Press release from extraordinary general meeting in Stillfront Group AB (publ) 22 June 2016 due to the acquisition of the remaining 49 per cent of the shares in Bytro Labs GmbH
Stillfront Group AB (publ) (“Stillfront” or “Company”) held an extraordinary general shareholders’ meeting on 22 June 2016 where it was resolved to increase the share capital by SEK 392 506.80 through a directed issue of 560 724 new shares to FKL Holding GmbH (“FKL”) against payment in the form of 12 250 shares in Bytro Labs GmbH. Stillfront holds 51 per cent of the shares in Bytro and now acquires the remaining 49 per cent of the shares whereby Bytro becomes a wholly owned subsidiary of Stillfront.
The reason for the issue is to fulfil the share purchase agreement which Stillfront in 2013 entered into with FKL, Felix Faber, Tobias Kringe and Christopher Lörken and, in accordance with the agreement, acquire the remaining 49 per cent of the shares in Bytro. Felix Faber, Tobias Kringe and Christopher Lörken own all the shares in FKL and also constitute the management of FKL. The resolution on the new share issue was therefore adopted by the shareholders’ meeting with a qualified majority.
The total consideration for the shares in Bytro has been determined based on certain key figures according to Bytro’s annual report for 2015 and is paid partly in cash and partly in new shares in Stillfront. The cash part of the consideration amounts to EUR 1 300 000. The number of shares to be issued has been determined based on a subscription price corresponding to SEK 28 per share. According to applicable accounting principles, the value at which the shares in Bytro will be accounted for in the Company’s balance sheet depends on the exchange rate and price of the Company’s share on the transaction date.
Following the new share issue, the total number of shares in Stillfront will be 5 567 307 and the share capital SEK 3 897 114.90. The dilution pursuant to the new share issue corresponds to approximately 10.07 per cent. After the issue of shares FKL, will hold approximately 17.74 per cent of the shares in the Company.
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Stillfront is an independent creator, publisher and distributor of digital games – with a vision to become one of Europe’s leading indie game creators and publishers. Stillfront operates through four near-autonomous subsidiaries: Bytro Labs in Germany, Coldwood Interactive in Sweden, Power Challenge in the UK and Sweden, and Dorado Online Games in Malta. Stillfront’s games are distributed globally. The main markets are Sweden, Germany, the United States and South America. For further information, please visit www.stillfront.com.
Stillfront’s portfolio includes games across multiple platforms. Unravel, developed by Coldwood in collaboration with Electronic Arts, won 20+ awards at E3 and gamescom and was released in February 2016. Supremacy 1914 and Call of War are high-immersion war strategy games developed by Bytro Labs. ManagerZone is a sports management strategy game launched in 2001.
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