DGAP-News: Frogster Interactive Pictures AG: Gameforge makes takeover offer to Frogster shareholders / Frogster's presence at GamesCom and Outlook 2011
(firmenpresse) - Frogster Interactive Pictures AG / Mergers&Acquisitions/Forecast
16.08.2010 15:42
Dissemination of a Corporate News, transmitted by
DGAP - a company of EquityStory AG.
The issuer / publisher is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
Berlin, 16.08.2010: Gameforge AG, international publisher of online games
based in Karlsruhe, has offered a takeover via a subsidiary to the
shareholders of Frogster Interactive Pictures AG, international publisher
of massively multiplayer online games with headquarters in Berlin and
subsidiaries in Berlin, San Francisco and Seoul for a share price of 25
Euro. Hence, the bid lies slightly below the current Frogster share price
of lastly 25.90 Euro (16.08.2010, 12pm). According to the publication of
Gameforge, the offer is valid until September 20th 2010, can however be
accepted by the Frogster shareholders until October 8th 2010. Should
Gameforge rise the amount of 25 Euro, the offer would run until October 4th
2010, could however be accepted within two additional weeks. Two weeks ago,
Gameforge had announced to be already in the possession of 60% of Frogster.
Except for common non-disclosure agreements, no other agreements or
arrangements exist between Gameforge and Frogster. Whether Gameforge, as
quoted in the takeover offer, actually pursues the target of acquiring all
Frogster shares and if they - upon reaching 95% stake - intend to conduct a
squeeze-out and whether the takeover bid generally will have to be regarded
as friendly or hostile, depends on the decision making of Gameforge, which
are not transparent to Frogster. Gameforge has in any case expressed the
aim to maintain Frogster an independent company with the existing
management and team at the current locations, its own culture and its
successful brands, regardless of the shareholder structure. In the
conviction of the management of Frogster, the independence of the company
in its business relations with developers, press and customers as well as
concerning its management and team is an important precondition of the
future success.
Generally the Frogster management does not give any recommendation to buy
or sell the share at a particular price, not on the occasion of the
takeover bid either, but feels obliged to the shareholders to make the
following statements: Since the pool shareholders' decision to sell its
almost 37% in Frogster at a share price of 25 Euro, Frogster has achieved
license deal closings, which significantly increase the profit perspectives
from 2011 onwards in the opinion of the management. The analysts watching
the Frogster share recommend not to accept the takeover offer for a price
of 25 Euro (see reference at www.frogster.de). The consensus for their
share price targets currently amounts to 36.50 Euro. Neither does the
management itself have an intention to accept the takeover offer concerning
their own shares at present, nor do they plan to leave the company.
Currently, according to knowledge of the company, a good 25% of Frogster is
free float and just under 15% is owned by the management.
Update on current revenues and guidance 2010
As expected the monthly revenue in the heat record month of July 2010 was
down and turned out to be about 400k Euro below the present monthly revenue
record in June 2010 of almost 2.3m Euro according to preliminary
projections. Due to seasonality Frogster expects a further, slight decrease
for August and for the same reasons noticeably rising monthly revenues
thereafter. The management continues to hold on to its guidance for a
revenue target in 2010 of at least 25m Euro, but will probably slightly
decrease its guidance of the net profit target in 2010 of 1.47 Euro per
share, the amount being adjusted by 13 Cent for the dilution deriving from
the capital raise, for the intention of investments in the pre-launch
marketing for 'Mythos' and 'Tera' which yet again represent incremental
revenue opportunities in 2011. According to preliminary estimates, the
company that has experienced strong growth from month to month, has earned
around 40 to 50 Cent already in the first half of 2010 despite the
extraordinary negative impact of the shut-down of the development studio in
Korea. The half year interim report shall be released at the beginning of
September.
Presentation of the product pipeline 2011 at the GamesCom
This week, Frogster will for the first time present its recently announced
and 2011 to be released MMO Game titles 'Mythos' and 'Tera' at the leading
international computer games show GamesCom in Cologne. With their renowned
Asian developers and production budgets in the two-digit millions range,
both virtual worlds belong to the communities' highest anticipated MMO
Games worldwide. The management is convinced that herewith and with its
'Project X' from the 'Runes of Magic' hit maker Runewaker, Frogster has got
an outstanding pipeline of top quality MMO Games among the European
publishers. Accordingly, Frogster enjoys great attention from the games
press and has already made over 150 appointments at the show with print-,
online- and TV magazines.
Outlook 2011
With the announced products Frogster expects further acceleration of its
persistant, strong and profitable expansion for 2011. The analysts'
consensus currently amounts to 43m Euro revenue forecast 2011 and 3.35 Euro
net profit forecast per share. Assuming a similar development as both of
Frogster's well-known online games competitors have taken during the last
two years coming from a similar revenue size as Frogster's current one, the
growth ought to take an even faster course. In the management's view
Frogster's product pipeline supports this assumption. Provided that the
cooperation between Gameforge and Frogster intended by both companies runs
constructively, it should also contribute significantly to the results and
values of both companies latest from 2011 on.
Frogster Interactive Pictures AG, Tel. +49 (0)30-28 47 01-0
16.08.2010 15:42 Ad hoc announcement, Financial News and Press Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
Language: English
Company: Frogster Interactive Pictures AG
Hardenbergstr. 9A
10623 Berlin
Deutschland
Phone: 030 / 284701-10
Fax: 030 / 284701-11
E-mail: frogster(at)ir-services.de
Internet: http://www.frogster-ip.de/
ISIN: DE000A0F47J1
WKN: A0F47J
Indices: Entry Standard Performance-Index
Listed: Freiverkehr in München, Düsseldorf, Berlin, Stuttgart; Open
Market (Entry Standard) in Frankfurt
End of News DGAP News-Service
---------------------------------------------------------------------------
Datum: 16.08.2010 - 15:42 Uhr
Sprache: Deutsch
News-ID 32014
Anzahl Zeichen: 0
contact information:
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 190 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"DGAP-News: Frogster Interactive Pictures AG: Gameforge makes takeover offer to Frogster shareholders / Frogster's presence at GamesCom and Outlook 2011"
steht unter der journalistisch-redaktionellen Verantwortung von
Frogster Interactive Pictures AG (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
