Business
Strategic Partnership with IKON Media & Ent.
Strategic Partnership with IKON Media & Ent..
About this update from Gfinity Plc
[{"type":"text","content":"\n \nRNS Number : 9842H Gfinity PLC 13 June 2017 \n\n \n \n \nDissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR)\nGfinity plc\n(\"Gfinity\" or the \"Company\")\n \nStrategic Partnership with IKON Media & Entertainment\n \nGlobal expansion of Gfinity's Elite Series\n \nGfinity plc, a leading esports promoter, announces a strategic partnership with IKON Media & Entertainment ('IKON'), to support a global expansion plan for its Elite Series which, as previously announced, is to launch on 7 July 2017 in London.\n \nIKON is a full-service entertainment, media and sports advertising agency, based in Ireland. The IKON management team possess more than 30 years' experience in the sport and media sectors, including the building and operation of a major franchise based sports league. IKON will be responsible for identifying commercial opportunities and partners on behalf of Gfinity internationally, with the aim of allowing Gfinity to take the Elite Series esports format and Gfinity's market leading tournament software that underpins it to other countries around the world, thus creating a network of global commercial rights and allowing Gfinity to build a worldwide esports community.\n \nIn respect of this agreement, IKON will be granted warrants over 7.5 million new ordinary shares in Gfinity (representing approximately 3.98 per cent. of Gfinity's current issued ordinary share capital) exercisable at 19.225 pence per share being the closing mid-market share price on Friday 9 June 2017. These warrants will be exercisable over a three-year period, conditional on the number of new markets into which IKON helps Gfinity roll out the Elite Series and the profitability of these series. The Board expect these warrants to be granted following obtaining the requisite share authorities at the Company's next general meeting, which will be announced separately.\n \nNeville Upton, Chief Executive of Gfinity, said:\n\"Our ambition is to develop a world class esports competition platform that provides an unparalleled experience for competitors, partners and fans. IKON, with over 30 years' management experience, will support our global expansion ambitions for our Elite Series through identifying and introducing all the p...