The parent company of the Mission Group, Papa Entertainment PLC, has been admitted to trading on the PLUS-quoted market operated by PLUS Stock Exchange (an ICAP Group company).
Papa, which is planned to be an acquisitive company run by CEO ‘Sir’ Harry Cowell (pictured), floated last week with 71,806,290 ordinary shares of £0.01 each, giving the company an opening valuation of approximately £3.2m.
The Board of Papa includes well-known music industry execs such as Cowell, Infectious boss Korda Marshall and music manager Simon Napier-Bell.
Other members of the Board include Norman Lott (Finance Director), Eoghan Hynes (COO), Andrew Morley (Non-Executive Director) and David Thomas (Independent Non-Executive Director).
The Mission Group represents a clutch of music production and publishing companies with studio and office facilities in Kingston-Upon-Thames, South West London.
Cowell is also CEO of Mission Group, which owns Mission Artist Management Limited, Mission Publishing Limited, Mission Recordings Limited, Mission Marketing and Distribution Limited and Mission Productions Limited.
Mission currently has two artists signed to its management and label operations, Gianluca Paganelli and Demi Holborn. Ayo Beatz has also contracted with Mission Recordings for the production of two single recordings. Cameron Whiley is also signed to Mission Recordings.
The publishing operation of Mission Group is currently operated through a worldwide joint venture agreement with Imagem. This was due to expire on September 6, 2012 but has now been extended for a further period of six months ending on March 6, 2013.
Cowell told Music Week: "We are delighted with Papa Entertainment's flotation on the PLUS-quoted market. Our stock market quotation should provide us with a solid platform to build on our current position and support our goal of becoming a leading group of entertainment, music and media companies. We look forward to updating the market as to the Company's progress in due course."
He added: "It is fantastic for us to be the second new company admitted to the PLUS-quoted market since ICAP bought PLUS Stock Exchange and raised the bar for entry, making PLUS far more credible in my view. It is the intention of the Board to develop the Group's business organically, although acquisition of other companies or businesses will be considered if the Directors decide that such acquisitions would be in the best interests of the Group”.
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