Sparks - Devolver Digital

Devolver Digital has proposed the cancellation of its shares from trading on AIM, alongside a return of up to $5.0m of cash to shareholders by way of a tender offer. A circular is being posted on or around 6 August 2026 and the general meeting is set for 8 September 2026, with the cancellation conditional on approval by not less than 75% of votes cast under Rule 41 of the AIM Rules. The directors hold 128.4m shares, or 25.91% of the issued share capital, and intend to vote in favour. The tender offer is for up to 23,320,896 shares, approximately 4.71% of the share capital, at 16p per share, equal to the closing price on 5 August 2026. The London Stock Exchange has been notified of a cancellation date of 16 September 2026, making 15 September the last day of dealings.

The tender price compares with the 157p placing price at the November 2021 IPO, which valued Devolver at £694m against roughly £79m today. Pricing the offer at the prevailing market price avoids any premium for exiting shareholders, and at 4.71% of the register the capacity on offer is limited relative to the free float. The board has separately approved a second tender offer of up to a further $5m, intended within 12 months of cancellation and priced on an independent third-party valuation rather than a quoted price. That provides a second exit window but shifts the reference point away from the market, and shareholders who do not tender will hold unquoted stock from 16 September. With just over a quarter of the share capital already committed in favour, the resolution looks likely to pass.