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.
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