Draper Esprit PLC Forward share sale of Zynga Inc stock (5442X)
September 01 2020 - 2:00AM
UK Regulatory
TIDMGROW
RNS Number : 5442X
Draper Esprit PLC
01 September 2020
1 September 2020
Draper Esprit plc
("Draper Esprit", "the Group" or the "Company")
Forward share sale of Zynga Inc ("Zynga") stock
Draper Esprit (LSE: GROW, Euronext Growth: GRW), a leading
venture capital firm investing in and developing high growth
digital technology businesses, today announces the forward share
sale of its stock in Zynga, a global leader in interactive
entertainment, for approximately GBP47 million in cash.
In July, Zynga completed its acquisition of Draper Esprit
portfolio company Peak Games, the Istanbul-based creator of Toon
Blast and Toy Blast, paying for all of the issued and outstanding
common shares in approximately equal proportions of cash and Zynga
common stock.
As previously announced the anticipated fair value of the Peak
Games sale is approximately GBP88 million and the Company received
the initial cash proceeds (net of escrow balances) of approximately
GBP39 million in July. As a result of the forward share sale, which
was undertaken with a global investment bank, Draper Esprit will
receive approximately GBP44 million of the value of the share
consideration in cash in the coming week. The remaining portion is
anticipated to be released at the end of the original lock-up
period in January 2021.
Net cash balances (net of GBP35 million current drawn debt) upon
receipt of these funds will be approximately GBP60 million.
Martin Davis, Chief Executive Officer of Draper Esprit,
commented:
"We are pleased to have entered into this forward share sale as
a means to realise the full cash value for shareholders from Peak
Games significantly ahead of the original timeline. This provides
us with even greater firepower to invest in exciting high growth
technology businesses today."
-ENDS-
Enquiries:
Draper Esprit plc
Martin Davis (Chief Executive Officer)
Ben Wilkinson (Chief Financial Officer) +44 (0)20 7931 8800
Numis Securities
Nominated Adviser & Joint Broker
Simon Willis
Richard Thomas
Jamie Loughborough +44 (0)20 7260 1000
Goodbody Stockbrokers
Euronext Growth Adviser & Joint Broker
Don Harrington
Charlotte Craigie
Dearbhla Gallagher +44 (0) 20 3841 6202
Powerscourt
Public relations
Elly Williamson
Donjeta Miftari +44 (0)7970 246 725
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END
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