Kurs & Likviditet
Beskrivning
Land | Malta |
---|---|
Lista | OB Match |
Sektor | Sällanköp |
Industri | Betting |
2020-12-21 08:25:00
Gaming Innovation Group (GiG) have had a successful turnaround over the last
year. Coming into 2021 the business is seeing momentum with additional
opportunities to deliver long term shareholder value. To take advantage of those
opportunities GiG has decided to issue a subordinated convertible loan of EUR
8.5 million to two Nordic investment funds Formue Nord A/S & Symmetry Invest
A/S.
GiG sees a very strong market development for its target customer base as
regulation and digitalisation of the gambling industry drives demand and will
use the proceeds from the convertible loan to expedite revenue generating
activities and enhance future growth. Using a strict capital allocation
framework the funds will be used across a range of projects such as the
continuing development of its omni-channel offering across casino and
sportsbook, increase the long term speed to market facilitating the sales
pipeline and move toward more aggressive growth in Paid Media along with the
potential to act in the M&A space within Media Publishing department.
Richard Brown, CEO of GiG, explains: Over the last 12 months GiG has simplified
our business around our core B2B offering with significant growth in revenue and
EBITDA for the first 9 month of 2020. As we are seeing continued expansion
opportunities on all our 3 business segments we wanted to strengthen our cash
position to be able to take advantage of those opportunities. We are happy that
GiG is now in a place where we can attract capital from institutional investors
on competitive terms to accelerate the business further.
Rasmus Viggers, CIO of Formue Nord commented: We have been following GiG for a
while and have been impressed by the progress in the business over the last
year. We are happy that we are able to support GiG with a flexible finance
solution that is setting GiG up for further growth in the years ahead.
The term of the loan is 30 months and the loan can be converted at a share price
of NOK 15, a 23% premium to the last closing price on Oslo Børs. The interest
is 8% per annum. The loan is subordinated to the Company's SEK 400 million bond,
and payment of interest and any repayment on the convertible loan are not
allowed before all obligations under the bond is repaid in full. The bond has
maturity on 28 June 2022, and Nordic Trustee has approved the convertible loan
structure as per the bond terms.
For further information, please contact:
Richard Brown, CEO, richard.brown@gig.com, +34 661599025
Tore Formo, Group CFO, tore@gig.com, +47 91668678
This information is information that Gaming Innovation Group Inc. (GiG) is
obliged to make public pursuant to the EU Market Abuse Regulation. The
information was submitted for publication, through the agency of the contact
person set out above, at 08:25 CET on 21 December 2020.
About Gaming Innovation Group (GiG)
Gaming Innovation Group is a leading iGaming technology company, providing
solutions, products and services to iGaming Operators. Founded in 2012, Gaming
Innovation Group's vision is 'To be the industry leading platform and media
provider delivering world class solutions to our iGaming partners and their
customers. GiG's mission is to drive sustainable growth and profitability of
our partners through product innovation, scalable technology and quality of
service. Gaming Innovation Group operates out of Malta and is dual-listed on the
Oslo Stock Exchange under the ticker symbol GIG and on Nasdaq Stockholm under
the ticker symbol GIGSEK. www.gig.com