80 Cineworld Annual Report 2007
Notes to the consolidated financial statements continued (forming part of the financial statements) 23 Related parties (continued) Other related party transactions 52 week period ended 27 December 2007 Included in the results for the period were amounts paid to the Blackstone Shareholders in respect of management fees of £1,169,956 and interest of £4,245,099 on the deep discounted bonds. These bonds were redeemed on IPO in 2007. S Wiener had 10% interest-bearing loan notes (nominal value of £699,998) which accrued interest of £23,139 during the period. These loan notes were redeemed in cash at carrying amount upon IPO for an amount of £895,564. P Stefka had 10% interest-bearing loan notes (nominal value of £99,998) which accrued interest of £2,091 during the period. These loan notes were redeemed in cash at carrying amount upon IPO for an amount £127,937. R Jones had 10% interest-bearing loan notes (nominal value of £99,998) which accrued interest of £2,091 during the period. These loan notes were redeemed in cash at carrying amount upon IPO for an amount of £127,937. A Alvarez had 10% interest-bearing loan notes (nominal value of £99,998) which accrued interest of £2,091 during the period. These loan notes were redeemed in cash at carrying amount upon IPO for an amount of £127,937. 52 week period ended 28 December 2006 Included in the results for the period were amounts accruing to the Blackstone Shareholders in respect of management fees of £500,000 and interest of £11,620,605 on the deep discounted bonds. S Wiener has 10% interest-bearing loan notes (nominal value of £699,998) which accrued interest of £78,518 during the period. The loan outstanding at the end of the period was £866,014. P Stefka has 10% interest-bearing loan notes (nominal value of £99,998) which accrued interest of £11,217 during the period. The loan outstanding at the end of the period was £123,716. R Jones has 10% interest-bearing loan notes (nominal value of £99,998) which accrued interest of £11,217 during the period. The loan outstanding at the end of the period was £123,716. A Alvarez has 10% interest-bearing loan notes (nominal value of £99,998) which accrued interest of £11,217 during the period. The loan outstanding at the end of the period was £123,716.
24 Subsequent events On 6 March 2008 it was announced that Cineworld in association with Odeon Cinemas Limited have formed a 50:50 joint venture, Digital Cinema Media (“DCM”) to address cinema advertising. This has arisen as a result of the termination of the agreement with Carlton Screen Advertising (“CSA”). DCM has reached agreement in principle to purchase certain assets from CSA, subject to a competition approval process.