The convening notice for the EGM will be announced in a separate press release at the latest four weeks prior to the EGM.
#Payday 3 release date 2020 professional
#Payday 3 release date 2020 pro
The Company’s four largest shareholders, Swedbank Robur, Första AP-fonden, Digital Brothers and Fjärde AP-fonden support the Rights Issue and have either committed to subscribe or expressed its intention to subscribe for their respective pro rata share of the Rights Issue, as well as to vote in favour of the Rights Issue at the EGM on August 13, 2020.The ratio between development capital and debt reduction is balanced to handle short term maturities and to strengthen the Company’s long-term financial position. The remaining approximately 30 percent will be used to reduce liabilities and bank debt in accordance with the judicial composition adopted by the court. Of the total issue proceeds after deduction of transaction costs, approximately 70 percent will be used in Starbreeze’s development operations, enabling the Company to focus on continued development of PAYDAY 3 according to plan.Hence, the supervisor supports the Rights Issue. The previously court appointed administrator and now supervisor, as well as the Company’s largest creditors, deem the Rights Issue to be beneficial for the creditors and an adequate way to resolve the deviations from the reorganization plan.
Due to the delay in completing the publishing agreements during the first half of 2020, and in order to increase the ability for the Company to continue the development of PAYDAY 3 according to plan in order to further strengthen the ongoing discussions with the potential publishers up until an agreement, and enable the Company to fulfil its obligations to its creditors in line with the reorganization plan and the judicial composition, the Board of Directors has resolved, subject to approval by the EGM, on the Rights Issue.However, due to amongst other things, travel restrictions along with the general decline in business activity around the world in the ongoing COVID-19 pandemic along with other factors beyond the Company’s control, the timing and time needed to complete negotiations regarding attractive publishing agreements have been impacted. The Company is, as previously communicated, in dialogue with several leading publishing partners regarding a publishing agreement for PAYDAY 3 and negotiations are well progressed.The Rights Issue is subject to approval by an extraordinary general meeting (the “EGM”) intended to be held on August 13, 2020. Accordingly, the Rights Issue is fully guaranteed. In addition, the Company has received external guarantee underwriting from a consortium of underwriters for the remaining issue amount. The Rights Issue is supported by the Company’s largest shareholders controlling approximately 40 percent of the share capital and 57 percent of the votes in the Company by way of subscription and voting undertakings as well as a declaration of intent. The proceeds from the Rights Issue will be used to strengthen the financial position and for operational purposes, enabling the Company to fully focus on continued development of PAYDAY 3, and support the Company to fulfil its obligations to its creditors in line with the reorganization plan and the judicial composition.
The Board of Directors of Starbreeze AB (publ) (“Starbreeze” or the “Company”) has today resolved on a rights issue of class A and class B shares of approximately SEK 250 million before transaction costs (the “Rights Issue”).
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