REG - Winking Studios Ltd - Update on Incentive Shares relating to Acquisition

Winking StudiosAnnouncement

21/10/2025 11:00

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RNS Number : 2067E  Winking Studios Limited  21 October 2025

WINKING STUDIOS LIMITED

(Company Registration No. 159882)

(Incorporated in the Cayman Islands)

 

 

 

Update on Issuance of Incentive Shares in relation to the Acquisition of

SHANGHAI MINELOADER DIGITAL TECHNOLOGY CO., LTD.

(上海皿鎏數字科技有限公司)

 

All capitalised terms used and not defined herein shall have the same meanings
ascribed to them in the Company's announcement dated 17 January 2025 in
relation to the proposed acquisition of 100% of the equity interest in
Shanghai Mineloader Digital Technology Co., Ltd.
(上海皿鎏數字科技有限公司) (the "Mineloader
Acquisition Announcement").

 

Winking Studios Limited (AIM / SGX:WKS) ("Winking Studios" or the "Company"
and together with its subsidiaries, the "Group"), one of Asia's largest AAA
game art outsourcing studios and an established game development company,
announces that, further to the Mineloader Acquisition Announcement, the
Company  will issue 1,573,176 new Incentive Shares in 2025 (the "2025
Incentive Shares") to the Key Management Personnel following the terms as set
out in the Incentive Agreements.

 

The issue price of the 2025 Incentive Shares per share is £0.1997 (or
approximately S$0.33 1 ) and pursuant to the Incentive Agreements, is
determined based on the volume-weighted average share price of the Shares
traded on AIM of the London Stock Exchange, denominated in GBP (£), over the
five market days commencing from the day immediately following the date of the
Mineloader Acquisition Announcement (the "Issue Price").

 

Based on the Issue Price, the 2025 Incentive Shares have an aggregate value of
approximately S$0.5 2  million or £0.3 million (equivalent to approximately
RMB2,796,840 3 ).

 

Winking Studios completed the acquisition of Shanghai Mineloader Digital
Technology Co., Ltd. ("Mineloader") on 1 April 2025. The acquisition of
Mineloader significantly increased the Group's headcount by 495 employees,
boosting the total number to 1,405 employees as at 31 July 2025. Specialising
in higher margin AAA games from console platforms, Mineloader's service
offerings in console platform games and established experience and presence in
the global gaming industry is proving to be a valuable addition to the Group,
with the integration progressing well. Between 1 April 2025 and 30 June 2025,
Mineloader contributed approximately US$4.1 million revenue to the Group.

 

 

Receipt of Listing and Quotation Notice from the Singapore Exchange Securities
Trading Limited ("SGX-ST")

 

The Board wishes to announce that the Company, on 17 October 2025, received
the in-principle approval for the listing of and quotation ("Notice") on the
Catalist of the SGX-ST for the 2025 Incentive Shares, subject to compliance
with the SGX-ST's listing requirements.

 

Please note that the Notice is not to be taken as an indication of the merits
of the Shares, the Proposed Acquisition, the Company, its subsidiaries and
their securities.

 

 

Admission and total voting rights

 

Application has been made to the London Stock Exchange for the admission of
the 2025 Incentive Shares to trading on AIM.

 

The admission to trading of the 2025 Incentive Shares is expected to occur and
dealings commence at 9.00 am (SGT) / 8.00 a.m. (BST) on or around 28 October
2025 on the Catalist of the SGX-ST and AIM, respectively ("Admission"). On
Admission, the 2025 Incentive Shares shall rank pari passu in all respects
with the existing ordinary shares of the Company.

 

The number of ordinary shares in issue, and the total voting rights in the
Company, on Admission, will be 441,938,118. This figure may be used by
shareholders as the denominator for the calculations by which they determine
whether they are required to notify their interest in, or a change of their
interest in, the Company under the provisions of the Company's constitution.

 

 

BY ORDER OF THE BOARD

 

MR. JOHNNY JAN

Executive Director and Chief Executive Officer (Founder)

 

21 October 2025

 

Enquiries

 Singapore                                                              UK
 Winking Studios Limited                                                Alma Strategic Communications

 Johnny Jan, Executive Director and Chief Executive Officer (Founder)   Justine James / David Ison / Emma Thompson

 Oliver Yen, Finance Director and Group Chief Financial Officer         +44 (0)20 3405 0205

                                                                        WKS@almastrategic.com (mailto:WKS@almastrategic.com)

 8PR Asia (Investor Relations)                                          Strand Hanson Limited

 Alex Tan                                                               (Financial and Nominated Adviser)

 +65 9451 5252                                                          James Harris / James Bellman

 alex.tan@8prasia.com (mailto:alex.tan@8prasia.com)                      +44 (0)20 7409 3494

 PrimePartners Corporate Finance Pte. Ltd.                              SP Angel Corporate Finance LLP (Broker)

 (Continuing Sponsor)                                                   Stuart Gledhill / Charlie Bouverat (Corporate Finance)

 Foo Jien Jieng                                                         Abigail Wayne / Rob Rees (Corporate Broking)

 sponsorship@ppcf.com.sg (mailto:sponsorship@ppcf.com.sg)               +44 (0)20 3470 0470

                                                                        Zeus Capital Limited (Joint Broker)

                                                                        James Hornigold / Gabriella Zwarts (Investment Banking)

                                                                        Ben Robertson (Equity Capital Markets)

 

 

About Winking Studios Limited (AIM and SGX: WKS)

Headquartered in Singapore and dual-listed on the London Stock Exchange and
Singapore Exchange (Trading Code: WKS), Winking Studios Limited is one of
Asia's largest AAA game art outsourcing studios and an established game
development company.

 

With over 25 years of experience and established track record, the Group
provides end-to-end art outsourcing, game development services and other
gaming services across various platforms for the global gaming industry via
its three business segments of Art Outsourcing, Game Development and Global
Publishing & Other Services.

 

The Group has 13 studios across Taipei, Nanjing, Suzhou, Dalian, Tianjin,
Shanghai and Kuala Lumpur with over 1,400 highly skilled employees serving a
global customer base that includes 22 of the top 25 game development companies
in the world. For more information, please visit www.winkingworks.com
(https://www.winkingworks.com/) .

 

 

Winking Studios Limited (the "Company") was listed on the Catalist of the
Singapore Exchange Securities Trading Limited (the "SGX-ST") on 20 November
2023 and was dual listed on AIM Market of the London Stock Exchange on 14
November 2024. The initial public offering and listing of the Company on the
Catalist of the SGX-ST was sponsored by PrimePartners Corporate Finance Pte.
Ltd. (the "Sponsor"). This announcement has been reviewed by the Sponsor. It
has not been examined or approved by the SGX-ST and the SGX-ST assumes no
responsibility for the contents of this announcement, including the
correctness of any of the statements or opinions made or reports contained in
this announcement. The contact person for the Sponsor is Ms. Foo Jien Jieng,
16 Collyer Quay, #10-00 Collyer Quay Centre, Singapore 049318,
sponsorship@ppcf.com.sg (mailto:sponsorship@ppcf.com.sg) .

 

 

 1  Based on the exchange rate of S$1: £0.5977: as at 24 January 2025 as
extracted from the Monetary Authority of Singapore's ("MAS") website.

 2  Based on the exchange rate of RMB1: S$ 0.1865 as at 16 January 2025 as
extracted from the MAS website.

 3  Based on the exchange rate of RMB1: £ 0.1118 as at 16 January 2025 as
extracted from the MAS website.

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