RNS Number : 2502C
Sumo Group PLC
15 October 2020

15 October 2020



("Sumo Group", or the "Group")


Pipeworks Acquisition Update


Issue of Equity and Total Voting Rights


Following the announcement on 30 September 2020, Sumo Group, the award-winning provider of creative and development services to the video games and entertainment industries, today announces that all pre acquisition conditions have been met or waived and the acquisition of Lake Street Labs Buyer Corp, the owner of Pipeworks Inc. ("Pipeworks"), is expected to complete on 16 October following the admission of the New Ordinary Shares.


The initial consideration of $59.5m is being satisfied by the payment of $35m in cash from the Group's existing cash resources and $24.5m through the issue of new equity in Sumo Group.


An application has been made to the London Stock Exchange for admission of securities to trading on AIM in respect of 9,893,940 new ordinary shares of 1 pence each in the Group ("New Ordinary Shares") and it is expected that admission will become effective at 8.00 a.m. on 16 October 2020. The New Ordinary Shares are to be issued at 190 pence per share.


Following admission of the New Ordinary Shares, the total number of ordinary shares and voting rights in the Group will be 169,303,037. The Group does not hold any shares in treasury.


The above figure may be used by shareholders in the Group as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.



Sumo Group plc

Via Belvedere Communications

Carl Cavers, Chief Executive Officer

David Wilton, Chief Financial Officer

Zeus Capital Limited (Nominated Adviser & Joint Broker)

Nick Cowles / Richard Darlington / Andrew Jones

Tel: +44 (0) 161 831 1512

Ben Robertson / John Goold

 Tel: +44 (0) 203 829 5000

Investec Corporate & Investment Banking (Joint Broker)

David Flin / Bruce Garrow

  Tel: +44 (0) 207 597 5970

Belvedere Communications Limited


Cat Valentine

Tel: +44 (0) 7715 769 078

Keeley Clarke

Tel: +44 (0) 7967 816 525

Llew Angus

Tel: +44 (0) 7407 023 147


About Sumo Group - 


Sumo Group's businesses provide acclaimed development and design services to the video games and entertainment industries from studios in the UK, India, Canada and the US.


Sumo Digital, as the Group's primary business, is one of the UK's largest independent developers of AAA-rated video games, having studios in Sheffield, Newcastle, Nottingham, Leamington Spa, Warrington and Pune, India. The business has acquired three studios since IPO, which operate under their own names, BAFTA award-winning The Chinese Room in Brighton, Red Kite Games in Leeds and Lab42 in Leamington Spa. Sumo Digital provides turnkey and co-development solutions to a global blue-chip client base.


Atomhawk is a multi-award-winning visual design company, with studios in Newcastle and in Vancouver (Canada), servicing the games, film and visual effects industries.


Pipeworks is an innovative, well-established, and respected US video games developer based in Eugene, Oregon. It provides full development, co-development, and live operations to premier video game publishers and other partners.


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