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The acquisition will significantly enhance the financial position of iCandy. In its last audited financial report for Financial Year Ending 31 December 2020, Lemon Sky Studios has shown strong financial performance: The salient terms of the Acquisition are outlined in Appendix A of this announcement. Increment in production capabilities on its existing business Promotion and marketing on its new and existing gamesĪcquisition of additional infrastructure to assist with the Increasing staff headcount to increase production ability on Table below lists out the Use of Funds for the A$40 million raised.Īcquisition of Lemon Sky Studios (MYR 54 million) On a separate announcement released today, the Company announced an oversubscribed placement of A$40 million. The cash requirements of the transaction will be funded by existing working capital of iCandy and a fundraising exercise of iCandy. Barring unforeseen circumstances, theĪcquisition is expected to complete within 3 months. In accordance with ASX Listing Rules 11.1.2, the completion of the acquisition is conditional upon obtaining iCandy's shareholder approval in an Extraordinary Shareholders Meeting to be called by iCandy as soon as possible.
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These Shares will be escrowed under voluntary moratorium for two years from issue. The issue price of the Consideration Shares shall be derived from the 5-day volume weighted average price ("VWAP ") of iCandy's Shares immediately prior to the date of execution of the Agreement, which is at A$0.11 per Share. Shares Consideration - MYR81 million (A$26.7 million) via the issuance of new fully paid ordinary shares ("Shares ") of iCandy when the Agreement becomes unconditional.Cash Consideration - MYR54 million (A$17.8 million) payable in cash, to be settled over a period of 6 months.ICandy is acquiring 100% of Lemon Sky Studios from its two founders for a total consideration of MYR135 million (A$44.5 million), which will be settled as follows: The management of iCandy views the securing of a 450-strong team as a key synergetic outcome of the acquisition due to talent scarcity within the industry.
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The combined entity will have more than 450 talented full-time employees skilled in A-Zgame-making, including game concept development, game design, game art, animation, 3D modelling, motion capture, software development and game monetisation design. Lemon Sky Studios presently employs over 350 highly skilled artists from around the world and is headquartered in Kuala Lumpur, Malaysia.įorming a New Gaming Powerhouse, Largest of its kind in Australia and Southeast Asia Notable clients and partners who have worked with Lemon Sky Studios include EA Entertainment, Microsoft Studios, Disney, Nickelodeon, Blizzard Entertainment, Naughty Dog, 2K Games, Square-Enix and Bandai Namco. Lemon Sky Studios is a video game, game art and animation studio founded in 2006 with an impressive portfolio of video games, including major global AAA game titles such as Uncharted: The Lost Legacy, the Last of Us Part 2, Final Fantasy VII Remake, the Final Fantasy XIV franchise, Final Fantasy XV, Diablo 3, StarCraft: Remastered, Command & Conquer Remastered, Marvel's Spider-man, and many others. Lemon Sky Studios - A Renowned AAA Game Studio Reference is made to the Company's announcement dated 5 January 2021, in which iCandy announced the joint venture with Lemon Sky Studios. that is currently developing a AAA-style mobile game based on the combined expertise of iCandy and Lemon Sky Studios. Lemon Sky Studios is the joint-venture partner of iCandy in the formation of Sky Candy Sdn. ICandy Interactive Limited (" iCandy" or the " Company") is pleased to announce that it has entered a Share Sale Agreement (" Agreement") to acquire 100% of renowned Southeast Asia-based game art and animation company, Lemon Sky Animation Sdn. The combined entity will be well positioned to make AAA games for the metaverse.The combined entity will have more than 450 full-time employees who are highly skilled in game design, development, game art and animation production.
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The combined entity will be amongst the largest of its kind in Southeast Asia, Australia, and New Zealand.The acquisition is for a consideration of MYR135 million (A$44.5 million), to be satisfied in cash and new Shares of iCandy.Lemon Sky Studios has an existing portfolio of partnerships with large industry players such as EA Entertainment, Microsoft Studios, Disney, Nickelodeon, Blizzard Entertainment, Naughty Dog, 2K Games, Square-Enix, Bandai Namco, among many others.
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