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• Games Workshop produces miniatures used for wargaming Warhammer brand.
• Vertically integrated businesses have no real competitors that can match the control of design, manufacture and distribution of models and rulebooks.
• The company recently reached an agreement with Amazon Content Services to turn its intellectual property into film and TV products – which we see as very important.
• The licensing opportunity associated with Workshop Games’ IP, which has a large and highly loyal fanbase, generates extra revenue and cash flow with relatively limited additional costs, and also helps attract new tabletop miniatures gamers.