- iCandy Interactive (ICI) seeks approval to undertake an on-market share buy-back from its shareholders
- The company intends to buy back up to 135 million shares, representing approximately 11 per cent of the company’s issued shares, subject to shareholders approval
- Shareholders will vote at a General Meeting on July 11
- The company said the buy-back represents an opportunity to add value to the remaining shares on issue
- Shares in iCandy Interactive were up 8 per cent to 8.1 cents as of 12:03 pm AEST
iCandy Interactive (ICI) is seeking approval to undertake an on-market share buy-back from its shareholders.
The company intends to buy back up to 135 million shares, representing approximately 11 per cent of the company’s issued shares, subject to shareholders approval.
Shareholders will decide the outcome at a General Meeting on July 11.
The Board believes that the company’s current share price does not reflect the true underlying value of iCandy’s assets and growth potential.
As such, the buy-back represents an opportunity for the company to add value to the remaining shares on issue.
Following the date of approval by shareholders, the company intends to commence the buy-back program for a period of 12 months.
The timing and the actual number of shares to be purchased are subject to market conditions but the Board said there will be no major impacts on the company’s activities for the duration of the intended undertaking.
In view of this, the company has advised its shareholders that there can be no certainty that iCandy will acquire any or all shares under the shares buy-back.
Currently, the company is backed by strategic shareholders that include Animoca Brands, Fatfish Group, Baidu, Singtel, SK Square, AIS, as well as numerous Australian and international funds.
iCandy is currently the largest independent game developer in Australia, New Zealand and Southeast Asia, with more than 600 full-time staff and a focus on the development and publishing of traditional games and Web 3.0 games.
Shares in iCandy Interactive were up 8 per cent to 8.1 cents as of 12:03 pm AEST.