Issue of equity - deferred consideration to CEVO

RNS Number : 0157B

Gfinity PLC

17 September 2018

 

Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR).  With the publication of this announcement via a Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.

Gfinity plc

("Gfinity" or the "Company")

Issue of equity -  deferred consideration payable to CEVO, Inc.

Gfinity plc (AIM: GFIN), a world-leading esports solutions provider, announces that in line with the terms of the acquisition of CEVO, Inc. ("CEVO") in July 2017 for a total consideration of $2.7 million payable in cash and shares, the Company has agreed to pay the deferred consideration owed to the vendors of CEVO as a result of CEVO achieving certain revenue targets in 2017.

The deferred consideration owed to CEVO amounts to $418,800 in cash and the issue of 1,548,877 ordinary shares in the Company ("Deferred Consideration Shares") at a price of 19.63p per share.

Application will be made to London Stock Exchange for the deferred Consideration Shares to be admitted to trading on AIM and such admission is expected to occur on 21 September 2018 ("Admission").

Total Voting Rights 

On Admission, the Company will have 287,897,087 Ordinary Shares in issue, each with one voting right. There are no shares held in treasury. Therefore, the Company's total number of ordinary shares and voting rights will be 287,897,087.

The above figure of 287,897,087 may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

Enquiries:

Gfinity plc	www.gfinityplc.com
Garry Cook, Executive Chairman	Via Walbrook PR
Allenby Capital Limited - AIM Nominated Adviser and Joint Broker	Tel: [phone]
Jeremy Porter / John Depasquale
Shore Capital - Joint Broker	Tel: [phone]
Patrick Castle
Walbrook PR (Media & Investor Relations)	Tel: [phone]
Paul Cornelius / Sam Allen	or [e-mail]

About Gfinity

Gfinity (LON: GFIN) is a world-leading esports solutions provider. Its business to business platform, "Powered by Gfinity", delivers managed services to game publishers, sports rights holders, commercial partners and media companies. Gfinity creates bespoke solutions, including competitions and industry leading content production, connecting its partners with the esports community in authentic and innovative ways. Partnerships include EA SPORTS, F1 Esports Series, Halo World Championship and the Forza Racing Championship.

Gfinity connects directly with competitive gaming consumers through its owned competition platform, the "Gfinity Elite Series". The Series enables competitive gamers to be part of the Gfinity community, testing themselves and developing new skills, while providing a pathway for those who aspire to a career in esports to join a leading professional team. "Gfinity Elite Series" content is distributed through linear and digital channels and is enjoyed by tens of millions of esports fans around the world.

All Gfinity managed service solutions and owned competitions are underpinned by its proprietary technology platform delivering a level playing field for all competitors and supporting scalable multi-format leagues, ladders and knock out competitions.

 More information about Gfinity is available at www.gfinityplc.com

 

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