Corporate News Blog – AMC Announces Power-Recliner Seats at Three ODEON Locations; Expands the Recliner Seat Strategy to the UK

LONDON, UK / ACCESSWIRE / June 28, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for AMC Entertainment Holdings, Inc. (NYSE: AMC), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=AMC. The Company announced on June 26, 2017, that it has started construction at three ODEON locations in the United Kingdom, on their full-theater renovations, with recliner seating expected to arrive in H2 2017. On average, AMC locations, which have received a similar recliner renovation in the United States, experienced an attendance growth of more than 50% in the first year of operations after the recliners had been installed versus the last twelve months prior to renovations. For immediate access to our complimentary reports, including today’s coverage, register for free now at: http://protraderdaily.com/register/.

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The Announcement

AMC announced the commencement of construction at three ODEON locations, namely: ODEON Leeds-Bradford in Bradford, England; ODEON Wester Hailes in Edinburgh, Scotland; and ODEON East Kilbride in Glasgow, Scotland. This announcement comes in the light of AMC’s commitment to deliver an amenity strategy to its ODEON locations, which were acquired at the end of 2016. The Company plans to initiate similar renovation at additional ODEON locations, later in 2017, and accordingly, 25 ODEON theaters are expected to have power-recliner seating by the end of 2018.

All three locations in the UK have been operating for over two decades now, with a lack of significant investment. Post completion of the renovations by the end of 2017, all three theaters will feature 100% plush power recliner seating and ODEON’s full menu of food and beverage offerings.

ODEON’s Acquisition

AMC announced on November 30, 2016, that it has completed the acquisition of the largest theater exhibitor in Europe, namely ODEON & UCI Cinemas Holdings, Ltd from a private equity firm, Terra Firma, for about $1.2 billion. The ODEON portfolio included 244 theaters and 2,243 screens with about 90 million tickets sold annually. Post this acquisition AMC and ODEON together operated 636 theaters with 7,623 screens in eight countries, making it the largest movie exhibition Company in the world.

Company Growth Prospects

AMC is currently the largest movie exhibition Company in the United States, Europe, and throughout the world with a portfolio of about 1,000 theaters and 11,000 screens globally. The Company offers unique and premium services, including latest Hollywood releases and independent programming. Through the ODEON subsidiary, AMC operates in 14 European countries and these three theaters are undergoing renovation from the same portfolio.

On March 28, 2017, AMC announced that it has completed the acquisition of Nordic Cinema Group Holding AB which was the largest theater operator in the Nordic and Baltic countries. AMC paid about $651.9 million in an all-cash transaction, which included a payment of interest on the equity value and repayment of shareholders’ loans. Additionally, AMC repaid the Nordic’s debt of $144.3 million. Post this acquisition, AMC hit the never-before-achieved target of 1,000 theaters and held the market leading position in 9 out of 15 countries of operation.

Last Close Stock Review

On Tuesday, June 27, 2017, the stock closed the trading session at $23.35, slightly falling 0.85% from its previous closing price of $23.55. A total volume of 1.15 million shares have exchanged hands. The stock is trading at a PE ratio of 25.63 and has a dividend yield of 3.43%. The stock currently has a market cap of $3.06 billion.

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