Goodbye Kansas Group AB (publ) ("Goodbye Kansas Group" or "Company") has today entered into an agreement to acquire all relevant assets and rights from the estates of Goodbye Kansas Studios AB and Goodbye Kansas Holding AB. The transaction means that the company now continues to execute its strategy to narrow focus on the studio business in a new structure. The purchase price amounts to SEK 5.0 million and includes the studio business including ongoing customer projects, inventories, intangible assets and other business-critical rights and assets, including foreign subsidiaries.
"It is very pleasing that the studio business is yet again part of our Group. The acquisition is a decisive step in our strategy to narrow our long-term business focus to the studio business, a market in which the company has a strong market position with services to provide advanced visual experiences that are world leading. We can now look forward and develop the business together with all our talented employees and freelance workers as well as our customers who have shown us great faith," says Stefan Danieli, CEO of Goodbye Kansas Group.
The acquisition means that Goodbye Kansas Group can continue to execute its strategy to focus on the core studio business in a new structure. The company has a competitive customer offering with leading technology and proven creative abilities as well as a strong international market position in gaming, film and TV.
"Timing for this structural change is just right, not the least considering that the strikes among both writers and actors in Hollywood are finally over and this is a large part of our market. Currently paused productions can be resumed and we are well positioned for new deals now that this important market opens up yet again," says Stefan Danieli.
Of the total purchase price of SEK 5.0 million, SEK 0.2 million is paid in connection with the closing and the remainder will be paid in January 2024 with proceeds from the planned preferential rights issue. The acquisition will be closed November 20, 2023, and means that Goodbye Kansas Group can continue production of ongoing customer projects without delays, projects that have been maintained by the bankruptcy trustee.
The Board has previously proposed a preferential rights issue of units, which initially could provide the Company gross proceeds of SEK 55.4 million and later on potentially an additional SEK 15.8 million before transaction costs. Shareholders will make a decision on the preferential rights issue at the extraordinary general meeting on November 30, 2023.
Per Anders Wärn, Chairman in Goodbye Kansas Group, provided a security commitment for the payment of the purchase price of SEK 5.0 million in connection to the Company entering an agreement on acquisitions of assets and rights from Goodbye Kansas Studios AB and Goodbye Kansas Holding AB. The Company will therefore also enter an agreement regarding compensation for the security commitment provided by Per Anders Wärn. The compensation for the security commitment constitutes a significant transaction with a closely related party and therefore the transaction must be approved by the extraordinary general meeting.
For more information, please contact:
Stefan Danieli, CEO, Goodbye Kansas Group
E-mail: stefan.danieli@goodbyekansas.com
Tel: +46 701 981049
Goodbye Kansas Group
Goodbye Kansas Group AB (publ) is a leading supplier of technology-driven visual content. Goodbye Kansas Group is headquartered in Stockholm and its shares are listed on the Nasdaq First North Growth Market with Erik Penser Bank as Certified Adviser.
This information is inside information that Goodbye Kansas Group AB (publ) is obliged to make public under the EU Market Abuse Regulation 596/2014. The information was provided by the contact person set out above for publication at 2023-11-14 09:30 CET.
