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New listing of SIMTERACT S.A. on NewConnect

2021-02-18 14:15:25

The company SIMTERACT S.A. was newly listed on NewConnect on 18 February 2021.

SIMTERACT S.A. is the 375th company listed on NewConnect and the fourth new listing on NewConnect in 2021.

 

Key information

company name 

SIMTERACT S.A.

seat

Lublin

core business

Game producer

new listings on NC in 2021

4

companies on NC

375

business sector

Gaming

companies in the sector

42

offering/sale (Y/N, private/public)

Private subscription of 170,000 series F shares

offering/sale value

PLN 4,369,000 

issue/selling price 

PLN 25,7 

company valuation*

PLN 31,456,800 

value of introduced instruments*

PLN 30,583,000 

% shares subject to the application in all shares in issue

97.22%

% free float (under 5% in shares subject to the application)

18.61%

free float value*

PLN 5,692,550 

% free float (under 5% in all shares)

20.87%

free float value*

PLN 6,566,350 

% free float (under 5% in shares subject to the application) held by unrelated shareholders

14.12%

number of shareholders (shares subject to the application)

63

number of shareholders unrelated to the issuer (shares subject to the application)

55

Authorised Advisor

TRIGON Dom Maklerski SA

* at the reference price of PLN 25.7 equal to the issue price of series F shares

 

Issuer’s history and business

The Issuer’s legal predecessor, Simteract sp. z o.o., was established on 15 December 2016. The issuer has been a joint-stock company since June 2020. Historically, the Company’s core business focused on advanced simulator solutions used in training systems. In 2018, the Company launched a video game business leveraging its competences gained in the simulator solution segment.

The Company operates two business segments: production of video games and components (gaming) in partnership with international publishers; and production of simulator solution applications and software.

In the video game production segment, the Issuer provides services in a game project (the name has not been published) of a third-party publisher, Nacon SAS. The Company is producing Carpool Simulator in a rev-share model with a production budget supplied largely by the Company and partly by the publisher who will also pay promotion and marketing expenses. The game is scheduled for release in Q2 2022. The Company’s mid-term goal is to diversify its business with production and commercialisation of three new premium simulator games by the end of 2023. The Issuer’s simulator solutions are used for training purposes and in projects carried out with third-party contractors relating to advanced driver assistance systems and smart/autonomous driving systems.

In Q1-3 2020, approx. 70% of the Issuer’s revenue was generated by game production services provided to NACON SAS and the other 30% in the simulation segment by services provided to a third party relating to driver assistance systems.

The Company has three locations: Lublin (registered office), Rzeszów (mainly the simulator business) and Kraków (mainly gaming).

 

The Company’s share capital is PLN 122,400 divided into 1,224,000 series A, B, C and F shares with a nominal value of PLN 0.1 per share including:

  • 650,000 series A shares;
  • 370,000 series B shares;
  • 34,000 series C shares;
  • 170,000 series F shares.

 

Private subscription of series F shares

170,000* series F shares were issued in a private subscription under a resolution of the Issuer’s Extraordinary General Meeting of 2 September 2020. The shares were allotted on 20 October 2020, taken up by 57 investors, and paid with cash at an issue price of PLN 25.7 per share. The Company raised PLN 4,369,000 in the offering of series B shares.

* the share issue included 17,000 shares at PLN 257 per share; presented data after the registration of a share split under a resolution of the Issuer’s Extraordinary General Meeting of 2 September 2020

 

Issuer’s selected financials:

(PLN)

Q1-3 2020

2019

2018*

revenue

2,635,925

2,416,590

1,389,714

    - incl. change of inventory

99,930

1,030,162

1,984

net profit 

559,977

461,860

-51,490

equity

1,976,819

1,413,077

307,167

liabilities and provisions

726,952

1,129,657

1,225,042

cash

78,410

322,780

10,808

*as the issuer was a limited liability company in 2018, comparative data are restated for comparability

 

Issuer’s shareholders 

  • Marcin Jaśkiewicz – 390,000 shares representing 31.86% of the share capital and votes
  • Grzegorz Ociepka – 260,000 shares representing 21.24% of the share capital and votes
  • Leonardo Fund ASI Sp. zo.o. – 221,000 shares representing 18.06% of the share capital and votes
  • Way 7 Wylon i Wylon SA – 97,500 shares representing 7.97% of the share capital and votes
  • Other – 255,500 shares representing 20.87% of the share capital and votes

Lock-up

The following shareholders: Leonardo Fund ASI sp. z o.o., OÜ Blite Fund, Way 7 Wylon i Wylon sp.j., Artur Szymański, Grzegorz Ociepka, and Marcin Jaśkiewicz signed lock-up agreements on 23 and 24 September 2020. Those shareholders’ series A and B shares were locked up for the period from the date of the agreement to the first anniversary of the first listing of the Issuer’s series F shares on NewConnect.

 

Recommended reference price for the first trading session

The Authorised Advisor and the Market Maker recommended a reference price on the first day of trading at PLN 25.7, equal to the issue price of series F shares.

 

Financial instruments introduced on NewConnect

  • 650,000 series A shares;
  • 370,000 series B shares;
  • 170,000 series F shares.

The application covered 97.22% of all shares issued by the Issuer.