TIDMLEAF
RNS Number : 7542S
LEAF Mobile Inc.
18 November 2021
Press release
18 November 2021
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INFORMATION CONTAINED HEREIN DOES NOT CONSTITUTE OR FORM PART OF
ANY OFFER TO ISSUE OR SELL, OR ANY SOLICITATION OF ANY OFFER TO
SUBSCRIBE OR PURCHASE, ANY INVESTMENTS IN ANY JURISDICTION.
This announcement is an advertisement for the purposes of the
Prospectus Regulation Rules of the Financial Conduct Authority ("
FCA ") and not a prospectus and not an offer to sell, or a
solicitation of an offer to subscribe for or to acquire securities.
Neither this announcement nor anything contained herein shall form
the basis of, or be relied upon in connection with, any offer or
commitment whatsoever in any jurisdiction. Investors should not
purchase or subscribe for any transferable securities referred to
in this announcement except on the basis of information contained
in the prospectus (the " Prospectus ") in its final form expected
to be published by LEAF Mobile Inc. in due course in connection
with the proposed admission of its ordinary shares to the standard
listing segment of the Official List maintained by the FCA and to
trading on the London Stock Exchange plc's Main Market for listed
securities. Copies of the Prospectus will, following publication,
be available for inspection from https://leafmobile.io/
LEAF Mobile Inc.
Intention to Float on the Main Market of the London Stock
Exchange
("LEAF Mobile" or "the Company")
LEAF Mobile Inc. (TSX: LEAF) (OTCQB: LEMLF), a leading Canadian
free-to-play mobile game group, is pleased to announce its
intention to join the Main Market of the London Stock Exchange
("LSE") this winter.
The Company, which started trading its common shares on the
Toronto Stock Exchange ("TSX") on February 10(th) , 2021, will
assume a dual-listed structure. The Company's common shares will
continue to be listed and trade on the TSX in Canada under the
symbol "LEAF", as well as trade on the OTC Markets Group's OTCQB
Marketplace in the United States under the symbol "LEMLF".
The Company intends to raise gross proceeds of approximately
CAD$10 million and the flotation is expected to value LEAF Mobile
at approximately GBP130m.
This secondary London listing is part of LEAF's growth strategy
and brings Canada's largest free-to-play mobile game group to the
LSE. The net proceeds of the capital raising will be used to
further scale the business.
LEAF is operating within a fast-growing sector with a rapidly
increasing total addressable market. Mobile Games are the world's
most popular form of gaming. Mobile games are expected to reach 2.6
billion players and generate revenues of USD$90 billion in 2021,
representing more than half of the global games market in terms of
revenue, according to Newzoo data. Games are also the most dominant
category within the mobile applications ecosystem with gaming
accounting for more revenue on iOS than every other category
combined. Games accounted for 66% of all App Store revenue in 2020,
according to Sensor Tower data which also found that approximately
USD$47.6 billion was spent on iOS games in 2020, up 25% from
2019.
Darcy Taylor, Founder and CEO of LEAF Mobile, said: "The mobile
games market will gain increasing popularity in the next ten years,
with free-to-play games acting as the industry's foremost segment.
London is a global hub for video gaming, creative industries and
technological innovation and a London Stock Exchange listing will
help LEAF Mobile to position itself at the forefront of the
sector's growth. Moreover, the dual listing will provide us with a
springboard to achieve our ambitious growth objectives in Europe
and enhance our access to London's deep and advanced capital
markets."
Reasons for LSE listing
LEAF considers that admission to trading on the Main Market of
the LSE will:
-- Allow the Company to access a wider range of potential
investors and broaden its investor base;
-- Enable the Company to reach institutional investors in the U.K. and Europe;
-- Increase share trading liquidity;
-- Assist the Company in establishing a European base of
operations in London as it expands through M&A activities and
the hiring of additional staff; and
-- Boost the profile of the Company as the U.K. capital markets
are recognised by both U.K. and international gaming companies and
the U.K. enjoys a sophisticated investor base familiar with the
sector.
Company highlights
LEAF was incorporated in 2018 with the objective to lead the
free-to-play mobile game space through a distributed development
& publishing studio structure and proprietary Game Kit software
that can change the framework of mobile game companies. LEAF is the
parent company of a group comprising operating subsidiaries LDRLY,
a developer and publisher of 'casual or idle mobile games'* for
mobile that was acquired on April 17(th) 2020, and East Side Games
("ESG"), a mobile game developer and publisher specialising in
free-to-play casual mobile games that was acquired on 5 February
2021.
The Company is a developer and publisher of casual mobile games
that are suitable for play on a wide range of devices, including
mobile phones and tablets. The Company's revenues are primarily
generated through in-app purchases or in-game advertising sold to
third parties. Additionally, the Company derives income from the
licensing of proprietary software technology "Game Kit" to third
party developers. The Company pursues a growth strategy based on
broadening the game portfolio, growing the audience, increasing
revenue from proprietary technology and acquiring accretive M&A
targets.
LEAF Mobile revenue year to date as of Sept 30, 2021's as
reported was CAD$64.6 million, a 32.1% rise compared to the same
period last year.
The Company is best known for famous franchise game titles and
currently publishes and operates an 11-game portfolio. Among these,
some of ESG's successful franchise titles include Trailer Park
Boys: Grea$y Money, currently streaming on Netflix; RuPaul's Drag
Race Superstar, based on the award-winning reality TV show; Archer:
Danger Phone; and It's Always Sunny: The Gang Goes Mobile.
RuPaul's Drag Race Superstar is the newest addition to the ESG
stable of games. Following its worldwide launch last month, the
game has been downloaded over one million times and has averaged
over 150,000 Daily Active Users. The game has also ranked in the
top 100 grossing iOS games in 40 countries according to AppAnnie
data, which also found that the game reached the #1 ranked role
playing iOS game in 44 countries.
Similarly, LDRLY's leading counterculture game portfolio
includes hit titles such as Cheech and Chong Bud Farm and Bud Farm
- Idle Tycoon which are part of the popular mobile game franchise,
Bud Farm, that has been played by over 40 million people around the
world since launch. LEAF's upcoming pipeline includes The Office:
Somehow We Manage, inspired by the U.S. version of NBC's The
Office.
The Company is pleased to provide retail investors the
opportunity to participate in the raise exclusively through the
PrimaryBid mobile app available on the Apple App Store and Google
Play. PrimaryBid does not charge investors any commission for this
service.
Tennyson Securities is acting as Bookrunner and Corporate Broker
for the Company.
For further information please contact:
LEAF Mobile Inc.
Darcy Taylor, via Tancredi +44 207 887 7633
Chief Executive
------------------------------
Tennyson Securities
------------------------------
Corporate Broker
Peter Krens +44 7960 934 405
------------------------------
PrimaryBid
------------------------------
Retail Broker enquiries@primarybid.com
James Deal / Fahim Chowdhury
------------------------------
Tancredi Intelligent Communication
Media Relations
------------------------------
Salamander Davoudi
Helen Humphrey
Benedetta Negri da Oleggio +44 7957 549 906
Fabio Galloni Roversi Monaco +44 7449 226 720
leafmobile@tancredigroup.com +44 7838 029 970
------------------------------
Notes to Editors
Sector Overview
Casual and idle games * are a segment within the mobile games
market typified by evolving narratives and strategies, easy to
learn gameplay, and games that can be played in a few minutes or
run by themselves for long periods of time. They are targeted at a
mass market audience and are typically suitable for play on a wide
range of devices, including mobile phones and tablets. A casual or
idle game is one by which step-by-step progression is a prominent
feature of the gameplay.
The mobile games market is expected to grow by 4% year-on-year
in 2021 and will continue to grow faster than the total games
market up to 2023, according to Newzoo.
In-game advertising provides an additional growth tenet. As
mobile games become increasingly popular, advertisers have become
more interested in utilising the medium to reach consumers. Based
on data from App Annie, 74% of advertising on mobile apps is
delivered through games, which the Company believes reflects the
realisation by advertisers that gamers no longer skew younger and
can be a method of reaching a wide variety of demographics.
According to TechCrunch3, the average age of a gamer in 2019 was
36.3 versus 27.7 in 2014, and the gender mix is now 51% female.
Game Kit
The Company's key proprietary technology is owned and developed
by ESG. ESG's core software technology, known as "Game Kit", is an
internally developed proprietary game framework for reducing the
development time to market for mobile games, thereby reducing cost
and de-risking by increasing each game's likelihood of success with
its proven monetisation framework. The average time to build and
launch a mobile game is twelve to eighteen months. With Game Kit's
Idle genre framework, development teams can cut production time
decreasing the cost and time-to-market. LEAF also licences Game
Kit-Idle to third party developers via a SaaS business and revenue
share model. The Company pursues revenue diversification from
developers using the Game Kit-Idle platform, allowing the Company
to lower risk but maintain upside. LEAF has also developed other
kits, such as Game Kit-NFT, which allows for NFTs in mobile
games.
Leadership
The Company benefits from an experienced team with a proven
track record in IP management and marketing, game development and
publishing, including over 60 years of combined experience on
mobile games with: Hothead Games, Magellan Interactive, ESG, Nexon
and over 50 years of combined experience in IP management &
marketing with: CAA, Creative Labs, IMG (Now Endeavor), 20th
Century Fox. The Board currently comprises five Directors, who
collectively have extensive experience in investment, corporate
finance and business acquisition, operation and development in the
casual gaming sector and are well placed to implement the Company's
strategy.
Senior Management
Darcy Taylor, Chief Executive Officer
Darcy has over 20 years of senior experience building companies
and brands in Asia, Europe and North America. He has a proven track
record in C-suite and senior leadership roles at IMG Canada (now
Endeavor LLC), Logic Technologies Inc, JT International S.A. and
MASEV Communications Inc. His experience spans corporate, agency,
and entrepreneurial environments. Currently Darcy is a
non-executive director of Cellular Goods plc, a publicly listed
company on the Main Market of the London Stock Exchange (LSE:
CBX).
Jim MacCallum, CFO
Mr. MacCallum has over 20 years of international financial and
operational executive experience with multinational public
companies and "Big 4" accounting firms. He has extensive capital
markets, acquisitions, and financial reporting experience, and has
worked in Canada, the US and Europe. For the past six years, Mr.
MacCallum has served in various finance roles, most recently as
SVP, Finance and Treasurer, and previous CFO, at Westport Fuel
Systems (NASDAQ: WPRT, TSX: WPRT). Prior to Westport, he was Vice
President, Finance at Absolute Software (TSX: ABST) and served in
several increasingly senior financial roles at Cisco Systems, Inc.
Mr. MacCallum is a Chartered Professional Accountant (CPA, CA) in
addition to being a Chartered Financial Analyst (CFA) and holds a
B.A. Economics degree from the University of British Columbia and a
graduate of the Advanced Management Program at Harvard Business
School.
Josh Nilson, Studio Head, East Side Games
With over 20 years in games and tech, the East Side Games (ESG)
co-founder and ex-CEO is continuing to drive the business and
culture at ESG. Under his leadership, ESG's awards in 2020 included
Pocket Gamers Top 50 Mobile Game Makers, Globe and Mail Top 400
Canada's Top Growing Companies, the winner in the first ever BC
Business "Business of Good Awards" in the Indigenous Prosperity
category.
Board of Directors
Michael Scott ("Mike") Edwards, Chairperson, Corporate Secretary
and Director
Mr. Edwards has a wealth of experience in building and scaling
consumer technology companies in private and public markets,
including as an investor in Punch'd (acquired by Google), Wander
(later acquired by Yahoo), Summify (acquired by Twitter), BlueBat
Games (acquired by Novomatic Group, Retsly (acquired by Zillow) and
Password Box (acquired by Intel). He co-founded LX Ventures, a
publicly listed consumer internet foundry that acquired and scaled
Mobio Technologies. Mr. Edwards co-founded Wyley Interactive, a
mobile game engagement platform, which was acquired by Zynga, and
he co-founded Creative Labs, a venture capital backed startup
foundry that builds consumer technology companies by leveraging the
Creative Artist Agency's access to talent and audience.
Gilbert Jason Walter ("Jason") Bailey, Chief Revenue Officer and
Director
Mr. Bailey is a founder of ESG. He is considered one of Canada's
most experienced gaming entrepreneurs. Prior to ESG, Mr. Bailey was
a founder of Super Rewards, which he sold in 2009. Super Rewards
was a social game monetisation platform which helped pioneer the
free to play game model that is ubiquitous today. Over the last
twenty years, he has been mentor to and investor in a variety of
Canadian startups and technology companies.
Jonathan Franklin Bixby, Director
Mr. Bixby is a seasoned technology entrepreneur in both the
private and public sector. He is the co-founder of a number of
significant companies including Koho Financial, Canada's largest
challenger bank, Guild Esports PLC (a listed Esports company on the
LSE with David Beckham) and Blue Mesa Health (acquired by the
Virgin Pulse). Mr. Bixby is a board member of CTO.AI and a former
Chairman of the Board of Argo Blockchain PLC (LSE Listed) and
Darkvision Technologies (acquired by Koch Industries). He is a
strategic adviser to Fastly (NASDAQ).
Franklin Derek ("Derek") Lew, Director
Mr. Lew is the President, Chief Executive Officer and a director
of GrowthWorks Capital Ltd. ("GWC"), and the President and Chief
Executive Officer and/or a director of certain managed funds and
operating subsidiaries of GWC, all of which are active venture
capital investors. Mr. Lew is also a Partner with Initio Group Inc.
("Initio"), a Vancouver-based early-stage angel investment firm,
and is a lawyer with experience in the areas of corporate,
commercial and real estate law. As CEO of GWC, and at Initio, Mr
Lew is involved in overseeing these firms' venture capital and
angel investments, respectively. Mr. Lew was Chair of the British
Columbia Innovation Council (now "Innovate BC") (2013 - 2018), the
Crown agency of the Province of British Columbia responsible for
the advancement of innovative businesses and entrepreneurs in the
province. Active in his community, Mr. Lew is a director of the
Frank and Joan Lew Charitable Trust and the FJL Housing Society,
which focuses on matters related to social housing in Vancouver's
Downtown Eastside. Mr. Lew holds a Bachelor of Arts from the
University of British Columbia and a Bachelor of Laws from the
University of Alberta and is a member of the Law Society of British
Columbia.
Birgit Troy, Director
Ms. Troy currently serves as the COO / CFO of Canalyst. Prior to
joining Canalyst, Ms. Troy was a Portfolio CFO at Volaris Group,
the largest operating group under Constellation Software ("CSU"),
one of Canada's leading technology companies. Over the last 5
years, she has led M&A efforts to acquire and integrate 15
operating companies into Constellation Software. Prior to Volaris,
Ms. Troy was the CFO of Incognito Software Systems (acquired by
Volaris) and VP Finance of TSO Logic (acquired by Amazon) and
Strangeloop Networks (acquired by Radware).
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