Beskrivning
| Land | Finland |
|---|---|
| Lista | Mid Cap Helsinki |
| Sektor | Sällanköp |
| Industri | Gaming |
Remedy Entertainment Plc Stock Exchange Release October 24, 2024 at 2.00 p.m. EEST
The Board of Directors of Remedy decided on issuance of special rights to Tencent
The Board of Directors of Remedy Entertainment Plc has, by virtue of the authorization granted by the Extraordinary General Meeting held on October 24, 2024, decided to issue special rights to Image Frame Investment (HK) Limited, an affiliate of Tencent Holdings Ltd. The special rights are related to the EUR 15 million convertible loan under the Convertible Loan Agreement that Remedy signed with Tencent on 27 September 2024. The Extraordinary General Meeting held on October 24, 2024, approved the material terms and conditions of the convertible loan. There is a weighty financial reason to issue the special rights as the purpose of the convertible loan issued under the Convertible Loan Agreement is to support the company’s working capital needs and secure the company’s liquidity.
The maximum total number of special rights issued is 811,100, entitling the lender of the convertible loan to subscribe for a maximum of 811,100 new shares of the company. The special rights will be granted without payment. The share subscription period with the special rights will begin on the third anniversary of the date when Tencent paid the convertible loan amount to Remedy and ends on the fifth anniversary of the said date.
The subscription price for a share subscribed for with one special right is EUR 27.20, as agreed between the parties in the Convertible Loan Agreement. The subscription price for the shares shall be paid in full at the time of subscription by way of set-off against the convertible loan and accrued interest in an amount corresponding to the aggregate subscription price payable for the subscribed shares. The lender may choose to exercise the special rights only with respect to part of the convertible loan and accrued interest and/or in several instalments at any time during the share subscription period.
The subscription price of the shares shall be credited entirely in the reserve for invested unrestricted equity of the company. To the extent the convertible loan together with accrued interest cannot otherwise be converted into shares in their entirety due to the reason that partial shares cannot be issued, the number of shares that would otherwise be issued to the lender shall be rounded up to the nearest full number.
The number of the company’s shares may increase at maximum by 811,100 shares as a result of the share subscriptions with the special rights, equaling 5.64 percent of all shares and votes in the company after the possible share subscription, if only new shares are issued in the subscription.
The terms and conditions of special rights are attached to this release and will be available on the company’s website at https://investors.remedygames.com/extraordinary-general-meeting-2024/.
REMEDY ENTERTAINMENT PLC
More Information
Eloranta, Investor Relations Manager
Phone: +358 50 4334992
Email: liisa.eloranta@remedygames.com
Distribution
Nasdaq Helsinki Ltd.
Key media
Remedy in brief
Remedy Entertainment Plc is a pioneering, globally renowned video game company founded in 1995 and headquartered in Finland with an office in Stockholm, Sweden. Known for its story-driven and visually stunning action games, Remedy has created multiple successful, critically acclaimed franchises such as Control, Alan Wake and Max Payne. Remedy also develops its own Northlight game engine and tools technology that powers many of its games. Remedy’s shares are listed on Nasdaq Helsinki’s official list.