TIDMCDM TIDM0IFX

RNS Number : 2822P

Codemasters Group Holdings PLC

16 February 2021

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN, INTO OR FROM THE UNITED STATES OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION

FOR IMMEDIATE RELEASE

16 February 2021

RECOMMED CASH ACQUISITION

of

CODEMASTERS GROUP HOLDINGS PLC ("CODEMASTERS")

by

CODEX GAMES LIMITED

an indirect subsidiary of

ELECTRONIC ARTS INC. ("EA")

(to be implemented by way of a scheme of arrangement under Part 26 of the Companies Act 2006)

Court Sanction of Scheme of Arrangement,

Exercise of Options, Director/PDMR Shareholdings and Suspension of Trading on AIM

On 14 December 2020, the boards of Codemasters and EA announced that they had reached agreement on the terms of a recommended acquisition by Codex Games Limited ("Bidco"), an indirect subsidiary of EA, of the entire issued and to be issued ordinary share capital of Codemasters (the "Acquisition"), to be implemented by way of a Court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006 (the "Scheme").

Unless otherwise defined, all capitalised terms in this announcement shall have the same meanings as given to them in the scheme document in relation to the Scheme and the Acquisition published by Codemasters, and sent to Codemasters Shareholders, on 7 January 2021 (the "Scheme Document").

Court sanction of the Scheme

Codemasters is pleased to announce that the Scheme was sanctioned by the High Court of Justice of England and Wales (the "Court") earlier today. All Conditions to the Acquisition have now been satisfied or waived other than delivery to the Registrar of Companies of England and Wales of a copy of the Court Order, which is expected to take place on 18 February 2021. On such delivery of the Court Order, the Scheme will become Effective.

Exercise of share options and admission of new Codemasters Shares to trading on AIM

Upon the Court sanction of the Scheme earlier today, conditional exercises by participants of options granted under the Codemasters Share Schemes to subscribe for an aggregate of 3,902,238 new Codemasters Shares became unconditional and such aggregate number of new Codemasters Shares have been allotted and issued to such participants, credited as fully paid, all in accordance with the proposals made by Codemasters and Bidco to participants under the Codemasters Share Schemes in letters to them dated 11 January 2021 in accordance with Rule 15 of the Code (the "Rule 15 Proposals"). All such 3,902,238 new Codemasters Shares are 'Scheme Shares' within the meaning of the Scheme and will therefore be acquired by Bidco under the Scheme.

Such participants who conditionally exercised their options in accordance with the Rule 15 Proposals included the following Codemasters Directors in respect of the following options granted to them under the Codemasters Share Schemes (all of which, to the extent not already vested, vested upon the Court's sanction of the Scheme):-

 
 Codemasters        No. of         Codemasters         Exercise      Resulting      % of enlarged 
  Director           Codemasters    Share Scheme        price         holding of     issued 
                     Shares                             per share*    Codemasters    share capital 
                                                                      Shares 
                                   Codemasters 
 Frank Sagnier      15,000          ESOP               200p 
                   =============  ==================  ============  =============  =============== 
                                   Codemasters 
                    560,000         LTIP               1p            3,821,750      2.44% 
                   =============  ==================  ============  =============  =============== 
                                   Codemasters 
 Rashid Varachia    15,000          ESOP               200p 
                   =============  ==================  ============  =============  =============== 
                                   Codemasters 
                    420,000         LTIP               1p            1,904,500      1.22% 
                   =============  ==================  ============  =============  =============== 
 Gerhard                           Codemasters 
  Florin            350,000         NED Plan           200p          350,000        0.22% 
                   =============  ==================  ============  =============  =============== 
                                   Codemasters 
 Ian Gomes          210,000         NED Plan           200p          210,000        0.13% 
                   =============  ==================  ============  =============  =============== 
                                   Individual option 
 Lisa Thomas        210,000         grant              235p          210,000        0.13% 
                   =============  ==================  ============  =============  =============== 
 

(* to be deducted from the consideration payable by Bidco for the resulting Codemasters Shares under the terms of Acquisition pursuant to the Rule 15 Proposals)

Notifications by the Codemasters Directors in accordance with the EU Market Abuse Regulation are set out in the Appendix to this announcement.

Application has been made to the London Stock Exchange for such 3,902,238 new Codemasters Shares issued to participants in the Codemasters Share Schemes to be admitted to trading on AIM ("Admission"). It is expected that Admission will become effective and dealings in such new Codemasters Shares will commence at 8.00 a.m. on 17 February 2021.

Total voting rights

Following the allotment and issue of such 3,902,238 new Codemasters Shares, Codemasters confirms that it has 156,370,177 ordinary shares of GBP0.01 each in issue and the Company does not hold any shares in treasury. All of such ordinary shares have equal voting rights. The International Securities Identification Number ("ISIN") for the Company's ordinary shares is GB00BFWZ2G72.

Suspension of trading on AIM and Cancellation of Admission to trading on AIM

Dealings in Codemasters Shares will be suspended from trading on AIM with effect from 7.30 a.m. on 18 February 2021. Subject to the Scheme becoming Effective, it is expected that the admission of Codemasters Shares to trading on AIM will be cancelled at 7.00 a.m. on 19 February 2021.

A further announcement will be made when the Scheme has become Effective.

The expected timetable of principal events in relation to the Scheme and the Acquisition remains as set out on pages 10 and 11 of the Scheme Document and is also set out below:-

 
 Event                                                           Time/date 
 Last day of dealings in, and for registration            17 February 2021 
  of transfers of, and disablement in 
  CREST of, Codemasters Shares 
 Scheme Record Time                               6:00 p.m. on 17 February 
                                                                      2021 
 Effective Date                                           18 February 2021 
 Dealings in Codemasters Shares on AIM            7:30 a.m. on 18 February 
  suspended                                                           2021 
 Cancellation of admission to trading             7:00 a.m. on 19 February 
  on AIM of, and dealings in, Codemasters                             2021 
  Shares 
 Settlement of the Offer Price: 
 Despatch of cheques and crediting of               As soon as practicable 
  CREST for cash consideration due under                and, in any event, 
  the Scheme                                      within 14 days following 
                                                        the Effective Date 
 Long Stop Date                                               30 June 2021 
 

All references to times in this announcement are to London time (unless otherwise stated).

Enquiries:

 
 Codemasters Group Holdings plc                     Via Alma PR 
  Gerhard Florin, Chairman 
  Frank Sagnier, CEO 
  Rashid Varachia, CFO 
 Jefferies International Limited (Sole Financial 
  Adviser and Joint Corporate Broker) 
  Ed Matthews 
  Raphael Bejarano 
  Gaurav Kittur                                     +44 (0) 20 7029 
  Paul Bundred                                       8000 
 Liberum Capital Limited (Nominated Adviser 
  and Joint Corporate Broker) 
  Neil Patel 
  Cameron Duncan 
  Ed Phillips                                       +44 (0) 20 3100 
  William Hall                                       2222 
 Alma PR 
  Josh Royston 
  Rebecca Sanders-Hewett 
  Helena Bogle                                      +44 (0) 7780 
  Sam Modlin                                         901979 
 

Important notices relating to financial advisers

Jefferies International Limited ("Jefferies") which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting exclusively for Codemasters as sole financial adviser and joint corporate broker and for no one else in connection with the matters set out in this announcement and will not regard any other person as its client in relation to the matters referred to in this announcement and will not be responsible to anyone other than Codemasters for providing the protections afforded to its clients or for providing advice in relation to the Acquisition or any other matter or arrangement referred to in this announcement. Neither Jefferies, nor any of its affiliates, owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of Jefferies in connection with this announcement, any statement contained herein or otherwise.

Liberum Capital Limited ("Liberum"), which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting exclusively for Codemasters as nominated adviser and joint corporate broker and for no one else in connection with the matters set out in this announcement and will not regard any other person as its client in relation to the matters referred to in this announcement and will not be responsible to anyone other than Codemasters for providing the protections afforded to its clients or for providing advice in relation to the Acquisition or any other matter or arrangement referred to in this announcement. Neither Liberum, nor any of its affiliates, owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of Liberum in connection with this announcement, any statement contained herein or otherwise.

Further information

This announcement is for information purposes only and does not constitute or form part of an offer to sell or an invitation to purchase any securities or the solicitation of an offer to buy any securities, pursuant to the Acquisition or otherwise.

Publication on website

In accordance with Rule 26.1 of the Code, a copy of this announcement will be available (subject to certain restrictions relating to persons resident in Restricted Jurisdictions) at https://www.codemasters.com/investors/#electronic-arts by no later than 12.00 noon (London time) on the Business Day following this announcement.

Neither the content of the website nor the content of any other website accessible from hyperlinks on such website is incorporated into, or forms part of, this announcement.

APPIX

 
 1.   Details of PDMR / person closely associated with 
       them ('PCA') 
 a)   Name                           Frank Sagnier 
     -----------------------------  --------------------------------------- 
 b)   Position / status              Chief Executive Officer 
     -----------------------------  --------------------------------------- 
 c)   Initial notification           Initial notification 
       / amendment 
     -----------------------------  --------------------------------------- 
 2.   Details of the issuer 
     ---------------------------------------------------------------------- 
 a)   Name                           Codemasters Group Holdings 
                                      plc 
     -----------------------------  --------------------------------------- 
 b)   LEI                            213800NOITSDQVNP5W91 
     -----------------------------  --------------------------------------- 
 3.   Details of the transaction(s): section to be repeated 
       for (i) each type of instrument; (ii) each type 
       of transaction; (iii) each date; and (iv) each place 
       where transactions have been conducted 
     ---------------------------------------------------------------------- 
 a)   Description of the financial   Ordinary shares of GBP0.01 
       instrument                     ISIN: GB00BFWZ2G72 
       Identification code 
     -----------------------------  --------------------------------------- 
 b)   Nature of the transaction      Exercise of share options 
     -----------------------------  --------------------------------------- 
 c)   Price(s) and volume(s)         15,000 ordinary shares (Codemasters 
                                      ESOP) @ 200p per share 
                                      560,000 ordinary shares (Codemasters 
                                      LTIP) @ 1p per share 
     -----------------------------  --------------------------------------- 
 d)   Aggregated information 
        *    Aggregated volume         15,000 ordinary shares (Codemasters 
                                       ESOP) 
                                       GBP30,000 
        *    Price                     560,000 ordinary shares (Codemasters 
                                       LTIP) 
                                       GBP5,600 
     -----------------------------  --------------------------------------- 
 e)   Date of the transaction        16 February 2021 
     -----------------------------  --------------------------------------- 
 f)   Place of the transaction       Outside a trading venue 
     -----------------------------  --------------------------------------- 
 
 
 1.   Details of PDMR / person closely associated with 
       them ('PCA') 
 a)   Name                           Rashid Varachia 
     -----------------------------  --------------------------------------- 
 b)   Position / status              Chief Financial Officer 
     -----------------------------  --------------------------------------- 
 c)   Initial notification           Initial notification 
       / amendment 
     -----------------------------  --------------------------------------- 
 2.   Details of the issuer 
     ---------------------------------------------------------------------- 
 a)   Name                           Codemasters Group Holdings 
                                      plc 
     -----------------------------  --------------------------------------- 
 b)   LEI                            213800NOITSDQVNP5W91 
     -----------------------------  --------------------------------------- 
 3.   Details of the transaction(s): section to be repeated 
       for (i) each type of instrument; (ii) each type 
       of transaction; (iii) each date; and (iv) each place 
       where transactions have been conducted 
     ---------------------------------------------------------------------- 
 a)   Description of the financial   Ordinary shares of GBP0.01 
       instrument                     ISIN: GB00BFWZ2G72 
       Identification code 
     -----------------------------  --------------------------------------- 
 b)   Nature of the transaction      Exercise of share options 
     -----------------------------  --------------------------------------- 
 c)   Price(s) and volume(s)         15,000 ordinary shares (Codemasters 
                                      ESOP) @ 200p per share 
                                      420,000 ordinary shares (Codemasters 
                                      LTIP) @ 1p per share 
     -----------------------------  --------------------------------------- 
 d)   Aggregated information 
        *    Aggregated volume         15,000 ordinary shares (Codemasters 
                                       ESOP) 
                                       GBP30,000 
        *    Price                     420,000 ordinary shares (Codemasters 
                                       LTIP) 
                                       GBP4,200 
     -----------------------------  --------------------------------------- 
 e)   Date of the transaction        16 February 2021 
     -----------------------------  --------------------------------------- 
 f)   Place of the transaction       Outside a trading venue 
     -----------------------------  --------------------------------------- 
 
 
 1.   Details of PDMR / person closely associated with 
       them ('PCA') 
 a)   Name                           Gerhard Florin 
     -----------------------------  --------------------------------------- 
 b)   Position / status              Chairman & Non-Executive Director 
     -----------------------------  --------------------------------------- 
 c)   Initial notification           Initial notification 
       / amendment 
     -----------------------------  --------------------------------------- 
 2.   Details of the issuer 
     ---------------------------------------------------------------------- 
 a)   Name                           Codemasters Group Holdings 
                                      plc 
     -----------------------------  --------------------------------------- 
 b)   LEI                            213800NOITSDQVNP5W91 
     -----------------------------  --------------------------------------- 
 3.   Details of the transaction(s): section to be repeated 
       for (i) each type of instrument; (ii) each type 
       of transaction; (iii) each date; and (iv) each place 
       where transactions have been conducted 
     ---------------------------------------------------------------------- 
 a)   Description of the financial   Ordinary shares of GBP0.01 
       instrument                     ISIN: GB00BFWZ2G72 
       Identification code 
     -----------------------------  --------------------------------------- 
 b)   Nature of the transaction      Exercise of share options 
     -----------------------------  --------------------------------------- 
 c)   Price(s) and volume(s)         350,000 ordinary shares (Codemasters 
                                      NED Plan) @ 200p per share 
     -----------------------------  --------------------------------------- 
 d)   Aggregated information 
        *    Aggregated volume         350,000 ordinary shares (Codemasters 
                                       NED Plan) 
                                       GBP700,000 
        *    Price 
     -----------------------------  --------------------------------------- 
 e)   Date of the transaction        16 February 2021 
     -----------------------------  --------------------------------------- 
 f)   Place of the transaction       Outside a trading venue 
     -----------------------------  --------------------------------------- 
 
 
 1.   Details of PDMR / person closely associated with 
       them ('PCA') 
 a)   Name                           Ian Gomes 
     -----------------------------  --------------------------------------- 
 b)   Position / status              Non-Executive Director 
     -----------------------------  --------------------------------------- 
 c)   Initial notification           Initial notification 
       / amendment 
     -----------------------------  --------------------------------------- 
 2.   Details of the issuer 
     ---------------------------------------------------------------------- 
 a)   Name                           Codemasters Group Holdings 
                                      plc 
     -----------------------------  --------------------------------------- 
 b)   LEI                            213800NOITSDQVNP5W91 
     -----------------------------  --------------------------------------- 
 3.   Details of the transaction(s): section to be repeated 
       for (i) each type of instrument; (ii) each type 
       of transaction; (iii) each date; and (iv) each place 
       where transactions have been conducted 
     ---------------------------------------------------------------------- 
 a)   Description of the financial   Ordinary shares of GBP0.01 
       instrument                     ISIN: GB00BFWZ2G72 
       Identification code 
     -----------------------------  --------------------------------------- 
 b)   Nature of the transaction      Exercise of share options 
     -----------------------------  --------------------------------------- 
 c)   Price(s) and volume(s)         210,000 ordinary shares (Codemasters 
                                      NED Plan) @ 200p per share 
     -----------------------------  --------------------------------------- 
 d)   Aggregated information 
        *    Aggregated volume         210,000 ordinary shares (Codemasters 
                                       NED Plan) 
                                       GBP420,000 
        *    Price 
     -----------------------------  --------------------------------------- 
 e)   Date of the transaction        16 February 2021 
     -----------------------------  --------------------------------------- 
 f)   Place of the transaction       Outside a trading venue 
     -----------------------------  --------------------------------------- 
 
 
 1.   Details of PDMR / person closely associated with 
       them ('PCA') 
 a)   Name                           Lisa Thomas 
     -----------------------------  -------------------------------------- 
 b)   Position / status              Non-Executive Director 
     -----------------------------  -------------------------------------- 
 c)   Initial notification           Initial notification 
       / amendment 
     -----------------------------  -------------------------------------- 
 2.   Details of the issuer 
     --------------------------------------------------------------------- 
 a)   Name                           Codemasters Group Holdings 
                                      plc 
     -----------------------------  -------------------------------------- 
 b)   LEI                            213800NOITSDQVNP5W91 
     -----------------------------  -------------------------------------- 
 3.   Details of the transaction(s): section to be repeated 
       for (i) each type of instrument; (ii) each type of 
       transaction; (iii) each date; and (iv) each place 
       where transactions have been conducted 
     --------------------------------------------------------------------- 
 a)   Description of the financial   Ordinary shares of GBP0.01 
       instrument                     ISIN: GB00BFWZ2G72 
       Identification code 
     -----------------------------  -------------------------------------- 
 b)   Nature of the transaction      Exercise of share options 
     -----------------------------  -------------------------------------- 
 c)   Price(s) and volume(s)         210,000 ordinary shares (individual 
                                      option) @ 235p per share 
     -----------------------------  -------------------------------------- 
 d)   Aggregated information 
        *    Aggregated volume         210,000 ordinary shares (Individual 
                                       option) 
                                       GBP493,500 
        *    Price 
     -----------------------------  -------------------------------------- 
 e)   Date of the transaction        16 February 2021 
     -----------------------------  -------------------------------------- 
 f)   Place of the transaction       Outside a trading venue 
     -----------------------------  -------------------------------------- 
 

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February 16, 2021 08:40 ET (13:40 GMT)