PlayWay S.A. has initiated an accelerated book-building process to sell up to 2,202,736 shares of Big Cheese Studio S.A., representing a 53.27% controlling stake.
See it on page 1The divestment is targeted at institutional investors outside the U.S. and is facilitated by Trigon Dom Maklerski S.A., with the book-building process scheduled to conclude by July 26, 2024.
See it on page 1PlayWay intends to use the proceeds from the sale to fund new game development, issue future dividends, and expand a developer support program in Turkey.
See it on page 2The transaction is structured under European Union Prospectus Regulation exemptions, meaning no formal prospectus or information memorandum will be issued.
See it on page 1Despite losing its majority interest, PlayWay plans to maintain a commercial partnership with Big Cheese Studio, including ongoing royalty settlements and cross-promotional activities on Steam.
See it on page 1PlayWay may enter into a lock-up agreement for any remaining shares it retains in Big Cheese Studio, depending on the final volume of shares sold.
See it on page 1PlayWay S.A. announced the initiation of an accelerated book-building process on July 25, 2024, to divest its majority stake in Big Cheese Studio S.A. The transaction involves the sale of up to 2,202,736 shares, representing 53.27% of the company’s share capital and total voting rights. Trigon Dom Maklerski S.A. is acting as the investment firm facilitating the sale, which is primarily targeted at institutional investors outside the United States under Regulation S of the U.S. Securities Act.
The book-building process was scheduled for completion on July 26, 2024, with the final share price and total volume to be determined upon closing. The offering is structured to utilize exemptions from the European Union Prospectus Regulation, meaning no formal prospectus or information memorandum will be published. Depending on the final volume sold, PlayWay may enter into a lock-up agreement regarding any remaining shares it holds in the studio.
Strategic objectives for the divestment include reallocating capital toward future dividend payments, funding new game development, and significantly expanding a support program for developers in Turkey. Despite the sale of its controlling interest, PlayWay intends to maintain a commercial relationship with Big Cheese Studio through cross-promotional activities on the Steam platform and the continued settlement of game royalties. The transaction remains subject to change or cancellation without cause at the discretion of the management board.
