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Carnaby shows twin EISs

Carnaby has established two enterprise investment schemes &#45 one investing in an English romantic comedy film and the other investing in its worlwide distribution arm, Carnaby International.

Carnaby was established in 2001 to finance and produce British films and has used EIS tax incentives to encourage investment. The film EIS &#45 Love FM &#45 aims to raise up to £5m through the EIS but the offer can proceed if the minimum of £300,000 is raised, in which case the film will be made for TV or video.

The cast of Love FM will consist of experienced well-known names blended with new talent. Carnaby is currently in discussion with the agents of actors and actresses in the UK and abroad, but no contracts are in place as yet.

The other EIS, Carnaby International, offers investors a chance to invest in the company rather than the films it makes. Carnaby International is the company&#39s worldwide production and distribution arm but as well owning the rights to Carnaby&#39s films, it also has the rights to other projects including the TV series Silent Witness and New Tricks, which stars Dennis Waterman, Amanda Redman and James Bolam.

The directors will aim to build a library of long-term film and television rights. They also intend to form strategic alliances with independent distributors to jointly acquire and exploit these rights. These rights will act as a source of income not only through license fees or commission in the first two years, but also through royalties paid throughout the period of ownership.

Although there is global demand for British TV and film productions the risks which apply to individual productions such as Love FM, which are speculative and may not be a hit, also apply to investments in the distribution side. Carnaby&#39s profits depend on the success of its productions which makes both EISs a higher-risk investment

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