Financial Adviser & Nomad role – reverse takeover of Bidstack Limited by KIN Group plc and placing
Bidstack secures exclusive access to the native in-game advertising space within video games from their developers or publisher and sells that advertising space either direct to specific brands or programmatic advertising platforms.
Transaction: In 2018 one of SPARK’s clients AIM-quoted investing company and shell company, KIN Group PLC agreed terms to acquire unquoted Bidstack Limited by way of a reverse takeover.
Bidstack was the first company to have raised money through crowdfunding – on the Crowdcube website – progressing to seek admission to trading on the AIM Market of the London Stock Exchange. This resulted in a number of previously unencountered complexities, particularly in relation to the classification of concert parties, and the consequential “whitewash” procedure, under the Takeover Code.
Due to a number of regulatory deadlines, the transaction was completed within a challenging two month timetable, from the date at which SPARK was engaged Financial Adviser.
Mark Brady and James Keeshan of SPARK’s AIM services team acted as Nominated and Financial Adviser:
- Project managed the transaction
- Leading liaison with the Takeover Panel
- Used its accumulated TMT experience in the production of the Admission Document
- Co-ordinated the underlying workstreams with the Company’s other advisers
Outcome: This was an ambitious transaction representing a reverse takeover that resulted in an oversubscribed fundraise and a re-admission to the AIM Market.
Since its re-admission, the Company has:
- gone through a further oversubscribed funding round of £5m in May 2019, £5.5m in June 2020 and nearly £11m in July 2021
- signed contracts with major game publishers
- launched a platform that allows the purchase of digital advertising space programmatically, through multiple advertising exchange and data exchange accounts, using one interface