TIDMCDM TIDM0IFX
RNS Number : 2822P
Codemasters Group Holdings PLC
16 February 2021
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY IN, INTO OR FROM THE UNITED STATES OR
ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION
OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION
FOR IMMEDIATE RELEASE
16 February 2021
RECOMMED CASH ACQUISITION
of
CODEMASTERS GROUP HOLDINGS PLC ("CODEMASTERS")
by
CODEX GAMES LIMITED
an indirect subsidiary of
ELECTRONIC ARTS INC. ("EA")
(to be implemented by way of a scheme of arrangement under Part
26 of the Companies Act 2006)
Court Sanction of Scheme of Arrangement,
Exercise of Options, Director/PDMR Shareholdings and Suspension
of Trading on AIM
On 14 December 2020, the boards of Codemasters and EA announced
that they had reached agreement on the terms of a recommended
acquisition by Codex Games Limited ("Bidco"), an indirect
subsidiary of EA, of the entire issued and to be issued ordinary
share capital of Codemasters (the "Acquisition"), to be implemented
by way of a Court-sanctioned scheme of arrangement under Part 26 of
the Companies Act 2006 (the "Scheme").
Unless otherwise defined, all capitalised terms in this
announcement shall have the same meanings as given to them in the
scheme document in relation to the Scheme and the Acquisition
published by Codemasters, and sent to Codemasters Shareholders, on
7 January 2021 (the "Scheme Document").
Court sanction of the Scheme
Codemasters is pleased to announce that the Scheme was
sanctioned by the High Court of Justice of England and Wales (the
"Court") earlier today. All Conditions to the Acquisition have now
been satisfied or waived other than delivery to the Registrar of
Companies of England and Wales of a copy of the Court Order, which
is expected to take place on 18 February 2021. On such delivery of
the Court Order, the Scheme will become Effective.
Exercise of share options and admission of new Codemasters
Shares to trading on AIM
Upon the Court sanction of the Scheme earlier today, conditional
exercises by participants of options granted under the Codemasters
Share Schemes to subscribe for an aggregate of 3,902,238 new
Codemasters Shares became unconditional and such aggregate number
of new Codemasters Shares have been allotted and issued to such
participants, credited as fully paid, all in accordance with the
proposals made by Codemasters and Bidco to participants under the
Codemasters Share Schemes in letters to them dated 11 January 2021
in accordance with Rule 15 of the Code (the "Rule 15 Proposals").
All such 3,902,238 new Codemasters Shares are 'Scheme Shares'
within the meaning of the Scheme and will therefore be acquired by
Bidco under the Scheme.
Such participants who conditionally exercised their options in
accordance with the Rule 15 Proposals included the following
Codemasters Directors in respect of the following options granted
to them under the Codemasters Share Schemes (all of which, to the
extent not already vested, vested upon the Court's sanction of the
Scheme):-
Codemasters No. of Codemasters Exercise Resulting % of enlarged
Director Codemasters Share Scheme price holding of issued
Shares per share* Codemasters share capital
Shares
Codemasters
Frank Sagnier 15,000 ESOP 200p
============= ================== ============ ============= ===============
Codemasters
560,000 LTIP 1p 3,821,750 2.44%
============= ================== ============ ============= ===============
Codemasters
Rashid Varachia 15,000 ESOP 200p
============= ================== ============ ============= ===============
Codemasters
420,000 LTIP 1p 1,904,500 1.22%
============= ================== ============ ============= ===============
Gerhard Codemasters
Florin 350,000 NED Plan 200p 350,000 0.22%
============= ================== ============ ============= ===============
Codemasters
Ian Gomes 210,000 NED Plan 200p 210,000 0.13%
============= ================== ============ ============= ===============
Individual option
Lisa Thomas 210,000 grant 235p 210,000 0.13%
============= ================== ============ ============= ===============
(* to be deducted from the consideration payable by Bidco for
the resulting Codemasters Shares under the terms of Acquisition
pursuant to the Rule 15 Proposals)
Notifications by the Codemasters Directors in accordance with
the EU Market Abuse Regulation are set out in the Appendix to this
announcement.
Application has been made to the London Stock Exchange for such
3,902,238 new Codemasters Shares issued to participants in the
Codemasters Share Schemes to be admitted to trading on AIM
("Admission"). It is expected that Admission will become effective
and dealings in such new Codemasters Shares will commence at 8.00
a.m. on 17 February 2021.
Total voting rights
Following the allotment and issue of such 3,902,238 new
Codemasters Shares, Codemasters confirms that it has 156,370,177
ordinary shares of GBP0.01 each in issue and the Company does not
hold any shares in treasury. All of such ordinary shares have equal
voting rights. The International Securities Identification Number
("ISIN") for the Company's ordinary shares is GB00BFWZ2G72.
Suspension of trading on AIM and Cancellation of Admission to
trading on AIM
Dealings in Codemasters Shares will be suspended from trading on
AIM with effect from 7.30 a.m. on 18 February 2021. Subject to the
Scheme becoming Effective, it is expected that the admission of
Codemasters Shares to trading on AIM will be cancelled at 7.00 a.m.
on 19 February 2021.
A further announcement will be made when the Scheme has become
Effective.
The expected timetable of principal events in relation to the
Scheme and the Acquisition remains as set out on pages 10 and 11 of
the Scheme Document and is also set out below:-
Event Time/date
Last day of dealings in, and for registration 17 February 2021
of transfers of, and disablement in
CREST of, Codemasters Shares
Scheme Record Time 6:00 p.m. on 17 February
2021
Effective Date 18 February 2021
Dealings in Codemasters Shares on AIM 7:30 a.m. on 18 February
suspended 2021
Cancellation of admission to trading 7:00 a.m. on 19 February
on AIM of, and dealings in, Codemasters 2021
Shares
Settlement of the Offer Price:
Despatch of cheques and crediting of As soon as practicable
CREST for cash consideration due under and, in any event,
the Scheme within 14 days following
the Effective Date
Long Stop Date 30 June 2021
All references to times in this announcement are to London time
(unless otherwise stated).
Enquiries:
Codemasters Group Holdings plc Via Alma PR
Gerhard Florin, Chairman
Frank Sagnier, CEO
Rashid Varachia, CFO
Jefferies International Limited (Sole Financial
Adviser and Joint Corporate Broker)
Ed Matthews
Raphael Bejarano
Gaurav Kittur +44 (0) 20 7029
Paul Bundred 8000
Liberum Capital Limited (Nominated Adviser
and Joint Corporate Broker)
Neil Patel
Cameron Duncan
Ed Phillips +44 (0) 20 3100
William Hall 2222
Alma PR
Josh Royston
Rebecca Sanders-Hewett
Helena Bogle +44 (0) 7780
Sam Modlin 901979
Important notices relating to financial advisers
Jefferies International Limited ("Jefferies") which is
authorised and regulated in the United Kingdom by the Financial
Conduct Authority, is acting exclusively for Codemasters as sole
financial adviser and joint corporate broker and for no one else in
connection with the matters set out in this announcement and will
not regard any other person as its client in relation to the
matters referred to in this announcement and will not be
responsible to anyone other than Codemasters for providing the
protections afforded to its clients or for providing advice in
relation to the Acquisition or any other matter or arrangement
referred to in this announcement. Neither Jefferies, nor any of its
affiliates, owes or accepts any duty, liability or responsibility
whatsoever (whether direct or indirect, whether in contract, in
tort, under statute or otherwise) to any person who is not a client
of Jefferies in connection with this announcement, any statement
contained herein or otherwise.
Liberum Capital Limited ("Liberum"), which is authorised and
regulated in the United Kingdom by the Financial Conduct Authority,
is acting exclusively for Codemasters as nominated adviser and
joint corporate broker and for no one else in connection with the
matters set out in this announcement and will not regard any other
person as its client in relation to the matters referred to in this
announcement and will not be responsible to anyone other than
Codemasters for providing the protections afforded to its clients
or for providing advice in relation to the Acquisition or any other
matter or arrangement referred to in this announcement. Neither
Liberum, nor any of its affiliates, owes or accepts any duty,
liability or responsibility whatsoever (whether direct or indirect,
whether in contract, in tort, under statute or otherwise) to any
person who is not a client of Liberum in connection with this
announcement, any statement contained herein or otherwise.
Further information
This announcement is for information purposes only and does not
constitute or form part of an offer to sell or an invitation to
purchase any securities or the solicitation of an offer to buy any
securities, pursuant to the Acquisition or otherwise.
Publication on website
In accordance with Rule 26.1 of the Code, a copy of this
announcement will be available (subject to certain restrictions
relating to persons resident in Restricted Jurisdictions) at
https://www.codemasters.com/investors/#electronic-arts by no later
than 12.00 noon (London time) on the Business Day following this
announcement.
Neither the content of the website nor the content of any other
website accessible from hyperlinks on such website is incorporated
into, or forms part of, this announcement.
APPIX
1. Details of PDMR / person closely associated with
them ('PCA')
a) Name Frank Sagnier
----------------------------- ---------------------------------------
b) Position / status Chief Executive Officer
----------------------------- ---------------------------------------
c) Initial notification Initial notification
/ amendment
----------------------------- ---------------------------------------
2. Details of the issuer
----------------------------------------------------------------------
a) Name Codemasters Group Holdings
plc
----------------------------- ---------------------------------------
b) LEI 213800NOITSDQVNP5W91
----------------------------- ---------------------------------------
3. Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type
of transaction; (iii) each date; and (iv) each place
where transactions have been conducted
----------------------------------------------------------------------
a) Description of the financial Ordinary shares of GBP0.01
instrument ISIN: GB00BFWZ2G72
Identification code
----------------------------- ---------------------------------------
b) Nature of the transaction Exercise of share options
----------------------------- ---------------------------------------
c) Price(s) and volume(s) 15,000 ordinary shares (Codemasters
ESOP) @ 200p per share
560,000 ordinary shares (Codemasters
LTIP) @ 1p per share
----------------------------- ---------------------------------------
d) Aggregated information
* Aggregated volume 15,000 ordinary shares (Codemasters
ESOP)
GBP30,000
* Price 560,000 ordinary shares (Codemasters
LTIP)
GBP5,600
----------------------------- ---------------------------------------
e) Date of the transaction 16 February 2021
----------------------------- ---------------------------------------
f) Place of the transaction Outside a trading venue
----------------------------- ---------------------------------------
1. Details of PDMR / person closely associated with
them ('PCA')
a) Name Rashid Varachia
----------------------------- ---------------------------------------
b) Position / status Chief Financial Officer
----------------------------- ---------------------------------------
c) Initial notification Initial notification
/ amendment
----------------------------- ---------------------------------------
2. Details of the issuer
----------------------------------------------------------------------
a) Name Codemasters Group Holdings
plc
----------------------------- ---------------------------------------
b) LEI 213800NOITSDQVNP5W91
----------------------------- ---------------------------------------
3. Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type
of transaction; (iii) each date; and (iv) each place
where transactions have been conducted
----------------------------------------------------------------------
a) Description of the financial Ordinary shares of GBP0.01
instrument ISIN: GB00BFWZ2G72
Identification code
----------------------------- ---------------------------------------
b) Nature of the transaction Exercise of share options
----------------------------- ---------------------------------------
c) Price(s) and volume(s) 15,000 ordinary shares (Codemasters
ESOP) @ 200p per share
420,000 ordinary shares (Codemasters
LTIP) @ 1p per share
----------------------------- ---------------------------------------
d) Aggregated information
* Aggregated volume 15,000 ordinary shares (Codemasters
ESOP)
GBP30,000
* Price 420,000 ordinary shares (Codemasters
LTIP)
GBP4,200
----------------------------- ---------------------------------------
e) Date of the transaction 16 February 2021
----------------------------- ---------------------------------------
f) Place of the transaction Outside a trading venue
----------------------------- ---------------------------------------
1. Details of PDMR / person closely associated with
them ('PCA')
a) Name Gerhard Florin
----------------------------- ---------------------------------------
b) Position / status Chairman & Non-Executive Director
----------------------------- ---------------------------------------
c) Initial notification Initial notification
/ amendment
----------------------------- ---------------------------------------
2. Details of the issuer
----------------------------------------------------------------------
a) Name Codemasters Group Holdings
plc
----------------------------- ---------------------------------------
b) LEI 213800NOITSDQVNP5W91
----------------------------- ---------------------------------------
3. Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type
of transaction; (iii) each date; and (iv) each place
where transactions have been conducted
----------------------------------------------------------------------
a) Description of the financial Ordinary shares of GBP0.01
instrument ISIN: GB00BFWZ2G72
Identification code
----------------------------- ---------------------------------------
b) Nature of the transaction Exercise of share options
----------------------------- ---------------------------------------
c) Price(s) and volume(s) 350,000 ordinary shares (Codemasters
NED Plan) @ 200p per share
----------------------------- ---------------------------------------
d) Aggregated information
* Aggregated volume 350,000 ordinary shares (Codemasters
NED Plan)
GBP700,000
* Price
----------------------------- ---------------------------------------
e) Date of the transaction 16 February 2021
----------------------------- ---------------------------------------
f) Place of the transaction Outside a trading venue
----------------------------- ---------------------------------------
1. Details of PDMR / person closely associated with
them ('PCA')
a) Name Ian Gomes
----------------------------- ---------------------------------------
b) Position / status Non-Executive Director
----------------------------- ---------------------------------------
c) Initial notification Initial notification
/ amendment
----------------------------- ---------------------------------------
2. Details of the issuer
----------------------------------------------------------------------
a) Name Codemasters Group Holdings
plc
----------------------------- ---------------------------------------
b) LEI 213800NOITSDQVNP5W91
----------------------------- ---------------------------------------
3. Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type
of transaction; (iii) each date; and (iv) each place
where transactions have been conducted
----------------------------------------------------------------------
a) Description of the financial Ordinary shares of GBP0.01
instrument ISIN: GB00BFWZ2G72
Identification code
----------------------------- ---------------------------------------
b) Nature of the transaction Exercise of share options
----------------------------- ---------------------------------------
c) Price(s) and volume(s) 210,000 ordinary shares (Codemasters
NED Plan) @ 200p per share
----------------------------- ---------------------------------------
d) Aggregated information
* Aggregated volume 210,000 ordinary shares (Codemasters
NED Plan)
GBP420,000
* Price
----------------------------- ---------------------------------------
e) Date of the transaction 16 February 2021
----------------------------- ---------------------------------------
f) Place of the transaction Outside a trading venue
----------------------------- ---------------------------------------
1. Details of PDMR / person closely associated with
them ('PCA')
a) Name Lisa Thomas
----------------------------- --------------------------------------
b) Position / status Non-Executive Director
----------------------------- --------------------------------------
c) Initial notification Initial notification
/ amendment
----------------------------- --------------------------------------
2. Details of the issuer
---------------------------------------------------------------------
a) Name Codemasters Group Holdings
plc
----------------------------- --------------------------------------
b) LEI 213800NOITSDQVNP5W91
----------------------------- --------------------------------------
3. Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of
transaction; (iii) each date; and (iv) each place
where transactions have been conducted
---------------------------------------------------------------------
a) Description of the financial Ordinary shares of GBP0.01
instrument ISIN: GB00BFWZ2G72
Identification code
----------------------------- --------------------------------------
b) Nature of the transaction Exercise of share options
----------------------------- --------------------------------------
c) Price(s) and volume(s) 210,000 ordinary shares (individual
option) @ 235p per share
----------------------------- --------------------------------------
d) Aggregated information
* Aggregated volume 210,000 ordinary shares (Individual
option)
GBP493,500
* Price
----------------------------- --------------------------------------
e) Date of the transaction 16 February 2021
----------------------------- --------------------------------------
f) Place of the transaction Outside a trading venue
----------------------------- --------------------------------------
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