Calculus Capital, one of the oldest and most respected managers in the ‘tax advantaged’ investment sector and a leading investor in UK and international media and entertainment companies, has today announced the takeover of the management of Great Point Media’s film and television production finance business, Illium.
Illium provides secured loans to finance film and television production. The company was formerly managed by Great Point Investments (GPI), a wholly owned subsidiary of Great Point Media (GPM).
Great Point Media was placed into administration following the death of co-founder Jim Reeve in February. Calculus intends to maintain Illium as a trading company providing secured finance for film and television production.
Calculus’ due diligence process revealed that most of IIlium’s existing loans are performing well and as expected. However, a small number of loans were structured very differently and are subject to material impairments. Calculus is investigating the circumstances around these loans and intends to vigorously pursue recoveries on behalf of shareholders.
John Glencross, Chief Executive of Calculus Capital said: “Calculus has extensive media industry knowledge, allowing us to identify Illium’s solid potential as an ongoing business providing financing and investment opportunities in the film and television production sector. Shareholders in Illium have experienced a difficult time and this takeover will provide them with the confidence that their investments will be managed by a highly credible, experienced and successful team. We also intend to pursue the impaired loans including through all legal remedies.”