Gfinity plans proposed placing to raise £5.25 million
LONDON: Gfinity plc, a world leading esports solutions provider, announces a proposed subscription and placing of 116.6 million new ordinary shares of 0.1p each in the Company at a price of 4.5 pence per share to raise £5.25 million.
The allotment of the Placing Shares is conditional, inter alia, upon the Company obtaining approval of shareholders of the Resolutions to be proposed at a General Meeting to provide sufficient authority to enable the allotment of the Placing Shares and disapply statutory pre-emption rights which would otherwise apply to the allotment of the Placing Shares.
Accordingly, the Company is seeking the approval of Shareholders to the Resolutions which are to be put to the General Meeting of the Company to be held at Gfinity Arena at Vue Cinema, Fulham Broadway Retail Centre, Fulham Road, London SW6 1BW at 10.00 a.m. on 31 July 2019.
If the Resolutions are not passed by Shareholders at the General Meeting, the Placing as currently envisaged will not proceed.
The Placing Shares to be issued pursuant to the Placing are to be admitted to trading on AIM, which, should the Resolutions be passed at the General Meeting, is expected to take place on 1 August 2019.
Gfinity is a leading international esports solutions provider, with an expert understanding of the rapidly growing esports community. It uses its expertise to provide both advisory services and to design, develop and deliver unparalleled experiences and winning strategies for game publishers, sports rights holder, commercial partners and media companies.
The target addressable esports market continues to grow rapidly and is forecast to reach $1.65 billion in revenues by 2021 (Newzoo: 2018 Global Esports Market Report). The Directors believe that Gfinity is in a unique position to leverage its strong partnerships to design, develop and deliver end-to-end esports solutions targeting the world's 2.2 billion gamers.
Over the next few years, the Company expects to be able to drive significant revenue growth across its partnership led managed service business and wholly owned or partly owned solutions.