THE “OFFERING MEMORANDUM”) FOLLOWING THIS PAGE IS INTENDED SOLELY for (I) QUALIFIED INSTITUTIONAL BUYERS (“Qibs”) AS DEFINED in RULE 144A UNDER the U.S
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IMPORTANT NOTICE THE OFFERING MEMORANDUM (THE “OFFERING MEMORANDUM”) FOLLOWING THIS PAGE IS INTENDED SOLELY FOR (i) QUALIFIED INSTITUTIONAL BUYERS (“QIBs”) AS DEFINED IN RULE 144A UNDER THE U.S. SECURITIES ACT OF 1933 (AS AMENDED, THE “SECURITIES ACT”) AND (ii) NON-U.S. PERSONS LOCATED OUTSIDE OF THE UNITED STATES AND THAT ARE NOT ACQUIRING THE SECURITIES FOR THE ACCOUNT OR BENEFIT OF A U.S. PERSON IN RELIANCE ON REGULATION S UNDER THE SECURITIES ACT. IMPORTANT: You must read the following disclaimer before continuing. The following disclaimer applies to the Offering Memorandum following this disclaimer page, and you are therefore advised to read this carefully before reading, accessing or making any other permitted use of the Offering Memorandum. In accessing the Offering Memorandum, you agree to be bound by the following terms and conditions, including any modifications to them any time you receive any information from us as a result of such access. NOTHING IN THIS ELECTRONIC TRANSMISSION OR IN THE OFFERING MEMORANDUM CONSTITUTES AN OFFER OF SECURITIES IN ANY JURISDICTION WHERE IT IS UNLAWFUL TO DO SO. THE SECURITIES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE SECURITIES ACT, OR THE SECURITIES LAWS OF ANY STATE OF THE U.S. OR OTHER JURISDICTION AND THE SECURITIES MAY NOT BE OFFERED OR SOLD WITHIN THE U.S. OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT), EXCEPT PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND APPLICABLE STATE OR LOCAL SECURITIES LAWS. THE OFFERING MEMORANDUM AND THE OFFER OF THE SECURITIES ARE ONLY ADDRESSED TO AND DIRECTED AT PERSONS IN MEMBER STATES OF THE EUROPEAN ECONOMIC AREA WHO ARE “QUALIFIED INVESTORS” WITHIN THE MEANING OF ARTICLE 2(1)(E) OF THE PROSPECTUS DIRECTIVE (DIRECTIVE 2003/71/EC) AND RELATED IMPLEMENTATION MEASURES IN MEMBER STATES (“QUALIFIED INVESTORS”). IN ADDITION, IN THE UNITED KINGDOM THE OFFERING MEMORANDUM IS ONLY BEING DISTRIBUTED TO PERSONS WHO HAVE PROFESSIONAL EXPERIENCE IN MATTERS RELATING TO INVESTMENTS FALLING WITHIN ARTICLE 19(5) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2005, AND OTHER PERSONS TO WHOM IT MAY OTHERWISE LAWFULLY BE COMMUNICATED (ALL SUCH PERSONS TOGETHER REFERRED TO AS “RELEVANT PERSONS”). ANY INVESTMENT OR INVESTMENT ACTIVITY TO WHICH THIS OFFERING MEMORANDUM RELATES IS AVAILABLE ONLY TO (I) IN THE UNITED KINGDOM, RELEVANT PERSONS, AND (II) IN ANY MEMBER STATE OF THE EUROPEAN ECONOMIC AREA OTHER THAN THE UNITED KINGDOM, QUALIFIED INVESTORS, AND WILL BE ENGAGED IN ONLY WITH SUCH PERSONS. IN ADDITION, NO PERSON MAY COMMUNICATE OR CAUSE TO BE COMMUNICATED ANY INVITATION OR INDUCEMENT TO ENGAGE IN INVESTMENT ACTIVITY, WITHIN THE MEANING OF SECTION 21 OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (THE “FSMA”), RECEIVED BY IT IN CONNECTION WITH THE ISSUE OR SALE OF THE SECURITIES OTHER THAN IN CIRCUMSTANCES IN WHICH SECTION 21(1) OF THE FSMA DOES NOT APPLY TO US. THE OFFERING MEMORANDUM MAY NOT BE FORWARDED OR DISTRIBUTED TO ANY OTHER PERSON AND MAY NOT BE REPRODUCED IN WHOLE OR IN PART IN ANY MANNER WHATSOEVER. ANY FORWARDING, DISTRIBUTION OR REPRODUCTION OF THIS DOCUMENT IN WHOLE OR IN PART IS UNAUTHORIZED, AND FAILURE TO COMPLY WITH THIS DIRECTIVE MAY RESULT IN A VIOLATION OF THE SECURITIES ACT OR THE APPLICABLE LAWS OF OTHER JURISDICTIONS. CONFIRMATION OF YOUR REPRESENTATION: in order to be eligible to view the Offering Memorandum or make an investment decision with respect to the securities, investors must either (1) be QIBs within the meaning of Rule 144A under the Securities Act or (2) be non-U.S. persons (as defined in Regulation S under the Securities Act) or have not received deliver of this electronic mail in the U.S., its territories and possessions, any state of the U.S. and the District of Columbia; and “possessions” include Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands. The Offering Memorandum is being provided at your request and by accepting the e-mail and accessing the Offering Memorandum, you shall be deemed to have represented to us that (1) you and any customer you represent are either (a) QIBs or (b) not a U.S. person and that the electronic mail address that you gave us and to which this e-mail has been delivered is not located in the U.S. and (2) that you consent to delivery of the Offering Memorandum by electronic transmission and agree to comply with the terms, conditions and restrictions provided herein. You are reminded that documents transmitted via this medium may be altered or changed during the process of transmission, and consequently, none of the placement agents nor any person who controls any placement agent or any of their directors, officers, employees or agents, or affiliate of any such person accepts any liability or responsibility whatsoever in respect of any changes made without knowledge of the agents. You are reminded that the Offering Memorandum has been delivered to you on the basis that you are a person into whose possession the Offering Memorandum may be lawfully delivered in accordance with the laws of the jurisdiction in which you are located and you may not, nor are you authorized to, deliver this Offering Memorandum to any other person. You will not transmit the Offering Memorandum (or any copy of it or part thereof) or disclose, whether orally or in writing, any of its contents to any person except with the consent of the placement agents. CONFIDENTIAL OFFERING MEMORANDUM 29,310,345 Common Shares T4F Entretenimento S.A. (incorporated in the Federative Republic of Brazil) We, T4F Entretenimento S.A., and Fernando Luiz Alterio, CIE Internacional S.A. de C.V. and GIF-II Fundo de Investimento em Participações, or the selling shareholders, are offering an aggregate of 29,310,345 of our common shares to the public in Brazil, to certain qualified institutional buyers in the United States and to institutional and other investors elsewhere that are not U.S. persons. We and the selling shareholders have registered the offering of our common shares with the Brazilian Securities Commission (Comissão de Valores Mobiliários), or the CVM. No public market currently exists for our common shares. We have applied to list our common shares on the Novo Mercado segment of the São Paulo Stock Exchange (BM&FBOVESPA S.A.—Bolsa de Valores, Mercadorias e Futuros), or the BM&FBOVESPA, under the symbol “SHOW3.” The ISIN number for our common shares is BRSHOWACNOR7. The selling shareholders have granted to Banco de Investimentos Credit Suisse (Brasil) S.A. an option, exercisable upon notification to Banco BTG Pactual S.A. and Banco Bradesco BBI S.A., to place an additional 4,396,551 common shares at the offering price, representing 15.0% of the common shares initially offered hereby, to cover over-allotments, if any, for a period of up to 30 days from the date of publication in Brazil of the notice of commencement of this offering. Neither the CVM, the United States Securities and Exchange Commission, or the SEC, nor any other regulatory authority has approved or disapproved of the common shares offered hereby or passed upon or endorsed the merits of this offering or the accuracy or adequacy of this offering memorandum (or the Portuguese language prospectus used in connection with the offering of our common shares in Brazil). Any representation to the contrary is a criminal offense. Investing in our common shares involves risks. See “Risk Factors” beginning on page 16 for a discussion of certain factors you should consider before investing in our common shares. Offer Price: R$16.00 per Common Share The offering of our common shares has not been and will not be registered under the U.S. Securities Act of 1933, as amended, or the Securities Act, or under any U.S. state securities laws. Accordingly, our common shares are being offered in the United States only to qualified institutional buyers as defined in Rule 144A under the Securities Act, or Rule 144A, and to certain non-U.S. persons in offshore transactions in reliance upon Regulation S under the Securities Act, or Regulation S, pursuant to exemptions from registration provided under the Securities Act. See “Transfer Restrictions” for a description of restrictions on transfers of our common shares. You may purchase our common shares if you comply with the registration requirements of CVM Instruction No. 325, dated January 27, 2000, as amended, and Resolution No. 2,689, dated January 26, 2000, as amended, of the Brazilian National Monetary Council (Conselho Monetário National), or the CMN. See “Market Information” for more information on the requirements of these regulations. Payment for our common shares must be made in Brazilian reais through the Central Depository BM&FBOVESPA (Central Depositária BM&FBOVESPA), formerly the Brazilian Settlement and Custodial Company (Companhia Brasileira de Liquidação e Custódia). It is expected that our common shares will be delivered through the Central Depository BM&FBOVESPA on or about April 15, 2011. Joint International Placement Agents and Joint Bookrunners Credit Suisse BTG Pactual Bradesco BBI The date of this confidential offering memorandum is April 11, 2011 TABLE OF CONTENTS Page Page FORWARD-LOOKING STATEMENTS ............. v INDUSTRY AND REGULATORY OVERVIEW....... 63 PRESENTATION OF FINANCIAL AND OTHER BUSINESS ................................... 74 INFORMATION ............................. vi MANAGEMENT .............................. 101 SUMMARY .................................. 1 PRINCIPAL AND SELLING SHAREHOLDERS....... 108 THE OFFERING .............................. 10 RELATED-PARTY TRANSACTIONS .............. 113 SUMMARY OF FINANCIAL AND OPERATING DESCRIPTION OF CAPITAL STOCK .............. 115 INFORMATION ............................. 13 DIVIDENDS AND DIVIDEND POLICY ............ 131 RISK FACTORS .............................. 16 TAXATION .................................. 134 USE OF PROCEEDS ..........................