may be converted to class A shares which trade over the counter.
Planet Hollywood is trading around $3.12 per share. The company's old stock was cancelled. The new stock has been trading since May of this year in a range from $2 to $4.
Magnetic is owned by Star East Holdings Ltd. of Hong Kong. Star East's celebrity-themed restaurant operations coincide with Planet Hollywood's marketing strategies. Star East has said it is considering buying a majority share of Planet Hollywood Asia, a franchise that was previously run by Leisure Ventures Ltd. Singapore billionaire Ong Beng Seng owns Leisure Ventures.
In New York, Planet Hollywood has closed its Official All Star Café restaurant at Times Square and plans to convert the property to a conventional Planet Hollywood restaurant.
Planet Hollywood International Inc. is controlled by Orlando restaurateur Robert Earl, the company's founder, and Kingdom Planet Hollywood Ltd. of Saudi Arabia, a longtime financial backer.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
