Fladgate is acting for Blockchain Worldwide Plc (Bloc) on an acquisition by reverse takeover, Rule 9 waiver, £8.6m placing and subscription and admission to trading of the enlarged group (to be renamed Entertainment AI PLC) on the AIM Market (all conditional upon shareholder approval).
Bloc, a company admitted to trading on the Main Market of the London Stock Exchange (Standard segment) has entered into a conditional agreement to acquire the entire issued and to be issued share capital of three US companies (Entertainment AI, Inc, GT Channel, Inc and Tagasauris, Inc) for all-share consideration of £12.19 million.
The enlarged group’s mission is to be a first mover in a video-first world or what is seen to be the coming “Third Wave” of media distribution following the broadcast and cable eras.
GTChannel combines a network of affiliated creators, a catalogue of streaming content and a global audience. Tagasauris owns AI and machine learning intellectual property that can deliver more video-based opportunities to GTChannel’s ecosystem of viewers and creators and Entertainment AI has data analytic technology and material contracts with strategic partners.
Rodger Sargent, CEO of Blockchain Worldwide plc, said: “The wait has been worthwhile. AI is the future of entertainment technology and Entertainment AI is an innovative industry leader with ambitious plans. Their unique Artificial Intelligence technology allows frictionless purchasing directly from video. We believe this will be a game changer.”
Lead partner, David Robinson, said: “It was a pleasure to work with Bloc on this complex transaction. The acquisition will position the enlarged group as an innovative leader in this space and we look forward to following developments as Entertainment AI PLC goes from strength to strength.”
David was supported by corporate senior associate, Zehra Kofturcu and associates, Michael Beaber Ben Milloy and David Lee.