SCi Entertainment has announced that it has waived its ‘standstill' agreement with Warner Bros until December 1st – meaning that the entertainment media giant can increase its share count to 30 per cent without consultation.
According to SCi:
‘[The deal] restricts the ability of Warner Bros and its affiliates to acquire additional shares in the Company until January 25th 2009. These arrangements are described on page 134 of the Company's prospectus dated April 25th 2008.
‘The Company announces that it has consented to Warner Bros and its affiliates acquiring more shares in the Company prior to December 1st 2008, should they wish to do so, provided that their aggregate holding is not increased to 30 per cent or more of all ordinary shares in issue.'
Warner increased its share count in SCi earlier this month.