CI Games SE has entered into an agreement regarding the subscription of new issue shares valued at 6 million euros by one of its largest shareholders, Active Ownership Fund (AOF). The issue price per share will align with the price determined in the book-building process by other investors, set to begin on Monday, April 22nd. Currently, AOF holds 20.02% of the shares and voting rights at the General Meeting of the Company.
Additionally, CI Games has committed to request the early redemption of registered bonds held by AOF, which will occur subject to the court registration of the share issue to be subscribed by AOF.
“We strongly believe in the long-term perspective of the company, which is why we decided to participate in the planned share issue and convert the bonds we hold into shares,” says Florian Schuhbauer, Co CIO, Founding Partner of Active Ownership Corporation.
Simultaneously, CI Games has published the subscription terms for Series M shares – the Extraordinary General Meeting in March consented to the issuance of up to approximately 36.6 million shares (up to 20% of the capital). The demand book-building process will conclude by April 24, 2024, at 3:00 PM at the latest, with the closure of offers planned for April 30. Investors holding at least 0.25% of all shares will have priority in the allocation, as described in the subscription terms.
The final issue price will be determined through an analysis of the demand for Series M shares based on the book-building mechanism. As per the agreement, AOF has committed to purchase shares valued at 6 million euros at a price not exceeding 1.80 PLN per share. The new issue shares subscribed by AOF will be subjected to a six-month lock-up.
“I am pleased that our largest financial investor in the shareholder structure, Active Ownership Fund, supports the company’s strategy and its further development,” says Marek Tymiński, CEO of CI Games.
In 2023, CI Games Group achieved nearly 245 million PLN in consolidated net sales revenue, a fourfold increase compared to 2022 and the highest in the Group’s history. EBITDA was 97.6 million PLN, resulting in an EBITDA margin of 39.8%. The Group recorded a gross profit of 26.3 million PLN and a net profit of 14.5 million PLN (net margin of 5.9%). CI Games plans to release two major games in 2025 and 2026 – Project Survive, which is being developed by its internal studio Underdog, and Project 3, which is being carried out by Hexworks.
