NACON Announces New Share Issuance for Big Ant Studios Deal
NACON's Strategic Move with New Share Issuance
NACON, a dynamic player in the video game industry, has recently made waves with an important announcement regarding its acquisition of Big Ant Studios, an esteemed Australian video game developer known for its expertise in rugby, tennis, and cricket games.
Background of the Acquisition
On January 21, 2021, NACON disclosed its acquisition of Big Ant Studios. As part of this agreement, performance-based earnouts were established, allowing selling partners to potentially benefit from the studio's success. With Big Ant's impressive performance, these earnout conditions have now been fulfilled, presenting an intriguing opportunity for the company.
Details of the Share Issuance
Today, the Board of Directors at NACON announced the issuance of 2,315,969 new ordinary shares, representing about 2.19% of its existing capital. The newly issued shares will be priced at €1.002, a significant move that signifies the company’s confidence in future growth. Notably, the selling partners decided to reinvest half of their earned sums back into the company, showcasing their commitment and belief in NACON's vision.
Impact on Share Capital
This share issuance will elevate NACON's total share capital to approximately €108,198,534. Post-issuance, the company will consist of 108,198,534 ordinary shares, each holding a nominal value of one euro. The transaction is anticipated to settle and be delivered on October 20, ensuring that everything aligns with the company’s strategic timeline.
How the Capital Structure Will Change
Understanding the impact of this issuance on shareholding is vital. For example, a shareholder who previously owned 1% of the company will see their share diluted to 0.98% post-transaction. This brief glimpse into the share distribution outlines the transformative potential that NACON is currently navigating.
Shareholder Breakdown Before and After
The share distribution breakdown highlights significant players such as Bigben Interactive, Bpifrance Investissement, and CDC Croissance, all of whom maintain a crucial position within the company's capital structure. For instance, Bigben Interactive will hold 57.23% of the total capital after the transaction, slightly reduced from its pre-transaction stake of 58.48%. Similarly, other stakeholders will also experience minor adjustments to their percentages.
NACON's Growth Strategy and Future Outlook
NACON's recent activities underline its strategic direction toward growth and innovation. As a unified entity within the Bigben group, NACON leverages the capabilities of 16 development studios, enabling it to thrive in an increasingly competitive gaming landscape. The company recorded impressive sales figures, reaching €167.7 million, and maintains a workforce of over 1,000 dedicated employees committed to driving forward the company’s mission.
Upcoming Events for Investors
Looking ahead, NACON will release its second-quarter sales figures for the 2024/25 period on October 28, promising further insights into its market performances. This continuous stream of updates keeps investors informed and engaged, reflecting the company’s commitment to transparency.
Conclusion
In summary, the issuing of new shares is a significant milestone for NACON as it enhances its financial structure while reinforcing the commitment of its partners. As NACON continues to expand its footprint in the gaming industry, especially with the integration of Big Ant Studios, the future looks bright. Investors can remain confident, knowing that the company is taking proactive steps to secure its growth and profitability.
Frequently Asked Questions
What was announced by NACON regarding shares?
NACON announced it would issue 2,315,969 new ordinary shares in relation to the acquisition of Big Ant Studios.
How will the new share issuance affect existing shareholders?
The issuance will lead to a slight dilution, with a shareholder's 1% stake becoming approximately 0.98% after the transaction.
When will the new shares be traded?
The new shares are set to be delivered and admitted for trading on October 20, 2024.
What strategic advantages does NACON gain from this transaction?
This move showcases NACON's confidence in Big Ant Studios’ future performance and strengthens its capital base for further investments and growth.
What future events should investors look out for?
Investors should note the upcoming publication of NACON's second-quarter sales on October 28, 2024.
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