Pursuant to the binding agreement, iCandy Group is investing a total of EUR2 million
(MYR 9.83 million) in exchange for a 60% interest in Flying Sheep Studios, detailed as
follow:
- EUR1.2 million cash investment into Flying Sheep Studios to
subscribe for 37.5% of the enlarged share capital of Flying Sheep Studios, and - EUR0.8 million consideration in exchange for 22.5% of Flying
Sheep Studios from the Founders of Flying Sheep Studios, to be satisfied as follow:- cash of EUR400,000 (AUD603,000) (“Cash Consideration”), and
- via the issuance of 4,606,549 new fully paid ordinary shares (“Consideration
Shares”) of iCandy Group worth EUR400,000 (AUD603,000), at an issue price of
AUD0.131.
- In addition, the Founders of Flying Sheep Studios will collectively be given 500,000
unlisted options (“Options”), to be granted within 15 business days from the Closing
Date. Each Option shall grant the right to acquire one iCandy Group share at a
strike price of AUD0.125, and shall expire on 5 April 2027.
iCandy Interactive Ltd
Flying Sheep Studios: Inhouse Gaming Development Capabilities
Flying Sheep Studios is a gaming backend technology development company founded in 2014 in Cologne, Germany and led by a team of experienced software engineers:
- Thomas Rӧssig, Managing Director
- Daniel Nienhaus, Technical Director
-
Benjamin Cid Pérez, Creative Director
Having delivered over 200 games to satisfied clients including DreamWorks Animation, Flying Sheep Studios has an impressive track record of game development and gamification with more than 50 brands worldwide. Flying Sheep Studios recorded more than EUR 321,000 (MYR 1.5 million) in revenue in its fiscal year ending December 2021.
Flying Sheep Studios’ inhouse HTML5 developer capabilities provide for on time, quality games with its web technology that is size- and speed-efficient with cleaner and neater code, as well as reduce load on servers. In addition, HTML5 supports rich media elements which enable media material plays and reduce plugin needs; and designed for cross-platform usability without downloads nor installation.
