Business
Proposed subscription to raise £1,545,000
Proposed subscription to raise £1,545,000.
About this update from Gaming Realms Plc
[{"type":"text","content":"\n \nRNS Number : 6995Q Gaming Realms PLC 02 March 2016 \n\nGaming Realms plc\n(the \"Company\" or the \"Group\")\nProposed subscription to raise £1,545,000\nDirector/PDMR Shareholding\n \nGaming Realms, the creator and publisher of mobile real money and social games, is pleased to announce that it has conditionally raised approximately £1,545,000, before expenses, through a subscription of 7,725,000 new ordinary shares of 10 pence each (\"Subscription Shares\") at a price of 20 pence per share (the \"Subscription Price\") (\"the Subscription\"). The Subscription will represent 3.01% of the Company's enlarged share capital.\nThe proceeds of the Subscription, together with the net proceeds received from the recently announced sale of the third Party Bingo Sites, will be used to support the launch of the new social casino 'Lucky Streak\", and to fund the continued growth of the real money Grizzly platform in the UK which will launch theXfactorgames.com site in partnership with Fremantle Media. \nQ1 2016 KPI's have continued the positive momentum which the business is now showing:\n· Average daily newly acquired funded players on Grizzly increased by 26% to 320 (Q4 2015: 253)\n· Average daily funded players on Grizzly increased by 9% to 2,588 (Q4 2015: 2,377)\n· Average daily revenue on Grizzly increased by 9% to approximately £45,000 (Q4 2015: c. £41,000)\nAs part of the proposed Subscription certain executive directors (the \"Executive Directors\") have committed to subscribe, in aggregate, for 1,575,000 Subscription Shares at the Subscription Price. The resulting holdings of the Executive Directors following admission of the Subscription Shares are set out below.\n \n\n\n\n\nDirector\n\n\nSubscription Shares\n\n\nShares held post Subscription\n\n\n% of enlarged share \ncapital post Subscription\n\n\n\n\nAtul Bali\n\n\n825,000\n\n\n1,825,000\n\n\n0.71%\n\n\n\n\nMichael Buckley\n\n\n500,000\n\n\n21,500,000\n\n\n8.37%\n\n\n\n\nPatrick Southon\n\n\n150,000\n\n\n11,735,501\n\n\n4.57%\n\n\n\n\nSimon Collins\n\n\n100,000\n\n\n10,624,924\n\n\n4.14%\n\n\n\n\n \nApplication for Admission of the Subscription Shares will be made to AIM and it is expected that Admission will become effective ...