Gaming Realms unveils GBP2.2m deal for Quick Think Media.
M2 EQUITYBITES-December 11, 2013-Gaming Realms unveils GBP2.2m deal for Quick Think Media
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11 December 2013 - UK online gaming products developer Gaming Realms Ltd on Wednesday announced the takeover of domestic specialist online gaming marketing agency Quick Think Media Ltd (QTM) for GBP2.2m (USD3.6m/EUR2.6m) in cash and stock.
The vendors are QTM's founders Tom Gooding, Simon Smiley and David Hampstead.
The price includes a cash consideration of some GBP1.47m, which will be bankrolled with proceeds of a share placement, and a deferred stock portion of some 3.6m new shares in Gaming Realms.
The buyer placed via agent Cenkos Securities Plc (LON:CNKS) some 11.5m new common shares with new and existing investors at a price of GBP0.21 apiece. That deal is conditional on effectiveness of the admission of the new shares to trading before an agreed deadline.
Cenkos is also advising Gaming Realms with respect to the acquisition of QTM.
The takeover of QTM, which boasts expertise in online bingo and casino products, serves Gaming Realms' plan to position itself in the bingo and casino segment of the social gaming market and roll out real money bingo and casino games in the UK regulated market, the buyer said. It also brings new users in a cost effective manner as well as a substantial revenue stream, Gaming Realms added.
QTM booked pre-tax profit of GBP228,000 for the 12 months to September 2013.
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|Publication:||M2 EquityBites (EQB)|
|Date:||Dec 11, 2013|
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