Keywords founder reduces stake

Founder and non-executive director Giorgio Guastalla has sold three million shares in Keywords Solutions and raised £84m at 2800p a share. He retains 500,736 shares, which are worth £14m at the placing price. That is worth more than his total stake at the time of the flotation of the video games services provider in 2013, after he sold shares in the original placing. He previously sold 3.978 million shares at 820p each during May 2017.

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Keywords is paying up to £43m for Climax Studios, which provides game development services. The initial consideration is £20.2m in cash and £6.8m in shares. The deferred consideration is dependent on growth targets being achieved.

Portsmouth-based Climax has been trading for more than three decades. In 2020, it generated an EBITDA of £4.3m.

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Nightcap secures first bars buy 

Bars operator Nightcap is making its first acquisition since joining AIM in January at 10p a share. Nightcap is paying £2.5m for Adventure Bars Group with £1m in shares being paid initially and up to £1.5m (at the same share price) dependent on performance in the two years from 1 July 2021.

Shares are being issued at 21p each to pay for Adventure Bars Group. Management has even persuaded two creditors to take shares at 21p each for the £415,000 they are owed. Nightcap is also taking on debt of £4.3m. At least £1.28m will be repaid.

Nightcap is trying to raise a further £4m to help pay off borrowings of the Adventure Bars Group and finance its expansion.