date: Mon May 12 11:41:20 2008 from: Keith Briffa subject: Re: FW: Re SCM Entertainment to: "Carey, Gerald" Gerald I would prefer to let this offer lapse - not worth the bother even if the takeover does materialise. Thanks Keith At 11:05 12/05/2008, you wrote: Keith, Herewith e mail of 30 April. Regards. Gerald. ___________________________________________________________________________________ From: Carey, Gerald Sent: 30 April 2008 12:06 To: 'Keith Briffa' Subject: Re SCM Entertainment Dear Keith, SCI Entertainment have announced a placing and open offer of shares to raise £56.5m.The terms are 8 shares for every 9 shares held @35p.The current buying price in the market is 50.75p. As you may know,there is speculation the company is in bid talks.The cash raising equity issue is being made to address projected year end debt of £42m and a borrowing facility of £20m.The new management id reducing staffing levels by 25% and refocusing the business on its core franchises and key studios.This is sensible but a bit late.The management is forecasting revenues of c£200m and margins within the industry range. Last time, take over negotiations floundered on price.It is being speculated that current negotiations may be pitched around 80p.Taking up the open offer would be a gamble either that a take over goes through or that,if the company stays independent,the new management can improve the trading performance .Failing both,I would certainly advise against putting any more money into the company.As in all speculated take over situations,I do not know what will happen for sure.If you wish to gamble,please let me know and I will arrange for the open offer to be taken up.Based upon your holding of 393 shares in your ISA ,you are entitled to take up 349 shares at a cost of £122.15.We have plenty of cash here on deposit. I look forward to hearing fro you. Kind Regards. Gerald. Gerald Carey Divisional Director-Private Clients Tel:0845 213 3288 Fax:0845 213 3627 e mail:gerald.carey@brewin.co.uk This e-mail message, and any attachment, are intended only for and are confidential to the addressee. Any views expressed in this e-mail message or in any attachment are solely those of the individual sender, except where the sender specifically states them to be the views of Brewin Dolphin Holdings Plc or Brewin Dolphin Limited. If you are neither the addressee, nor an authorised recipient from the addressee, please notify us of receipt, delete this message from your computer system, and do not use, copy or disseminate the information in or attached to it in any way. We do not accept liability to any person other than the intended addressee who acts or refrains from acting on any information in this e-mail message or any attachment. Though our e-mail messages are checked for viruses, we do not accept liability for any viruses which may be transmitted by, through, with or in this e-mail message. Recipients are expected to take their own steps to ensure that e-mail messages are checked for, and free from, viruses. Brewin Dolphin Holdings Plc, registered office at 12 Smithfield Street, London, EC1A 9BD, registered in England and Wales Company No. 2685806, is the parent company of Brewin Dolphin Limited. Brewin Dolphin Limited is a member of the London Stock Exchange, authorised and regulated by The Financial Services Authority No. 124444, regulated under the Financial Service (Jersey) Law 1998 by the Jersey Financial Services Commission for the conduct of business in Jersey, and regulated in Guernsey by the Guernsey Financial Services Commission for the provision of investment business, registered office at 12 Smithfield Street, London, EC1A 9BD, registered in England and Wales Company No. 2135876. VAT No. GB-609 8994 69. 12/05/200810:58:37 -- Professor Keith Briffa, Climatic Research Unit University of East Anglia Norwich, NR4 7TJ, U.K. Phone: +44-1603-593909 Fax: +44-1603-507784 [1]http://www.cru.uea.ac.uk/cru/people/briffa/