Business
Proposed Acquisition & Fundraising & Notice of GM
Proposed Acquisition & Fundraising & Notice of GM.
About this update from Gfinity Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 5171J\n Gfinity PLC\n 23 August 2021\n \n \n \n \n THIS ANNOUNCEMENT (INCLUDING THE APPENDICES) AND THE INFORMATION HEREIN IS RESTRICTED AND IS NOT FOR PUBLICATION, RELEASE, TRANSMISSION, DISTRIBUTION OR FORWARDING DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, THE REPUBLIC OF SOUTH AFRICA, JAPAN OR ANY OTHER JURISDICTION IN WHICH SUCH PUBLICATION, TRANSMISSION, RELEASE, DISTRIBUTION OR FORWARDING WOULD BE UNLAWFUL.\n \n \n THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.\n \n \n \n 23 August 2021\n \n \n Gfinity PLC\n \n \n \n \n \n (\"Gfinity\", the \"Company\" or the \"Group\") \n \n \n \n \n \n Proposed Acquisition and Fundraising to raise no less than £3.0 million and Notice of General Meeting \n \n \n \n \n \n \n \n \n Gfinity plc (AIM: GFIN), a world leading esports solutions provider, announces the proposed acquisition of Megit Limited, a private company which owns and operates the website Stock Informer, in both the UK and US (\"Stock Informer\" or the \"Target\") for an initial consideration of £5.0 million, comprising £2.5 million in cash and £2.5 million in new Ordinary Shares in the Company. \n \n \n \n \n \n The Company is seeking to undertake a placing and direct subscription of New Ordinary Shares of 0.1p each in the Company (\"New Ordinary Shares\") at a price of 4.0 pence per share (\"Issue Price\") to raise no less than £3.0 million, before expenses (the \"Fundraise\"). \n The Fundraise proceeds will be used partly to fund the £2.5 million cash consideration for Stock Informer, with the remaining £0.5 million intended to be used for expansion of Gfinity's social activities and US site operations. \n \n \n \n \n \n In conjunction with the Fundraise, a retail offer of new Ordinary Shares at the Issue Price will be made by the Company via PrimaryBid (the \"Retail Offer\") to provide retail investors with an opportunity to participate in the equity fundraise. A separate announcement will be made shortly after this Announcement regarding the Retail Offer and its terms. Funds raised via PrimaryBid will be used to invest in the business and to drive further revenue growth.\n \n \n \n \n \n The Fundraise is being conducted by an accelerated book building process which will commenc...