17/12/2014
Memery Crystal LLP has acted for Gaming Realms Plc (“Gaming Realms”) on its acquisition of Quick Think Media Ltd (“QTM”) for a total consideration of approximately £2.2 million. In addition, Memery Crystal has acted for Gaming Realms on the placing of 11,476,190 new ordinary shares on AIM which has raised £2.4 million.
Gaming Realms is an AIM-listed online gaming business focused on the development of a new generation of social bingo and slot machine gaming concepts. Gaming Realms was founded by the team behind Cashcade, which created the leading online bingo brand, Foxy Bingo, in addition to other online bingo and casino games.
QTM is a specialist online gaming marketing agency, with particular expertise in online bingo and casino products. The acquisition of QTM supports the Gaming Realm’s strategy to establish itself within the bingo and casino segment of the social gaming market, as well as to launch real money bingo and casino games in the UK regulated market.
The proceeds from the AIM fundraising will be used to satisfy the cash element of the QTM acquisition, with the balance being used for additional working capital.
The Memery Crystal team included corporate partner Lesley Gregory and corporate senior associate Kieran Stone.
Lesley Gregory commented: “We are delighted to have worked again with Gaming Realms, having acted earlier this year on its AIM listing and with years of previous experience acting for the Cashcade team. We look forward to working with the team going forward on the implementation of its exciting strategy.”
Memery Crystal is a recognised leader for its corporate finance work, covering M&A, private equity and IPO/fundraising for UK and international companies. The firm has been highly ranked for its excellence in handling M&A deals by both Chambers UK and The Legal 500, and was named “Law Firm of the Year” at the 2012 M&A Awards. Memery Crystal is also ranked among the upper tier of law firms for its AIM experience, acting for smaller to medium-sized public companies and off-shore funds, as well as for their nominated advisers and brokers. In the most recent edition of the AIM Advisers Rankings Guide, the firm has been ranked among the top two law firms based on total number of AIM clients as determined by Morningstar.
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