iCandy completes Flying Sheep Studios acquisition

SYDNEY, AUSTRALIA: iCandy Interactive Limited (ASX: ICI) completed the 60% acquisition of European game developer, Flying Sheep Studios GmbH.

As announced on 8 June 2022, the company will pay a total of EUR 2 million (AUD3.01 million), to be settled as follows:

(A) EUR1.2 million (A$1.81 million) cash investment into Flying Sheep Studios in return for 37.5% of the enlarged share capital of Flying Sheep Studios (“Cash Subscription”);

(B) EUR0.8 million (A$1.21 million) consideration to the founders of Flying Sheep Studios, in exchange for 22.5% of the enlarged share capital of Flying Sheep Studios, to be satisfied via:

(i) Cash of EUR400,000 (A$603,000) (“Cash Consideration”);

(ii) Via the issuance of 4,606,549 new fully paid ordinary shares (“Consideration Shares”) of iCandy worth EUR400,000 (A$603,000), at an issue price of A$0.131; and

(C) In addition, the Founders of Flying Sheep Studios will collectively be given 500,000 unlisted options (“Options”). Each Option shall grant the right to acquire one iCandy share at a strike price of A$0.125, and shall expire on 5 April 2027.

iCandy Group wishes to update that the Cash Subscription, Cash Consideration, and the Options have been paid. The Consideration Shares are to be issued to the Founders in 12 equal tranches over a period of 3 years, with the first tranche having been issued.

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