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Hogan’s Oz pic taps U.S. investors

As the deadline draws near for potential investors to take a stake in Paul Hogan’s new $ A35 million ($ 23.5 million) film “Lightning Jack,” major backer Village Roadshow Pictures has announced that the Bank of New York has begun a program of American Depository Receipts (ADRs) to allow U.S. investors to participate alongside their Australian counterparts.

The ADRs will become available once the Aussie issue closes on Friday, and the units become officially quoted by the Australian Stock Exchange.

They’re believed to account for several millions of dollars worth of involvement.

The Bank of New York’s move follows various approaches by U.S. brokers; bank believes the ADRs program is likely to enlarge the market for the pic via a more diversified exposure across the U.S.

Past halfway point

No information is yet available about how the film has fared Down Under. Unofficial estimates put the raising at around $ A22 million ($ 15 million) to date.

Lead broker Morgan Stockbroking is underwriting $ A25 million ($ 16.7 million) of the film’s raising.

Per Village Roadshow, “Lightning Jack” is in the final stages of pre-production and is due to start shooting Aug. 9 in Santa Fe and Colorado.

As previously announced, Cuba Gooding Jr. is headlining alongside Hogan.

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