News

Animoca Brands proposes a reverse takeover to gain Australian Stock Exchange listing

Date Type Companies involved Size
June 23rd, 2014 acquisition Animoca
Black Fire Minerals
Not disclosed
Animoca Brands proposes a reverse takeover to gain Australian Stock Exchange listing

In the sort of move that's proving popular in China at the moment, Hong Kong-based Animoca Brands Corporation is hoping to perform a reverse takeover.

The deal will see it effectively buy into a currently listed company on the Australian Stock Exchange called Black Fire Minerals.

This company will sell off its existing assets, and be renamed Animoca Brands Corporation, while two of its current directors will resign, replaced by five new directors from Animoca Brands Corporation and its parent company Appionics (aka Animoca).

One of these will be Robby Yung, the CEO of Animoca Brands.

Going up down under

Animoca Brands Corporation is itself a new company, having been created from mobile publisher Animoca in May 2014 to run its branded games business - including Garfield, Mr Bean, Ben10, Astro Boy etc.

As part of the deal, Black Fire Minerals/Animoca Brands will raise between $3 - $5 million from the issue of new shares, which will then be used by the ongoing business as its starting capital.

The company also hopes to get more involved in the mobile publishing business and secure additional character licences it can base new games on.

In total, Animoca has seen its games and entertainment apps downloaded more than 230 million times, mainly on Android, while its Garfield-branded mobile games have recently passed the 30 million total.

If all goes to plan, it's expected that shares from Animoca Brands Corporation will begin trading on 25 September.


editor-at-large

A Pocket Gamer co-founder, Jon can turn his hand to anything except hand turning. He is editor-at-large at PG.biz which means he can arrive anywhere in the world, acting like a slightly confused uncle looking for the way out. He likes letters, cameras, imaginary numbers and legumes.

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