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.”
London & Dublin | January 15, 2018: GAN plc ("GAN" or the "Company") a leading B2B supplier of Internet gaming enterprise software-as-a-service solutions to the US land-based casino Industry, today announces a strategic relationship with SBTECH to serve real money sports betting to GAN's diverse US casino operator clients ("Clients"). Integrated with GAN's GameSTACK™ enterprise software platform, SBTECH's sports betting solution is anticipated to be delivered to selected Clients' end users engaging via both the Internet and retail channels. GAN's Clients together represent more than seventy casino properties located coast-to-coast generating in excess of $8bn in land-based casino gaming revenues annually.Read Full Article
London & Dublin | October 31, 2017: GAN plc (“GAN” or the “Company”) a leading B2B supplier of Internet gaming enterprise software-as-a-service solutions to the US land-based casino Industry, today announces that HB 271, a bill that includes provisions for the legalisation of full real money Internet gaming in Pennsylvania, was signed into law by the Governor of Pennsylvania yesterday. HB 271 was passed by the Senate in Pennsylvania on October 25, by the House of Representatives on October 26 and signed into law by Governor Tom Wolf on October 30.Read Full Article
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