25 June 2018
Animoca Brands to receive A$0.75m cash and additional consideration following amendments to sale agreement with iCandy
Animoca Brands Corporation Limited (ASX:AB1, “the Company”) advises the following updates and amendments to the agreement with iCandy Interactive Limited (ASX:ICI or ‘iCandy’) for the sale of the Company’s casual games portfolio first announced on 15 November 2017.
As announced 24 May 2018, the remaining cash consideration of A$0.75 million was approved by iCandy shareholders. Animoca Brands advises that this sum will now be received in five equal monthly instalments of $150,000, paid starting in July 2018.
iCandy will pay the Company monthly service fees for services related to the operation of the games portfolio for a period of six months, payable in cash or shares (that are not subject to moratorium).
Additionally, iCandy will now pay the Company an additional maintenance and migration fee of approximately A$500,000, payable in cash or shares within three months of the completion of the sale.
Shareholders at iCandy’s Annual General Meeting approved the issuance of 25 million fully paid ordinary iCandy shares to Animoca Brands. These shares will be issued to the Company on or around 29 June 2018.
About Animoca Brands
Animoca Brands (ASX: AB1) publishes and develops a broad portfolio of mobile games and subscription products including several games such as Crazy Kings, Crazy Defense Heroes as well as products based on popular intellectual properties such as Garfield, Thomas & Friends™, Ever After High and Doraemon. The Company is based in Hong Kong and Finland. For more information visit www.animocabrands.com or get updates by following Animoca Brands on Facebook, Twitter or Google +.