Forgame Raised Over HK$300 Million to Capture Potential Merger & Acquisitions Opportunities, Expanding the Fast-growing Mobile-Gaming Ecosystem
Publish Date:2015-05-25 source:Forgame
(Hong Kong, 25 May 2015) – Forgame Holdings Limited ("Forgame" or the “Group”) (HKSE: 484) today announced the placing of new shares to no less than six long term investment funds and strategic investors. The fund raised will be used for potential mergers and acquisitions transactions of the Group as when appropriate investment opportunities arise as well as for additional working capital.
Mr. Dongfeng Wang, Chairman and Chief Executive Officer of Forgame, said, “Forgame is a leading developer and publisher of webgame and mobile game in China. We uphold the commitment to develop good content and provide good user experience to our game players.”
“The internet industry in China is growing at a rapid pace and it is essential for us to leverage our strengths and capability to amplify our coverage and market share. With this capital raise, Forgame will have more flexibility to capture investment opportunities that will bring in revenue and profit to the Group and to expand our mobile-gaming ecosystem aggressively.” Mr. Wang added.
The Group issued 19,042,000 new shares at $16.50 per Share, representing approximately 14.96% of Forgame's existing issued share capital and approximately 13.01% of the enlarged issued share capital. This price represents a discount of approximately 6.94% to the average closing price of HK$17.73 per Share as quoted on the Stock Exchange for the twenty trading days immediately preceding the date of the Placing Agreement. The gross proceeds from the share placement will be HKD314.2million. For further details, please refer to the announcement posted on both the Hong Kong Stock Exchange website and Forgame's website at www.forgame.com.
BOCOM International Securities Limited is the placing agent and bookrunner of this transaction.
About Forgame Holdings Limited (stock code: 484)
Established in 2009 and listed on the Hong Kong Stock Exchange on 3 October 2013, Forgame Holdings Limited is a leading developer and publisher of webgames in China with a fast-growing mobile games business. As of 31 December 2014, the company had 40 self-developed webgames and 13 mobile games in operation. Its game publishing platform 91wan has distributed over 90 self-developed and licensed webgames and attracted over 222 million registered players.
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Safe Harbor Statements
This press release contains forward-looking statements. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Potential risks and uncertainties include, but are not limited to, Forgame’s limited operating history, its ability to develop and operate new games that are commercially successful, the growth of the online/mobile game market and the continuing market acceptance of its games and in-game items in China and elsewhere, its ability to protect intellectual property rights, its ability to respond to competitive pressure, its ability to maintain an effective system of internal control over financial reporting, changes of the regulatory environment in China, and economic slowdown in China and/or elsewhere. Forgame does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.
Mr. Dongfeng Wang, Chairman and Chief Executive Officer of Forgame, said, “Forgame is a leading developer and publisher of webgame and mobile game in China. We uphold the commitment to develop good content and provide good user experience to our game players.”
“The internet industry in China is growing at a rapid pace and it is essential for us to leverage our strengths and capability to amplify our coverage and market share. With this capital raise, Forgame will have more flexibility to capture investment opportunities that will bring in revenue and profit to the Group and to expand our mobile-gaming ecosystem aggressively.” Mr. Wang added.
The Group issued 19,042,000 new shares at $16.50 per Share, representing approximately 14.96% of Forgame's existing issued share capital and approximately 13.01% of the enlarged issued share capital. This price represents a discount of approximately 6.94% to the average closing price of HK$17.73 per Share as quoted on the Stock Exchange for the twenty trading days immediately preceding the date of the Placing Agreement. The gross proceeds from the share placement will be HKD314.2million. For further details, please refer to the announcement posted on both the Hong Kong Stock Exchange website and Forgame's website at www.forgame.com.
BOCOM International Securities Limited is the placing agent and bookrunner of this transaction.
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About Forgame Holdings Limited (stock code: 484)
Established in 2009 and listed on the Hong Kong Stock Exchange on 3 October 2013, Forgame Holdings Limited is a leading developer and publisher of webgames in China with a fast-growing mobile games business. As of 31 December 2014, the company had 40 self-developed webgames and 13 mobile games in operation. Its game publishing platform 91wan has distributed over 90 self-developed and licensed webgames and attracted over 222 million registered players.
.
Safe Harbor Statements
This press release contains forward-looking statements. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Potential risks and uncertainties include, but are not limited to, Forgame’s limited operating history, its ability to develop and operate new games that are commercially successful, the growth of the online/mobile game market and the continuing market acceptance of its games and in-game items in China and elsewhere, its ability to protect intellectual property rights, its ability to respond to competitive pressure, its ability to maintain an effective system of internal control over financial reporting, changes of the regulatory environment in China, and economic slowdown in China and/or elsewhere. Forgame does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.