Stay Informed.News

GAN plc announces Placing of 3.25m shares to IIU Nominees

24 August, 2016

GAN plc announces Placing of 3.25m shares to IIU Nominees and welcomes Dermot Desmond’s re-engagement with GAN’s US investment case

 

London & Dublin | August 24, 2016: GAN plc (“GAN” or the “Company”), an award-winning developer and supplier of enterprise-level B2B Internet gaming software, services and online gaming content in the United States, is pleased to announce that it has raised £1,300,000 (before expenses) through a non-pre-emptive placing (the “Placing”) of 3,250,000 new ordinary shares of £0.01 each per share ("Ordinary Shares") at an issue price of 40p per Ordinary Share (“Placing Shares”) to long-standing existing shareholder IIU Nominees Limited ("IIU"). The Placing will represent 4.6 per cent of the enlarged issued share capital of GAN.

 

The Company plans to use the net proceeds of the Placing to accelerate existing clients’ product development and new client delivery following the overwhelmingly positive surge in US corporate demand experienced year-to-date for GAN’s real money Regulated Gaming and Simulated Gaming™ services.

 

This demand will be served principally through the recently opened satellite offices on the West Coast of the United States and in Eastern Europe, augmenting GAN’s London technical development and operations centre. GAN expects continued strong demand for both real money Regulated Gaming and Simulated Gaming™ opportunities in the US, particularly in light of recent regulatory developments in Pennsylvania announced by GAN on June 29 where Internet gaming legislation is approved in principle and anticipated to become law in Autumn/Fall of this year.

 

The Placing was effected using the Company's existing authorities to allot shares on a non-pre-emptive basis which were obtained from shareholders at the Company's General Meeting on June 30, 2016. The Placing is conditional upon admission of the Placing Shares to trading on AIM and ESM. The Placing Shares will rank pari passu with the existing Ordinary Shares and application has been made to the London Stock Exchange and the Irish Stock Exchange for the Placing Shares to be admitted to trading on AIM and ESM respectively (“Admission”). Admission is expected to become effective on August 26, 2016. Upon Admission, GAN’s enlarged issued share capital will consist of 70,051,924 Ordinary Shares.

 

Dermot Smurfit, CEO of GAN commented on the development:

 

"Additional capital allows us to accelerate the development of our technical capability to deliver the product requirements of our growing list of corporate clients and bring new clients online. The positive and unexpected surge in US corporate demand for GAN’s unique services requires increased delivery capability. We’re happy to respond to this real business need on behalf of all shareholders and welcome Mr Desmond’s investment. Mr Desmond is an astute investor with a long track record participating in the Internet gambling market and we believe this investment validates our strategy and technology which will deliver significant incremental value for shareholders over time.”

Recent News

12 May, 2017
GAN Launches Simulated Gaming for WinStar World Casino and Resort

London & Dublin | May 12, 2017: GAN plc (“GAN” or the “Company”), an award-winning developer and supplier of enterprise-level B2B Internet gaming software, services and online gaming content in the United States, today announces the launch of the highly anticipated Simulated Gaming™ website and supporting mobile apps for WinStar World Casino and Resort in Thackerville, Oklahoma (“WinStar” or “the Client”).

Read Full Article
27 April, 2017
GAN wins ‘Freeplay Gaming Supplier’ Industry Award in the US

London & Dublin | April 27, 2017: GAN plc (“GAN” or the “Company”), an award-winning developer and supplier of enterprise-level B2B Internet gaming software, services and online gaming content in the United States, today announces the win of a prestigious Internet gaming Industry award in the United States.

Read Full Article
26 April, 2017
GAN Launches Stratosphere Slots on AcePlayCasino.com

London & Dublin | April 26, 2017: GAN plc (“GAN” or the “Company”), an award-winning developer and supplier of enterprise-level B2B Internet gaming software, services and online gaming content in the United States, today announces the launch of its first casino slot game ‘Stratosphere Slots’ commissioned by American Casino Entertainment Properties, LLC (“ACEP”). This is the first game specifically commissioned by a client of GAN’s Simulated Gaming and signals emerging demand for custom game development among GAN’s thirteen casino operator clients anticipated to be operating Simulated Gaming online by the end of H1 2017.

Read Full Article
Top of page