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Devolver Digital to Leave AIM and Return to Private Ownership

The board says public-market reporting cycles and low market valuation hinder long-term indie publishing.

Overview

  • The company announced the proposal Thursday and will ask shareholders to vote at an AGM on September 8 on delisting from the London Stock Exchange’s AIM market.
  • If shareholders approve, trading would stop on September 16 and the company plans a conditional tender offer to return up to $5 million in cash to qualifying holders.
  • Devolver says delisting will cut roughly $1.6 million in annual costs tied to AIM listing and let management focus on longer-term publishing plans instead of short-term reporting.
  • The announcement triggered a sharp market reaction, with the share price plunging about 59% to roughly 6.5 pence per share in immediate trading.
  • Devolver went public in November 2021 at about a $950 million valuation and is now worth roughly $46 million, a collapse the board cites as evidence public markets misprice the long-tail, uneven revenue profile of indie games.