TIDMGROW

RNS Number : 5442X

Draper Esprit PLC

01 September 2020

1 September 2020

Draper Esprit plc

("Draper Esprit", "the Group" or the "Company")

Forward share sale of Zynga Inc ("Zynga") stock

Draper Esprit (LSE: GROW, Euronext Growth: GRW), a leading venture capital firm investing in and developing high growth digital technology businesses, today announces the forward share sale of its stock in Zynga, a global leader in interactive entertainment, for approximately GBP47 million in cash.

In July, Zynga completed its acquisition of Draper Esprit portfolio company Peak Games, the Istanbul-based creator of Toon Blast and Toy Blast, paying for all of the issued and outstanding common shares in approximately equal proportions of cash and Zynga common stock.

As previously announced the anticipated fair value of the Peak Games sale is approximately GBP88 million and the Company received the initial cash proceeds (net of escrow balances) of approximately GBP39 million in July. As a result of the forward share sale, which was undertaken with a global investment bank, Draper Esprit will receive approximately GBP44 million of the value of the share consideration in cash in the coming week. The remaining portion is anticipated to be released at the end of the original lock-up period in January 2021.

Net cash balances (net of GBP35 million current drawn debt) upon receipt of these funds will be approximately GBP60 million.

Martin Davis, Chief Executive Officer of Draper Esprit, commented:

"We are pleased to have entered into this forward share sale as a means to realise the full cash value for shareholders from Peak Games significantly ahead of the original timeline. This provides us with even greater firepower to invest in exciting high growth technology businesses today."

-ENDS-

Enquiries:

 
Draper Esprit plc 
 Martin Davis (Chief Executive Officer) 
 Ben Wilkinson (Chief Financial Officer)   +44 (0)20 7931 8800 
Numis Securities 
 Nominated Adviser & Joint Broker 
 Simon Willis 
 Richard Thomas 
 Jamie Loughborough                        +44 (0)20 7260 1000 
Goodbody Stockbrokers 
 Euronext Growth Adviser & Joint Broker 
 Don Harrington 
 Charlotte Craigie 
 Dearbhla Gallagher                        +44 (0) 20 3841 6202 
Powerscourt 
 Public relations 
 Elly Williamson 
 Donjeta Miftari                           +44 (0)7970 246 725

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September 01, 2020 02:00 ET (06:00 GMT)

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