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Legendary Invest PLC (LEG)

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Friday 06 May, 2011

Legendary Invest PLC

Investment in Raw Games Limited

RNS Number : 0646G
Legendary Investments PLC
06 May 2011
 



6 May 2011

Legendary Investments Plc

 

("Legendary" or the "Company")

 

Investment in Raw Games Limited ("Raw Games")

 

Legendary is pleased to announce that it has acquired an initial 42.5 per cent. equity interest in Raw Games, a recently established company specialising in the development of games on platforms including mobile devices. As part-consideration for the initial interest Legendary shall provide management and consultancy services to assist Raw Games in developing and growing its business. Legendary has also obtained representation on Raw Games' Board.

The principals and staff of Raw Games have the opportunity to earn back from Legendary a 22.5 per cent. equity interest in Raw Games upon hitting certain milestones; in that event,  Legendary shall retain a 20% share stake. In addition Legendary has an option to increase its equity interest further, on terms to be determined.

Raw Games is a creative games developer founded in 2010 and based in Birmingham Science Park Aston. The technology utilised by Raw Game's enables it to design and develop core and casual games across the majority of established platforms (including mobile devices). Raw Games' strategy is to break games into smaller downloadable episodes that are story driven. This reduces game development cycles and allows games to be taken to revenue generation faster.

Raw Games intends to take advantage of the emerging shift towards browser based gaming that is expected to be accelerated through the increasing adoption of cloud-based distribution channels.

Raw Games first product, "The Spire" is currently under development. The teaser trailer release for The Spire received over 230,000 views within the first 5 days of release.

The online games industry is growing rapidly. It is estimated that online revenue from games was around USD 12billion in 2009. This is expected to more than double by 2015.

Further information on Raw Games is available at www.rawgames.co.uk 

Legendary is pleased to have made its second investment in another growth sector, and looks forward to pro-actively assisting Raw Games develop and grow its business.

Contact:



Legendary Investments Plc

Thomas Reuner

020 8201 3536

Northland Capital

Partners Limited

(Nominated Adviser)

Gavin Burnell / Rod Venables

020 7796 8800

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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