The NY VFXWAALA subsidiary has acquired 11,111,111 company shares through the conversion of convertible debentures valued at SEK 15 million ($1.47 million).
Funtastik Studios Limited, a subsidiary of NY VFXWAALA, has acquired 11,111,111 shares in Goodbye Kansas Group through the conversion of convertible debentures valued at SEK 15 million.Through the conversion, Funtastik’s stake totals 33,023,137, or 34 percent of all shares and votes.
In March 2024, Goodbye Kansas and NY VFXWAALA entered into a strategic partnership agreement, with plans to establish a joint venture studio in India.As part of the same deal, a financing package was resolved, including a directed issue of the convertible debentures to Funtastik.“NY VFXWAALA is a financially strong industrial shareholder with a long-term view who will be highly valuable to Goodbye Kansas, our clients and people,” said Per Anders Wärn, chairman of the board of Goodbye Kansas.
“The partnership provides an even more competitive production capacity for our markets in the US and Europe, and it opens-up new business opportunities in India and across Asia through our recently established joint venture.In addition, the transaction further reduces Goodbye Kansas’ debts, continuing a transformative two-year decrease from approximately SEK 170 million to SEK 11 million.” “We have seen a major turnaround in the business performance of Goodbye Kansas over the last two quarters and are firmly convinced with their evolving strategy in the new year,” commented Ajay Devgn, the Founder of NY VFXWAALA.“Being optimistic of the ongoing business performance, Goodbye Kansas’s world-class capabilities and strength across the game services, animation and VFX offerings, we see this as a long-term potential in the strategic partnership between the two companies and have hence decided to execute our debentures to participate as shareholders in the Company,” commented Mr.
Ajay Devgn, the Founder of NY VFXWAALA.NY VFXWAALA is an award-winning production studio focusing on the Indian market, specializing in VFX and Digital Intermediate (DI).Since its inception in 2015, the company has been honored with the 64th National Award for Best Visual Effects, the highest recognition for films in India.
It has also won the 10th Asian Film Award, making it the only studio in India to receive the accolade.
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