Stillfront Group AB (publ) completes the acquisition of a majority stake in Simutronics and issues new shares against payment in kind
Stillfront Group AB (publ) ("Stillfront" or "company") has completed the acquisition of 52.65 per cent of the outstanding shares of the U.S. company Simutronics Corp., ("Simutronics") which the company announced in a press release on 21 June 2016.
In connection with closing, which took place after the exchange had closed on 23 June 2016, Stillfront carried out an issue of 18 851 new shares in Stillfront to David M. Whatley Living Trust. The subscription price amounted to SEK 65.8554 per share and had been determined based on the average price per Stillfront share on Nasdaq First North during the 30 days preceding the date of subscription for shares. All shares have been subscribed for by David M. Whatley Living Trust. Payment for the new shares was made by contribution of 1 802 500 shares in Simutronics. The total purchase price for the shares in Simutronics amounted to USD 937 661 and was paid partly in cash and partly in the form of the newly issued shares in Stillfront.
The resolution to issue the new shares was adopted by the board of directors of Stillfront pursuant to authorization granted by the annual general meeting which was registered with the Swedish Companies Registration Office on 2 June 2016. Through the new share issue, Stillfront's share capital will increase by SEK 13 195.70 Following the new share issue, and taking into consideration the new share issue which the extraordinary general meeting resolved upon on 22 June 2016, the total number of shares will amount to 5 586 158 and the share capital to SEK 3 910 310.60.
In connection with closing, the board of directors of Stillfront furthermore resolved to establish an incentive program to the key management individuals in Simutronics in accordance with the terms set out in the press release which the company published on 21 June 2016.
For additional information, please contact:
Jörgen Larsson, CEO at Stillfront
Phone: +46 70 321 18 00
E-mail: jorgen@stillfront.com
Sten Wranne, CFO at Stillfront
Phone: +46 705 851258
E-mail: sten@stillfront.com
About Stillfront
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.
Selected games
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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