UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
SEPTEMBER 29, 2000
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Date of Report (Date of earliest event reported)
PLANET HOLLYWOOD INTERNATIONAL, INC.
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(Exact name of registrant as specified in its charter)
DELAWARE 00028230 59-3283783
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(State or other jurisdiction of (Commission File (I.R.S. Employer
incorporation or organization) Number) Identification Number)
8669 COMMODITY CIRCLE
ORLANDO, FLORIDA 32819
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(Address of principal executive office, including zip code)
(407) 363-7827
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(Registrant's telephone number, including area code)
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ITEM 5. OTHER EVENTS
On October 10, 2000, Planet Hollywood International, Inc. (the
"Company"), announced that it had entered into an agreement to sell its
remaining one-third equity interest in Planet Hollywood (Asia) Pte Ltd. ("PHA")
to Star East Holdings Limited, a company listed on the Stock Exchange of Hong
Kong Limited ("Star East"). A copy of the Company's press release relating to
the transaction is attached hereto as Exhibit 99.1, and is incorporated by
reference.
On September 29, 2000, the Company entered into an agreement with Star
East and Leisure Ventures Pte ("LV") whereby Star East shall acquire
approximately 66.67% of the equity interest in PHA presently owned by the
Company and LV in exchange for the issuance of 99,141,104 ordinary shares of
Star East (the "Consideration Shares"), the Company and LV each receiving
49,570,552 of the Consideration Shares. On September 29, 2000, Star East's
ordinary shares closed at HK$0.33 per share. The Consideration Shares will
represent approximately 12% of Star East's issued ordinary share capital and
will be freely tradeable.
In connection with the sale, Star East shall also procure the
appointment of a nominee of each of the Company and LV to the board of directors
of Star East. Completion of the agreement is conditional upon the fulfillment of
the following conditions: 1) satisfactory completion of the due diligence
investigation of PHA by Star East; 2) satisfactory completion of the due
diligence investigation of Star East by the Company and LV; and 3) the Stock
Exchange of Hong Kong Limited agreeing to grant a listing of and permission to
deal in the Consideration Shares.
Currently, PHA is owned equally by the Company, LV and a wholly-owned
subsidiary of Star East. PHA is principally engaged in investment holding,
sub-franchising of theme restaurants and the provision of management services in
Asia. Star East, the parent corporation to Magnetic Light Profits Limited, a
significant shareholder of the Company, is principally engaged in
entertainment-related businesses throughout Asia and the Far East, including the
franchising of entertainment complexes offering live entertainment and themed
cafes, and other merchandising and licensing.
The transaction is expected to close within the next thirty days.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: October 11, 2000 PLANET HOLLYWOOD
INTERNATIONAL, INC.
/s/ CHRISTOPHER R. THOMAS
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Name: Christopher R. Thomas
Title: President and Chief Financial Officer
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