Placing in Codemasters to support acquisition of Slightly Mad Studios

We are pleased to announce that Liberum acted as Joint Bookrunner on a Placing in Codemasters Group Holdings plc. The Company placed 9,523,809 ordinary shares at a placing price of 210 pence (mid-market screen price), raising gross proceeds of £20 million. The net proceeds of the Placing were used to fund the initial cash element of the up front consideration payable in acquiring Slightly Mad Studios (“SMS”).

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SMS is an award winning multi-platform video game developer renowned for developing critically acclaimed and commercially successful racing franchises and games including Project CARS and Need For Speed™ Shift.

Codemasters will pay $30 million up front for SMS, with earn-out consideration of up to a further $166 million to be satisfied in a mix of cash and Ordinary Shares, to be paid based on the achievement of certain milestones and earn-out performance targets over the calendar years 2020, 2021 and 2022.

The placing was oversubscribed and received significant support from existing shareholders. The share price traded at a c.10% premium to the placing price in the immediate aftermarket.

Codemasters is an award-winning British video game developer and publisher specialising in high quality racing games, including DiRT, GRID and F1.

Liberum Team

Investment Banking – Neil Patel, Cameron Duncan, Ed Phillips, Will Hall, Ant Schia

Sales – Julian Collett, Seb Fernandez, Oliver Baxendale, Alistair Smallwood, Nicholas Lee

Research – Andy Bryant, Olivia Honychurch

Legal – Rebecca Gordon, Alice Foster

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