FED: Companies win licences to raise funds for films

AAP General News (Australia)
04-08-1999
FED: Companies win licences to raise funds for films

CANBERRA, April 8 AAP - Two companies today won licences to raise investment funds for the
Australian film industry.

Federal Arts Minister McGauran said Content Capital and Macquarie Film Corporation were
selected from 12 applicants for licences under the government's new Film Licensed Investment
Company scheme (FLICs).

Each company is licensed to raise up to $20 million in concessional capital by the end of
the next financial year, 1999-2000, to invest in films.

Investors in each FLIC will get a 100 per cent tax deduction on their investment.

"The high level of interest in the scheme indicated a great deal of enthusiasm for FLICs as
a new vehicle for encouraging investment in Australia's film industry," Mr McGauran said in a
statement.

"Both companies achieve a balance between commercial and cultural imperatives through the
people associated with the companies and in the philosophies guiding their business plans."

He said Content Capital's strengths were its film industry expertise and commitment to
developing emerging and existing talent, while Macquarie's were the substantial capital and
corporate structure supporting the company and its portfolio approach to investment.

"The variation in approach and the equal division of concessional capital between these two
companies will help in the evaluation of the scheme and provide an opportunity to assess
different operating models," Mr McGauran said.

AAP fh/mfh/kr

KEYWORD: FILM

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