Codemasters, the video game developer and publisher specialising in high quality racing games, today announces its proposed admission to trading on AIM and placing conditional on Admission of 7,500,000 new ordinary shares and 85,000,000 existing ordinary shares of 1 pence each, both at a price of 200 pence per share.
The Placing of the Sale Shares will raise £170 million (before expenses) for the selling shareholders and the Placing of the New Shares will raise £15 million (before expenses) for the Company.
Liberum Capital Limited (“Liberum”) is acting as Nominated Adviser and sole broker in relation to the Admission.
Key Highlights
- Based on the Placing Price, the market capitalisation of the Company will be approximately £280 million on Admission;
- On Admission, the Company will have 140,000,000 Ordinary Shares in issue and a free float of approximately 66.1 per cent;
- The Placing of the New Shares is expected to raise gross primary proceeds of £15 million for the Company;
- The Placing of the Sale Shares is expected to raise gross proceeds of: (i) approximately £159.9 million for Reliance Big Entertainment (Singapore) Pte. Ltd; and (ii) an aggregate of approximately £10.1 million for the executive directors and senior management of the Company;
- The Placing attracted strong support from high quality institutional investors, resulting in an over-subscribed placing;
- The Company intends to use the net proceeds of the Placing to primarily provide the Company’s group with additional working capital but, together with existing cash resources and future operational cash flow, will also generally facilitate the implementation of its strategy, particularly with the following:
– recruiting new talent to grow games as a service revenue;
– capital expenditure;
– extending the reach of its existing franchises onto more platforms (such as Switch, mobile and VR);
– funding further development of its proprietary technology; and
– marketing to reach a wider audience of gamers. - Admission and commencement of dealings on AIM are expected to take place at 8.00 am on 1 June 2018 under the ticker CDM; and
- The Company’s ISIN is GB00BFWZ2G72 and its SEDOL is BFWZ2G7.
codemasters-group-holdings-plc