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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.

Why SPARK?

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