22 January 2013
Papa Entertainment plc
("Papa Entertainment" or the "Company")
Contract secured with Las Vegas Hotel for 'Raiding the Rock Vault'
Papa Entertainment Plc (ISDX:PAPP), a specialist UK group focused on the music and media
industries, is pleased to announce that, following the success of the first 'Raiding the Rock
Vault' concert, which was announced on 12 November 2012, the Company has secured a one year
contract with the Las Vegas Hotel and Casino ("LVH") (formerly the Hilton), operated by the
Navegante Group, to perform the Raiding the Rock Vault concerts in the hotel's Showroom.
The first classic rock concert of the Rock Vault project, 'Raiding the Rock Vault', debuted on 29
November 2012 at The Mayan Theatre in Los Angeles and was co-promoted by leading classic rock
radio station 95.5 KLOS FM. The one and a half hour long concert narrates the story of classic
rock and features songs by The Who, The Doors, Jimi Hendrix, Free, The Eagles, Led Zeppelin, Bryan
Adams, Van Halen, Deep Purple, Queen, Kiss and The Rolling Stones.
Under the terms of the contract, the Raiding the Rock Vault concerts will be performed in the
Showroom at the LVH, where for five years Barry Manilow performed his "Ultimate Manilow: the Hits"
show. The Showroom seats approximately 1,500 and the hotel has 2,956 rooms and 305 suites in
total. The Board is pleased to have secured the original band from the Los Angeles concert to
perform in Las Vegas.
The contract with LVH is structured so that the Company receives 100% of the net gate fee for the
Raiding the Rock Vault concerts. Papa Entertainment will need to pay for the promotion of the
concerts and the concerts' running costs. The contract has a 60 day termination clause for either
At this stage, the Directors intend for the concert's average ticket price to be approximately
US$60 (including local taxes and booking fees), which is planned to be increased as the concert
becomes more popular. The Directors intend for the band to put on a minimum of five concerts per
In addition to the considerable capacity of the venue and the anticipated ticket sales, the Board
believes that there are significant merchandising and corporate sponsorship opportunities to be
explored for the concert at the new venue. In addition, the Company has assembled a rock band
named the 'Raiding the Rock Vault' and has recorded 30 cover versions of classic rock tracks from
the 1960s to 1980s, some of which will be on sale at the concert in Las Vegas; the Company also
intends to record the concert itself for sale at a future date. As previously announced, there is
additional potential to run a global touring band which would perform a further 100 concerts over
the coming year, in addition to the resident Raiding the Rock Vault concerts in Las Vegas. The
Directors intend to confirm the exact date of the first Raiding the Rock Vault concert at the LVH,
which is anticipated to be in March of 2013.
The Company has established two U.S. incorporated subsidiaries in relation to the Rock Vault
Project in the U.S. "Rock Vault Tours LLC" is Papa Entertainment's subsidiary which has entered
into the agreement with the LVH. "Rock Vault LLC" is Papa Entertainment's subsidiary established
for holding the intellectual property associated with the Rock Vault Project. Rock Vault LLC is
also to be the company through which Papa Entertainment intends to conduct its Rock Vault
merchandising opportunities. Both Rock Vault Tours LLC and Rock Vault LLC are 100% owned by Papa
Further to the announcement made on 4 January 2013, in order for the Company to take advantage of
the opportunities associated with the Rock Vault project, additional financing is likely to be
required for the operating costs of the Raiding the Rock Vault concerts at the LVH, which may take
place through the placing of ordinary shares. Further announcements will be made in relation to
this as and when appropriate.
Harry Cowell, Chief Executive of Papa Entertainment, commented: "The Board is delighted with the
success of the initial Rock Vault concert in Los Angeles, and looks forward to capitalising on the
significant potential to take the concert to the LVH where Elvis Presley performed for eight
years. The Company is excited about running the concerts at such a renowned music venue, and the
Board sees considerable future opportunities for Raiding the Rock Vault."
The Directors of the Company accept responsibility for the contents of this announcement.
- Ends -
For further information, please contact:
Papa Entertainment plc
Harry Cowell, Chief Executive Tel: +44 (0) 20 8977 0632
SVS Securities Plc
Peter Ward Tel: +44 (0) 20 7638 5600
Alexander Brearley www.svssecurities.com
Henry Harrison-Topham / Joanne Shears Tel: +44 (0) 20 7398 7709
For photographic images of the 'Raiding the Rock Vault' band or logo, please contact
firstname.lastname@example.org or call +44 (0) 20 7398 7719.
Notes to Editors
Papa Entertainment was incorporated as a vehicle for the purpose of acquiring companies or
businesses engaged in the entertainment, music and media industries. Papa Entertainment acquired
Mission Entertainment Group Limited and its subsidiaries (the "Mission Group") in July 2012.
Papa Entertainment is led by its Chief Executive Officer, "Sir" Harry Cowell, who has over 25
years' experience in the music industry.
The Company's Non-Executive Chairman is Korda Marshall, who has during his career has signed
artists, directed major label A&R departments, produced, executive produced and been a managing
director of three recording companies and has worked with performers including Take That, MUSE,
Ash, Paul Oakenfold, the Eurythmics, Dave Stewart, Peter Andre, Garbage, James Blunt, Gnarls
Barkley and The Darkness, personally signing or negotiating with several of these artists. Korda's
signings include Mercury Music Prize winning band Alt-J, who have just gone into the Top 100
Billboard Album Chart in the USA at 87, and are still at number 29 in the UK Music Week Album
Charts after 30 weeks.
Simon Napier-Bell, a Non-Executive Director of Papa Entertainment, has enjoyed a long career in
the entertainment industry, commencing in the 1960s, with notable highlights including the
management of well-known artists such as "Wham!" and the "Yardbirds" and the co-writing of the No.
1 Hit Single "You don't have to say you love me" for Dusty Springfield.
The Mission Group is a group of music production and publishing companies with studio and office
facilities in Kingston-Upon-Thames, South West London. The Mission Group's business consists of
the delivery of music to the listener, incorporating writing, recording, marketing and
distribution, label management and production. The Company's policy through concentrating all the
Group's operations under one roof and utilising its own studios is to consolidate the functions of
music production and publishing in-house in order to manage costs and to integrate functions that
would otherwise be subject to external contracting. Various contracts, artists, projects and
agreements are signed to the Mission Group's companies.
Papa Entertainment was admitted to the ISDX Growth Market on 14 September 2012. For more
information on the Company please visit: www.papaentertainmentplc.com
'Raiding the Rock Vault'
Links for the 'Raiding the Rock Vault'website and social media are detailed below:
Quotes from band members on the event
From Joe Lynn Turner: "Raiding the Rock Vault is the real deal! Others have tried to attempt a
similar concert but nothing will be like this! I am honoured and proud to be a part of what is
soon to be a part of rock and roll history!"
From Tracii Guns: "Being part of the vault is very exciting for me. An opportunity to play some of
the best songs ever written along side some great musicians is very appealing."
From Paul Dexter (Raiding the Rock Vault Production Designer):
"This live concert is being assembled by masters of their respective fields, guided by pure rock &
roll passion. A unique perspective about an unrepeatable era of rock history has been recreated,
with its memorable hit songs, all delivered with the same spirit as when they were written.
Today's music enthusiasts are about to relive a time, that up until now, they have only heard
From Simon Napier-Bell (Executive Producer):
"Raiding The Rock Vault relates the history of the last fifty years through its definitive art
form - rock music. It defines the second half of the 20th Century."