Wicket Gaming and the sellers agree to amend the subscription price for consideration shares to EUR 2.00 per share and completes the acquisition of the Wegesrand Group
5 October 2022 - Wicket Gaming AB ("Wicket Gaming" or the "Company"), through its German subsidiary Wicket Media GmbH, has agreed with the sellers of the Wegesrand Group to amend the subscription price for the consideration shares to EUR 2.00 per share in the acquisition of the Wegesrand Group, announced on 2 August 2022 (the “Transaction”) and has today completed the Transaction.
Adjusted subscription price for Consideration Shares
On 2 August 2022, Wicket Gaming announced that it had entered into an agreement to acquire 100 per cent of the Wegesrand Group. In connection therewith, the Company announced that EUR 2.5 million of the consideration would be paid in newly issued shares of Wicket Gaming (the "Consideration Shares"). According to the agreement, the share price would be calculated based on the volume-weighted average price on the Spotlight Stock Market for the ten consecutive trading days before the closing date.
Wicket Gaming has today, in mutual agreement with the sellers, agreed to instead amend the subscription price to EUR 2.00 per share, which corresponds to a subscription price of SEK 21.71 per share. The new subscription price entails a premium of approximately 52.17 per cent compared to the closing price of the Company’s share on the Spotlight Stock Market on 4 October 2022. The EUR 2.00 per share subscription price substantially corresponds to the Company’s market value at the signing of the letter of intent for the Transaction on 25 October 2021. Wicket Gaming and the sellers deem the new subscription price to be a reasonable value for the Consideration Shares.
As previously announced, the Consideration Shares will be subject to the sellers’ lock-up undertaking for a period of 24 months. The seller Thorsten Unger has been appointed as CEO of Wicket Media GmbH, the holding company of Wegesrand Group.
The Company’s Board of Directors has resolved on the issue of Consideration Shares, relying on the authorisation from the Annual General Meeting on 25 May 2022. The new issue will increase the Company's share capital by SEK 1,195,381 from SEK 6,541,094 to SEK 7,736,475, resulting in a dilution of approximately 15.45 per cent for existing shareholders.
Completion of the Transaction
Beside the adjusted subscription price for the Consideration Shares, the Transaction was today completed in accordance with the terms and conditions described in the Company’s press release of 2 August 2022.
För ytterligare information kontakta:
Eric de Basso, VD, Wicket Gaming AB
Telefon: +46 70 780 52 00
Brief information on the companies that are part of the Wegesrand Group:
Linked Dimensions has a solid collection of highly rated game developers with backgrounds from Electronic Arts and Ubisoft, among others. The Linked Dimension team has worked with world-leading game titles, such as FIFA and Football Manager.
Unger & Fiedler is a design studio with many years of experience in game design. The studio has worked with well-known Coffee Stain Studios, Fishlabs and Hasbro as well as the following game titles; Hunt: Showdown, Elder Scrolls Legends, Dead Island: Survivors and Star Wars: X-Wing.
Wegesrand is a digital education company and the people in the company have extensive experience in Serious Games, Game-Based-Learning and Gamification. The company has worked with well-known companies such as Bertelsmann, Deutsche Bank, Mercedes-Benz, and Volkswagen-group.
Brief information on Wicket Gaming:
Wicket Gaming is a Swedish game development company founded in 2015. The company's business concept is based on developing and distributing so-called free-to-play games in the sports genre based on proprietary brands. Since its inception, the Company has worked to develop its first title, Cricket Manager, which is a manager game in cricket for mobile devices that aims to create and own its own cricket club and compete against other players around the world. The goal is to create one of the world's most popular cricket manager games for mobile devices and to use a technical platform to broaden the game portfolio to include other sports manager games.
This information is information that Wicket Gaming is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 5 October 2022 14:00 CEST.