Gfinity PLC (AIM: GFIN) is set to receive £450,000 conditionally and has designated David Halley as the new chief executive, aiming to shift its focus towards advertising on gamer websites.
Halley, currently a board member of the Tourbillon Group that recently procured a 72.5% stake in Gfinity’s gaming branch, Athlos, comes with a rich history in hedge funds and risk management from his tenure at Capstone Financial (HK) and Man Group.
The capital injection stems from a subscription rate of 0.06p, which contrasts with a recent average of 0.94p. Halley plans to acquire about 66.7 million shares, while 12% shareholder Robert Keith will purchase another 33.3 million shares.
As per the statement dated 4 August 2023, the firm’s cash reserves stood at around £205,000.
Within the next six months, Gfinity aims to reach a cash-neutral position and attract over 10 million monthly active users. They plan to utilize AI and advanced advertising technology to enhance CPM rates and streamline direct advertising.
For this subscription to proceed, shareholder approval is crucial. Without this injection of funds, Gfinity emphasized the urgent need to explore alternative financing options.
With Halley stepping in as CEO, Neville Upton will return to his former position as a non-executive chairman.
In terms of compensation, Halley won’t draw a salary but will receive incentives in the form of options at the subscription rate.
