(Alliance News) - NFT Investments PLC announced on Friday it has sold a 25% equity stake in Kodoku Studios Ltd to Pioneer Media Holdings Inc for CAD850,000, around GBP500,382.
The stake was originally bought by NFT Investments for GBP500,000.
As a result of Kodoku Studios being wholly acquired by Pioneer, NFT Investment has now become a 3% equity holder in Pioneer. Based on Pioneer's closing share price of 101.5 pence on Thursday, these shares are valued at GBP2 million.
Pioneer had entered into a non-binding letter of intent with Kodoku Studios to acquire 1the company, including the 25% stake owned by NFT Investments, for a total of CAD8.9 million.
Kodoku Studio is a London-based studio developing a platform that enable players to wager their non-fungible tokens and host their own NFT arenas.
Executive Chair Jonathan Bixby said: "We are moving at high-speed to support the growth of a range of innovative businesses that are positioned to benefit from the long-term growth of the NFT market. This is also providing NFT with the opportunity to generate excellent returns on its investments as shown by the takeover of Kodoku. I look forward to supporting Kodoku's growth in order to build further value in the business over the long term."
By Heather Rydings; heatherrydings@alliancenews.com
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