Search
 

Planet Hollywood Getting Infusion of Green

ORLANDO-Struggling to rebuild its financial base, the locally-based, 29-unit theme restaurant chain has received a $2 million infusion from minority investor Magnetic Light Profits Inc. of the British Virgin Islands. The new funding raises Magnetic's ownership stake in Planet Hollywood International Inc. to 14.3%.

By Alex Finkelstein | Updated on October 13, 2000

ORLANDO-Magnetic Light Profits Inc. is bringing a glow to Planet Hollywood International Inc.’s struggling financial efforts. The British Virgin Island-based company is putting $2 million into the locally-based, 29-unit theme restaurant chain. The infusion raises Magnetic’s ownership stake to 14.3%.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 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.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.