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Yahoo
2 days ago
- Business
- Yahoo
Singapore's beloved indie cinema The Projector shuts after a decade as debts top S$1.2m
SINGAPORE, Aug 20 — The company behind indie cinema The Projector has disclosed debts of more than S$1.2 million ahead of a creditors' meeting on August 29. Pocket Cinema, which ran the cinema, listed 33 creditors including its own directors, shareholders and film distributors, The Straits Times reported today, citing an email it sighted to creditors. Among the biggest sums owed is S$382,888 to Overseas Movie (Private), while co-founders Karen Tan and Blaise Camille Trigg-Smith are owed over S$120,000 and S$100,000 respectively. The list also includes 2,295 members with unexpired subscriptions, who together are owed more than S$89,000. Unused tickets were also counted, with about S$14,300 in refunds pending, including one customer holding 16 tickets. The Projector, which abruptly closed on August 19 after more than a decade, blamed rising costs, changing viewing habits and global declines in cinema attendance. Its 10,000 sq ft space at Golden Mile Tower was recently listed for rent at S$33,000 a month before the closure was announced. The Straits Times cited from records it had seen showing that the company incorporated in 2014, made losses in the beginning but briefly turned a profit before financial statements ceased after 2017.
Yahoo
2 days ago
- Entertainment
- Yahoo
Singapore indie cinema The Projector owes over $1.2m to creditors
SINGAPORE - Ahead of a meeting with creditors set for Aug 29, the firm behind Singapore indie cinema The Projector has revealed that it owes them more than $1.2 million. In an e-mail sent out to creditors on Aug 19 and seen by The Straits Times, Pocket Cinema listed 33 different creditors comprising individuals and organisations. The highest amount – $382,888.03 – is owed to Overseas Movie (Private), while others named in the list include the firm's director Karen Tan, as well as other shareholders, including one of The Projector's founders, Ms Blaise Camille Trigg-Smith. Ms Tan, also one of The Projector's founders, is owed more than $120,000, while Ms Trigg-Smith is owed slightly above $100,000. ST has contacted Ms Tan for more information. Other creditors include those who held memberships with The Projector that have yet to expire. These comprise 2,295 people who are owed a total of more than $89,000. The majority of them, or 1,566, held memberships with The Projector Fan Club. Although membership information on the indie cinema's website has been replaced with a notice of suspension as at Aug 20, a version dated July 9 on the Internet Archive showed that it costs $85 to hold a membership through this tier. All members are entitled to four free tickets, $2 off standard ticket prices, 10 per cent off the total bill at the Intermission bar at Golden Mile Tower and No Spoilers Bar at Cineleisure, special giveaways and prizes, as well as invites to exclusive members-only events and screenings. Other membership tiers include The Projector Student Club, for those with valid student identification, and The Projector Senior Club, for those above the age of 55. Both cost $67. To one 24-year-old patron of The Projector, the $7 he is owed in membership fees is but a petty sum. The patron, who declined to give his name, said: 'I'm not really bothered about them owing money to me, since it is a relatively small amount, but more so about losing a space where I can find curated films through their various film festivals and events. 'It was also a space for many smaller organisations to host events and share stories.' The cinephile added that he, alongside other friends who are regulars, have decided not to claim their refunds to help the now-shuttered indie cinema with their finances. Meanwhile, those with unused tickets were also included in the list of creditors, with a total of $14,302 owed to them. A 28-year-old moviegoer who had bought two tickets to the Aug 20 screening of Punch Drunk Love, a 2002 romantic comedy starring Adam Sandler, told ST that he too was on the list of creditors. He said: 'Fortunately for me, the refundable amount of $23 was relatively low. I'm just surprised at the speed at which operations were shut down.' One person has 16 unused tickets – the most, compared with others on the list. The meeting for creditors is set for 2.30pm on Aug 29 via video conference, according to the e-mail. The Projector's sudden closure on Aug 19 after more than a decade of operations took many by surprise, with its screenings and events scheduled after the date cancelled. It cited rising operational costs, shifting audience habits and the global decline in cinema attendance as reasons for its closure. Incorporated on Sept 16, 2014, Pocket Cinema's records with the Accounting and Corporate Regulatory Authority (Acra) showed that it started out as a loss-making venture. In the financial year ending on Dec 31, 2014, it reported a loss of slightly more than $45,000 after taxes. The company's fortunes turned in the financial year ending on Dec 31, 2016, when it made a profit of almost $166,000 after taxes, with its revenue reported to be about $1.16 million. But its profits shrank the following year by more than 2½ times to $64,122 after taxes, despite a revenue of about $1.3 million. Based on Acra records, the latest financial statement was filed in December 2017. Separately, a listing on CommercialGuru showed that The Projector's 10,000 sq ft space at Golden Mile Tower was listed for rent at $33,000 a month from July 28. It has since been removed as at 11am on Aug 20. Source: The Straits Times © SPH Media Limited. Permission required for reproduction Discover how to enjoy other premium articles here
Malay Mail
2 days ago
- Business
- Malay Mail
Singapore's beloved indie cinema The Projector shuts after a decade as debts top S$1.2m
SINGAPORE, Aug 20 — The company behind indie cinema The Projector has disclosed debts of more than S$1.2 million ahead of a creditors' meeting on August 29. Pocket Cinema, which ran the cinema, listed 33 creditors including its own directors, shareholders and film distributors, The Straits Times reported today, citing an email it sighted to creditors. Among the biggest sums owed is S$382,888 to Overseas Movie (Private), while co-founders Karen Tan and Blaise Camille Trigg-Smith are owed over S$120,000 and S$100,000 respectively. The list also includes 2,295 members with unexpired subscriptions, who together are owed more than S$89,000. Unused tickets were also counted, with about S$14,300 in refunds pending, including one customer holding 16 tickets. The Projector, which abruptly closed on August 19 after more than a decade, blamed rising costs, changing viewing habits and global declines in cinema attendance. Its 10,000 sq ft space at Golden Mile Tower was recently listed for rent at S$33,000 a month before the closure was announced. The Straits Times cited from records it had seen showing that the company incorporated in 2014, made losses in the beginning but briefly turned a profit before financial statements ceased after 2017.
CNA
2 days ago
- Business
- CNA
The Projector owes over S$1.2 million to creditors, including 2,300 cinema members
SINGAPORE: The company behind independent cinema operator the Projector, Pocket Cinema, owes more than S$1.2 million (US$933,300) to creditors, according to an email sent on Tuesday night (Aug 19). According to the email, which was sent to creditors and seen by CNA, around 2,300 people who purchased memberships as well as 721 ticket holders are collectively owed around S$104,000. The largest creditor is film company Overseas Movie, which is owed about S$382,888. OCBC is owed S$200,000, and UOB is owed about S$106,818. Among the list of creditors are The Projector's co-founders Karen Tan and Blaise Camille Trigg-Smith, who are owed about S$120,785 and S$100,025 respectively. Other notable creditors include the non-profit organisation Composers & Authors Society of Singapore, which is owed about S$17,700, as well as Golden Village and Cathay Cineplexes, which are owed about S$9,200 and S$1,800 respectively. CNA has reached out to these companies. Mm2 Asia, which owns Cathay Cineplexes, as well as Golden Village declined comment. The embattled independent cinema, which opened in 2014, announced on Tuesday that it has ceased operations and will enter voluntary liquidation. In a statement, Ms Tan wrote that the decision was due to a 'combination of rising costs, changing audience habits and the worst consumer market conditions in a decade' that has left the company with 'no viable path forward'. According to the frequently asked questions section on The Projector's website, the company said it is not able to issue direct refunds as the company is being liquidated. A creditors' meeting is slated to be held on Aug 29.
