NORWAY - VC-backed Funcom plans new share issue

The company has retained ABG Sundal Collier Norge ASA and Carnegie ASA to advise on and effect a contemplated private placement of issue of new shares. The private placement will be directed towards professional investors in Norway and internationally after the close of the Oslo Stock Exchange today and it will be carried out through a book-building process.

The proceeds of the transaction will increase Funcom's strategic and operational flexibility, related both to M&A opportunities and further strengthening of the product portfolio. Funcom will evaluate opportunities within the MMO segment and also within other closely related gaming segments. Possible expansion opportunities within these areas might involve acquisition opportunities. The company also wishes to have funds to pursue attractive licenses for existing and upcoming games.

The new shares will be issued pursuant to the authorisation to the supervisory board established at Funcom's annual general meeting held on 14 November 2005.

Funcom was listed on the Oslo Stock Exchange on 13 December 2005. Northzone Ventures invested EUR 3.5m in the business in May 2004. In the same round of financing, Teknoinvest and Stelt Holding injected EUR 1m. In 2005, Funcom secured EUR 5m in funding from Nordic Venture Partners. Northzone Ventures owned 25% of the shares in Funcom before the IPO and 22.6% post-listing.

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