You should consider carefully the following risk factors, as well as the other information in the offer document itself, before investing in the ordinary shares ("New Ordinary Shares") being offered under the 2006 share offer (the "Offer"). Prospective investors should read the whole of the offer document and not rely solely on the information in this section. The Company's business, and financial condition could be adversely affected if any of the following risks were to occur and as a result the trading price of the New Ordinary Shares could decline and investors could lose part or all of their investment.
The Directors consider the following risks to be the most significant for potential investors, but the risks listed below do not necessarily comprise all those associated with an investment in the Company and are not set out in an order of priority. Additional risks and uncertainties currently unknown to the Company (such as changes in legal, regulatory or tax requirements), or which the Company currently believes are immaterial, may also have a material adverse effect on its financial condition or prospects or the trading price of the New Ordinary Shares.
The Directors draw the attention of potential investors to the following risk factors which may affect the Company's performance.
Investors in Old Vic Productions should be aware of the risk associated with investment in the Company. The Directors perceive these to be:
- The business of the Company is the staging of theatrical plays. This business is high risk and it is quite possible that the whole of the Company's investment in any production may be lost.
- It is always a possibility that Billy Elliot The Musical and the other productions mentioned in this document may not be staged on Broadway and that all of the Company's productions will be financially unsuccessful and an investor's total investment in the Company lost.
- The market (if any) for shares in smaller public companies, including the Company, is less liquid than for larger public companies. The ability of an investor to sell New Ordinary Shares will depend on there being a willing buyer for them at an acceptable price. Consequently it might be difficult for an investor to realise his investment in the Company. Share prices may be subject to greater fluctuation, shares may be difficult to buy and sell and an Investor may receive less than the amount paid.
- The investment offered through the Offer may not be suitable for all recipients of the offer. Investors are strongly advised to consult an investment adviser who is authorised under the Financial Services and Markets Act 2000 and who specializes in investments of this kind before making their decision to invest.
- The price which investors may realise for their holding of New Ordinary Shares, and when they may be able to so realise, may be influenced by a large number of factors, some of which are specific to the Company and some of which are extraneous.
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