Atari 2011 Annual Report Download - page 115

ANNUAL FINANCIAL REPORT – REGISTRATION DOCUMENT
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27. SUBSEQUENT EVENTS
27.1. Corporate governance evolution
In accordance with French regulation and its internal rules, Atari’s Board of Directors reviewed on April 8, 2011 its
composition and the independence of its Directors. Following the resignations of Mr. D’Hinnin, Mr. Lamouche, and of The
BlueBay High Yield Investment (Luxembourg) SARL, Atari’s Board of Directors is composed as follows at the date of this
document:
• Frank Dangeard, Chairman, Independent Director;
• Jim Wilson, Chief Executive Officer, Director (subject to the approval of the next AGM);
• Tom Virden, Independent Director;
• The BlueBay Value Recovery (Master) Fund Limited, represented by Gene Davis;
• Alexandra Fichelson, Director (subject to the approval of the next AGM).
27.2 Restructuring at Eden Games:
In April 2011 Atari announced a project to restructure Eden Games, its development studio headquartered in Lyon
(France). The proposed plan aims to reduce the workforce to approximately 30 employees, adjusting costs to the size of
the business and its revenues. The restructuring ended at the end of the first quarter of Fiscal Year 2010/2011. This
restructuring is part of Atari’s long-term strategy to adapt to the changing marketplace and direct resources against the
most profitable business segments. Atari continually evaluates its resources to ensure that they are properly matched
against its product slate and strategic goals.
27.3 Extension of the credit facility
As per addendum 12 signed on June 30, 2011, the Company and BlueBay have agreed the extension of a credit facility
of €49 million to December 30, 2011.
27.4 Cryptic Studios divestiture:
In line with the previously stated strategy of fewer but more profitable releases and further expansion into casual online
and mobile games, the Company has determined that external development creates more flexibility in the changing
marketplace. Therefore, the Company has made the decision to divest itself from Cryptic Studios.
On May 31, 2011, Perfect World Co., Ltd. and Atari announced that they have entered into an agreement whereby
Perfect World would acquire 100% equity interest in Cryptic Studios from Atari, the sole shareholder of Cryptic Studios.
Under the stock purchase agreement, Perfect World will pay an aggregate purchase price of approximately €35.0 million
in cash, subject to working capital and other adjustments as provided in the agreement. The consummation of the
transactions contemplated in the agreement is subject to satisfaction of closing conditions.
28. AUDITORS’ FEES
Auditors’ fees of € 515,000 for the audit of the company and consolidated financial statements were recognized for the
year ended March 31, 2011, no audit-related costs have been recognized this year.
31-Mar-2011 31-Mar-2010
Mazars & Guérard Deloitte & Associés PIN Associés PIN Associés Deloitte & Associés
€ in thousand
Euros % Euros % Euros % Euros % Euros %
Audit
- Statutory and contractual audits
* Issuer 140 140 68 211
* Fully-consolidated subsidiaries 150 75 10 23 193
- Audit related work
* Issuer 35 60
* Fully-consolidated subsidiaries
Sub total (1) 290
100%
215
100%
10
100%
126
100%
465
100%
Other Services
- Other services
- Other (describe if > 10% of audit
fees)
Sub total (1) 0
0%
0
0%
0
0%
0
0%
0
0%
TOTAL (1)+(2) 290
100%
215
100%
10
100%
126
100%
465
100%