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Mortal Online

Mortal Online 

General Discussion  » Star Vault: Private placement for launch on STEAM

15 posts found
  Zeeraha

Novice Member

Joined: 12/07/12
Posts: 63

 
OP  10/16/13 10:40:30 AM#1

It seems that today SV got 2.6M SEK (around 400K $) of investment in form of privately stock issue.

Link: http://www.aktietorget.se/NewsItem.aspx?ID=67118

 

Google translation:

"Board of Star Vault AB decided October 15, 2013 to conduct a private placement of 2.6 million at a price of 0.26 per Class B share Markus Hodell , Magnus Uppsäll , William LW Nock and Joan Mir . The proceeds allow for greater development resources to hone in on the launch on STEAM .

 

The private placement is done with the authorization from the Annual General Meeting on 24 June 2013. The new issue includes 10 000 000 B shares and adds Star Vault SEK 2.6 million ( SEK 0.26 per Class B share). The purpose of departing from the shareholders' preferential right to get timely access to capital to allow for a well-conceived launch on STEAM shortly which unfortunately had not been possible through a rights issue. The Board believes that the private placement will benefit the existing shareholders in the future.

 

The rights issue will increase the company's share capital by SEK 400 000 . After registration with the Swedish Companies Registration Office , the number of shares will be 47,874,549 pieces (of which 1 250 000 A shares ) and the share capital will amount to 1,914,981 crowns.

 

CEO Henrik Nystrom comment

- More than 70 000 players voted us to STEAM , a major gaming platform with 4-6 million users daily. Being accessible through this channel gives us great opportunities to reach out to a larger audience. The provision of capital and thus a greater number of developer resources allows us to hone in on this launch so that it is just as well as global players today demand .

 

With additional capital , we intend to expand the so -called "physical game faces " in Mortal Online , which means that we can handle more players. We extend also to all the existing fields which currently already has stable gaming properties. We have built up a strong network of developers from around the world that we intend to use in this launch .

 

What is happening now is a combination of minor updates of the game in which key elements are in place . This week , for example, an entirely rebuilt so-called " broker " system is based on feedback where we see that play exchanges that are part of playing the economy is not working the way we want. This tool is essential to be able to merge multiple types of playing styles in the form of exchanges and demand. We also intend to release an upgrade to play the characters in order to both increase the playing performance and the visuals to deliver a high standard in these areas.

 

An example of major updates that many players looking forward to for months is a developed territory- system we call Dominion . This will give players many new play features where one can design their own cities and provide various services to other players. This is a long-sought systems that require large playing surfaces then it's up to the players to be creative in designing their cities. We estimate that these areas will begin to be launched beginning in October 2013 and continue accelerating until the first quarter of 2014.

 

We are positive that William LW Ridge , with its experience from the gaming industry, with and invest in this step, since he thereby shows that he is a long-term shareholder of Star Vault ."

 

  User Deleted
10/16/13 12:37:59 PM#2

What happened to their last infusion of cash? Same old song and dance.

 

Board of Star Vault AB (publ) decided on 22 May 2013, a private placement of approximately 1 million at a price of 23 cents to two investors from the UK and the USA respectively. The proceeds enable accelerated game development of Mortal Online.

The private placement is done with the authorization from the AGM on 25 June 2012. The right to subscribe for B shares to fall William LW Nock and Joan Mir, at a price of 23 cents per Class B share. Fully subscribed share issue comprising 4,169,859 B shares and adds Star Vault 959 067 SEK. Aim to deviate from the shareholders' preferential rights is to enable accelerated time-efficient game development.

Fully subscribed rights issue will increase the company's share capital by 166,794 crowns. After registration with the Swedish Companies Registration Office, the number of shares will be 37,874,549 pieces and the share capital will amount to 1,514,981 crowns.

Investors comment
- "I am a hardcore player and investor - my interests meet in Mortal Online and I think it is a game perfectly positioned for the future. Besides the obvious talent and enthusiasm of the management, it has survived tough times and it is always a good sign. Mortal Online is unique, while its main competitors are busy guarding their own positions. The game world grows out of games like World of Warcraft and its clones, and looking for something new with more depth. This investment is well-timed for me and allows the company to take greater steps forward with a little more money, "said William LW Nock.

CEO Henrik Nystrom comment
- "We have previously announced that our game has been a positive development in terms of interest from players around the world and this continues. To this we can now due to a lot of interest from foreign investors, the private placement at a price of 23 cents. We hope that our shareholders positvt look at this because it provides capital that we will be directly used to drive development forward.

With this extra reinforcement, we can take bigger steps in Mortal Online's development than what we have planned. We can make use of more programmers that we used before that knows our technology well. We may also use more so-called content artists through outsourcing which gives us interesting new content more regularly in the game, which promotes opportunities to attract players. "
 
  rojoArcueid

Elite Member

Joined: 8/13/09
Posts: 5421

"It is double pleasure to deceive the deceiver". - Niccolo Machiavelli

10/16/13 12:46:00 PM#3
with the amount of money that Star Vault (apparently) handle, they should be hiring more talented people to overhaul this entire game instead of trying to get it on steam in its current state. Steam just looks worst every time they accept buggy and bad quality games. Their standards seem to be below zero lately.

My endgame begins with character creation and ends with a new mmorpg

  User Deleted
10/16/13 12:52:04 PM#4
Originally posted by rojo6934
with the amount of money that Star Vault (apparently) handle, they should be hiring more talented people to overhaul this entire game instead of trying to get it on steam in its current state. Steam just looks worst every time they accept buggy and bad quality games. Their standards seem to be below zero lately.

That's the point, throwing money at SV is like throwing it into a blackhole. 

 

I doubt SV has the talent to make MO Steam compliant on their own, thus the "need" for more money.  Lets not forget they couldn't even code a patcher.

  Zeeraha

Novice Member

Joined: 12/07/12
Posts: 63

 
OP  10/16/13 12:57:52 PM#5

Truth is that part of those investments is covering old debts. They lend money from banks to keep their finances. These investments keeps MO development live with current resources. I would guess that part of the money also goes for development of new continent which is neccessary for planned new player influx.

 

According to gathered info from latest official reports, I assume that Steam release will happen only after new continent is release and after TC update. This time Henrik admited it would take alot of time to develop it and didn't dare to predict any near date, in latest 15/10 update, he mentioned that release could be late spring 2014.

  Toferio

Apprentice Member

Joined: 11/26/09
Posts: 1456

10/16/13 1:09:43 PM#6
Originally posted by Zeeraha

According to gathered info from latest official reports, I assume that Steam release will happen only after new continent is release and after TC update. This time Henrik admited it would take alot of time to develop it and didn't dare to predict any near date, in latest 15/10 update, he mentioned that release could be late spring 2014.

Wait, I might be missing something here, but haven't they been promising the TC update since a year back? I thought it went live long time ago.

  User Deleted
10/16/13 1:13:41 PM#7
Originally posted by Toferio
Originally posted by Zeeraha

According to gathered info from latest official reports, I assume that Steam release will happen only after new continent is release and after TC update. This time Henrik admited it would take alot of time to develop it and didn't dare to predict any near date, in latest 15/10 update, he mentioned that release could be late spring 2014.

Wait, I might be missing something here, but haven't they been promising the TC update since a year back? I thought it went live long time ago.

MO is always hyped via a carrot on the stick.

  lizardbones

Elite Member

Joined: 6/11/08
Posts: 10564

I've become dependent upon spell check. My apologies for stupid grammatical errors.

10/16/13 1:26:27 PM#8


Originally posted by rojo6934
with the amount of money that Star Vault (apparently) handle, they should be hiring more talented people to overhaul this entire game instead of trying to get it on steam in its current state. Steam just looks worst every time they accept buggy and bad quality games. Their standards seem to be below zero lately.


In terms of game development, it's not really that much money. Maybe they can pay developers less or maybe the cost of living is lower, but with $400k, they could have at most ten developers for a year, or five developers for two years. I'm basing this on the U.S., but that would be some entry level people, who maybe or maybe not have experience developing video games or MMORPGs.

Also, as someone else said, their debts continue to accumulate or accrue interest. That stuff has to keep getting paid so they have to somehow make more money than they are making to expand, and it doesn't look like they are doing it with players so much as they are doing it with investors.

For every large, complex problem, there is a simple, clear solution that also happens to be absolutely wrong.

  User Deleted
10/16/13 1:32:05 PM#9
Originally posted by lizardbones

 


Originally posted by rojo6934
with the amount of money that Star Vault (apparently) handle, they should be hiring more talented people to overhaul this entire game instead of trying to get it on steam in its current state. Steam just looks worst every time they accept buggy and bad quality games. Their standards seem to be below zero lately.



In terms of game development, it's not really that much money. Maybe they can pay developers less or maybe the cost of living is lower, but with $400k, they could have at most ten developers for a year, or five developers for two years. I'm basing this on the U.S., but that would be some entry level people, who maybe or maybe not have experience developing video games or MMORPGs.


 

$400K is substantial given SV has what ONE developer now?

Problem is this new cash flow never results in additional staff, yet the money always promises great things. This has happned numerous times over the last 3 years and nothing ever comes of it.

  Zeeraha

Novice Member

Joined: 12/07/12
Posts: 63

 
OP  10/17/13 3:09:23 AM#10
Originally posted by lizardbones

 


Originally posted by rojo6934
with the amount of money that Star Vault (apparently) handle, they should be hiring more talented people to overhaul this entire game instead of trying to get it on steam in its current state. Steam just looks worst every time they accept buggy and bad quality games. Their standards seem to be below zero lately.



In terms of game development, it's not really that much money. Maybe they can pay developers less or maybe the cost of living is lower, but with $400k, they could have at most ten developers for a year, or five developers for two years. I'm basing this on the U.S., but that would be some entry level people, who maybe or maybe not have experience developing video games or MMORPGs.

Also, as someone else said, their debts continue to accumulate or accrue interest. That stuff has to keep getting paid so they have to somehow make more money than they are making to expand, and it doesn't look like they are doing it with players so much as they are doing it with investors.


 

In current phase, I doubt they will hire new developer since they need at least 6 months to educate about their Unreal engine and Atlas modifications. I would guess they will pay their old debts and pay external house to draw them a new continent, so they can prepare for Steam release (they need more space in game). They will keep developing with 2 coder and Henrik as a game designer.

I calculated that in Sweden gross software developer sallary would turn out to be 60K$ a year (includes income taxes and social insurances).

 

  Slapshot1188

Elite Member

Joined: 5/06/07
Posts: 4115

10/17/13 5:50:12 AM#11

I'm not a financial analyst but this is what I read from the Financials:

 

As per the 1st half Financial Report SV owed around $121,000 in debt

As per the 1st half Financial Report SV lost $171,000 the first half of the year

 

Assuming the debt has grown since June I think it's safe to say that they needed an additional $300,000 to carry them to the end of the year if they paid off the debt.

 

 

That would give them around $100,000 to play with.

 

This influx of money doesn't let them hire people IMHO.  What it does is once again allow them to wipe their debt off the books which could theoretically allow them to break even at some time down the road.  It could also (theoretically) allow them to borrow more money once the existing loans are paid off.

 

 

 

"I should point out that no other company has shipped out a beta on a disc before this." - Official Mortal Online Lead Community Moderator

Starvault's reponse to criticism related to having a handful of players as the official "test" team for a supposed MMO: "We've just have another 10ish folk kind enough to voulenteer added tot the test team" (SIC) This explains much about the state of the game :-)

  Zeeraha

Novice Member

Joined: 12/07/12
Posts: 63

 
OP  10/17/13 6:12:19 AM#12
Originally posted by Slapshot1188

I'm not a financial analyst but this is what I read from the Financials:

 

As per the 1st half Financial Report SV owed around $121,000 in debt

As per the 1st half Financial Report SV lost $171,000 the first half of the year

 

Assuming the debt has grown since June I think it's safe to say that they needed an additional $300,000 to carry them to the end of the year if they paid off the debt.

 

 

That would give them around $100,000 to play with.

 

This influx of money doesn't let them hire people IMHO.  What it does is once again allow them to wipe their debt off the books which could theoretically allow them to break even at some time down the road.  It could also (theoretically) allow them to borrow more money once the existing loans are paid off.

 

 

 

As to my knowledge you have to know date of arrival of each debt, which is not visible in financial reports. We don't know how mcuh of that 121K debt has to be paid off in 2013. But for certain, losses of 171K $ must be refinanced in 2013., and it could be subtracted out of 400K $ investment.

  Slapshot1188

Elite Member

Joined: 5/06/07
Posts: 4115

10/17/13 6:31:56 AM#13
Almost all of the debt is listed as short term.

"I should point out that no other company has shipped out a beta on a disc before this." - Official Mortal Online Lead Community Moderator

Starvault's reponse to criticism related to having a handful of players as the official "test" team for a supposed MMO: "We've just have another 10ish folk kind enough to voulenteer added tot the test team" (SIC) This explains much about the state of the game :-)

  Talonsin

Spotlight Poster

Joined: 7/19/06
Posts: 1040

10/17/13 4:29:15 PM#14
Correct me if I'm wrong but doesnt this dilute the stock even more?  Adding more shares and taking on more debt (you know they will not be profitable this year). It sure does seem to be a sad story for those people who purchased stock in SV back when the company was formed or at the games launch.
  Zeeraha

Novice Member

Joined: 12/07/12
Posts: 63

 
OP  10/18/13 6:10:57 AM#15
Originally posted by Talonsin
Correct me if I'm wrong but doesnt this dilute the stock even more?  Adding more shares and taking on more debt (you know they will not be profitable this year). It sure does seem to be a sad story for those people who purchased stock in SV back when the company was formed or at the games launch.

It dilutes the votes, but the nominal stock price is what should matter to early investors. I see from the graph that people in 2009 bought shares for 2.50 SEK per stock. Today stock values 0.40 SEK. It means that these people lost 84% of stock's value. If you bought stocks in 2009 for 1000$, now your stock are worth 160$ and you lost most of your voting power :p. But for these small companies, tables can turn, and stock prices could rise again over 2.5 SEK if company starts being profitable.

Conclusion is that buying SV stocks is risky bet. Perhaps if shortselling of it was possible, people could profit from it :p