On 8 July 2019, at 1:00pm, Sports Direct received acceptance of its previously announced offer for 15.82% of GAME’s existing share capital. Sports Direct already holds around 38.49% of GAME’s share capital.
The acceptances include those received in respect of 4,000,000 GAME Shares (representing about 2.31% of GAMES’s entire issued share capital), which were subject to a letter of intent procured by Sports Direct from Marlborough UK Nano-Cap Growth Fund.
Given that Sports Direct holds around 38.49% of GAME’s entire issued share capital, as of 8 July 2019, Sports Direct received valid acceptances on about 54.31% of GAME’s entire issued share capital.
The Offer is conditional upon Sports Direct securing valid acceptances which would result in Sports Direct holding GAME Shares carrying over 50% of the voting rights then normally exercisable at a general meeting.