REG - TruFin PLC TruFin PLC - Statement re Playstack

TrufinAnnouncement

06/06/2022 07:00

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RNS Number : 6846N  TruFin PLC  06 June 2022

6 June 2022

TruFin plc

("TruFin" or the "Company")

 

Acquisition of Magic Fuel Games, Inc. and Platform Contract

 

 

TruFin is pleased to announce that its subsidiary, Playstack Limited
("Playstack"), a leading games technology business headquartered in London,
has acquired Magic Fuel Games Inc. ("Magic Fuel"), a remote games development
studio based in San Francisco, USA.  Magic Fuel was founded in 2015 and has
since built a portfolio of compelling IP that leverages the teams' years of
experience in the simulation and city build games genre.

 

The total consideration for the acquisition is US$3m in cash, of which $1.5m
is payable immediately and $1.5m is payable in twelve months' time.
Simultaneous with the acquisition, Playstack has signed a significant contract
with a global technology platform which Magic Fuel will be instrumental in
delivering. As a result, the acquisition is expected to be earnings neutral to
TruFin in 2022 and accretive from 2023.

 

In the year to 31 December 2021 Magic Fuel made a loss before tax of $2.1m. At
the point of acquisition Magic Fuel had net assets of $0.2m.

 

In addition to the exciting games portfolio, the acquisition adds a breadth of
experienced game development talent to Playstack's roster, including the
appointment of Magic Fuel's CEO, Kevin Shrapnell, as Playstack's Chief
Operating Officer.

 

Harvey Elliott, Chief Executive Officer of Playstack, commented:

 

"I have a great deal of respect for Kevin and his leadership team having
worked with them at Electronic Arts. They will significantly strengthen the
depth of our team and add further exciting IP to Playstack's portfolio which
we believe we can help to leverage through our existing publishing channels
and relationships."

 

Kevin Shrapnell, Chief Executive Officer of Magic Fuel, added:

 

"We have long admired the way in which Playstack approaches games publishing
and are thrilled to become part of this exciting organisation.  Magic Fuel
and Playstack have a shared belief in the untapped potential that
simulation-based games present, and we are delighted to be able to add our
passion and expertise for this genre to that of the Playstack team."

 

For further information, please contact:

 

 TruFin plc                                                        0203 743 1340

James van den Bergh, Chief Executive Officer
07779 229508

Kam Bansil, Investor Relations
 Liberum Capital Limited (Nominated Adviser and Corporate broker)  0203 100 2000

Chris Clarke

Edward Thomas

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the UK version of EU
Regulation No. 596/2014 as it forms part of UK domestic law and as defined in,
and by virtue of, the European Union (Withdrawal) Act 2018 ("UK MAR"). Upon
the publication of this announcement via Regulatory Information Service, this
inside information is now considered to be in the public domain. The person
responsible for arranging for the release of this Announcement on behalf of
the Company is Annie Styler.

 

TruFin plc is the holding company for an operating group of companies that are
niche lenders and early payment providers. TruFin Group combines the benefits
of both the traditional relationship banking model and developments in the
fintech sector. The Company was admitted to AIM in February 2018 and trades
under the ticker symbol: TRU. More information is available on the Company
website www.TruFin.com (http://www.TruFin.com)

 

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