Sumo Group raises gross proceeds of £13.7 million through successful placing

Sumo Group plc (LON:SUMO), the award-winning provider of creative and development services to the video games and entertainment industries, has announced that, further to the announcement made on 15 July 2020 entitled “Proposed Accelerated Bookbuild to raise gross proceeds of up to approximately £13.7 million”, the Bookbuild has closed and the Company has raised gross proceeds of £13.7 million (before expenses) through the successful placing of 7,588,500 new ordinary shares of £0.01 each in the capital of the Company, representing 5% of the company’s issued share capital prior to the Placing, at a price of 180 pence per Placing Share. The Group intends to use the net proceeds of the Placing to take advantage of potential M&A opportunities that may arise and will update shareholders on these as they progress.

Application has been made for the Placing Shares to be admitted to trading on AIM at 8.00 a.m. on 21 July 2020. Once Admission occurs, the Placing will have successfully completed.

Zeus Capital and Investec Bank plc acted as joint bookrunners and joint brokers in connection with the Placing.

Related party transactions

Andrea Dunstan and Michael Sherwin, non-executive directors of the Company (the “Participating Directors”), have subscribed for 33,333 and 5,556 Placing Shares respectively at the Placing Price of 180 pence per Placing Share. The participations by Andrea and Michael in the Placing constitute related party transactions for the purposes of the AIM Rules. Members of the board, other than the Participating Directors, having consulted with the Company’s nominated adviser, Zeus Capital, consider that the terms of the related party transactions are fair and reasonable insofar as the Shareholders are concerned. 

Total Voting Rights

Following Admission, the Company’s total number of Ordinary Shares in issue will be 159,363,790, with one voting right each. The Company does not hold any shares in treasury. The number of ordinary shares with voting rights is therefore 159,363,790.

The above figure may be used by Shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA’s Disclosure, Guidance and Transparency Rules.

Unless expressly defined in this announcement, all capitalised terms used in this announcement have the meanings stated in the announcement made by the Company on 15 July 2020 entitled “Proposed Accelerated Bookbuild to raise gross proceeds of up to approximately £13.7 million”.

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