Press release
First Closing Date for Irish Stories of Faith Fund on March 31st 2006
The Stories of Faith Ltd. mangement announces a first closing date for investing into the closed Irish media fund Stories of Faith Ltd. The initiators of this private placement plan to produce a series of feature films on the large world religions. Any investments will be managed by the Dutch fiduciary Fintage House, who will only release funds subject to strict security measures. The overall private placement amounts to 3 million Euro for preferred A shares and 73 million Euro for common shares. Investments into the multi-platform project Stories of Faith must be subscribed for by March 31st, 2006 and be transferred to one of the fiduciary accounts.The fund was developed to achieve optimal return figures. In addition to that investors will benefit from low corporate tax rates in Ireland and tax benefits from applicable double tax agreements. The initiators forecast an IRR of 25% before tax until the end of the prospective duration in 2013.
At film financing conferences during the Berlinal Film Festival, well known industry experts such as Jonathan Olsberg, distributor of Godard, Verhoeven, Greenaway and Cox as well as Steven A. Reich, acknowledged media lawyer, argued that large film projects should also be financed through private equity investments. As an example for this model they referred to Stories of Faith Ltd. as an “exciting and innovative” approach. At the first Irish film financing conference, which was held during the Dublin film festival, Wolfgang Breuer of PricewaterhouseCoopers emphasized the outstanding possibilities for film financing through private equity. Within this context John Phelan, Irish producer and film financier, analysed the security measures and the marketing of the Stories of Faith multi-platform project as an example for this model.
Wolfram R. Bauer, Goetz Grossmann and Carola Klessen, the initiators and management of Stories of Faith Ltd., were now invited to present the project to the Vatican. At a time of intensifying conflicts between cultures, this project could contribute to reducing fears and confrontations. In each of the individual feature films, the protagonists meet with one of the large world religions. Even though the films are not religious, the protagonists interact with the various philosophies and their ethic values.
®SoF, 2006-03-07, www.stories-of-faith.com
Stories of Faith Ltd., Company No. 401367, Dublin/Ireland. 32 Park House, Palmerston Road, Rathmines, Dublin 6 fon +353 1 486 06 87, fax +353 1 633 58 81
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