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4-Traders Homepage  >  Equities  >  London Stock Exchange  >  GAN PLC    GAN   GB00BGCC6189

Delayed Quote. Delayed  - 08/24 05:35:22 pm
42 GBp   --.--%
09:15a 24/08/16 : GAN plc announces Placing of 3.25m shares to IIU Nominees
08/19 19/08/16 : GAN July Game Releases
08/17 17/08/16 : Isle of Capri launches Lady Luck
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24/08/16: GAN plc announces Placing of 3.25m shares to IIU Nominees

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08/24/2016 | 09:15am CEST

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.'

GAN - GameAccount Network plc published this content on 24 August 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 24 August 2016 07:14:06 UTC.

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Financials ( GBP)
Sales 2015 5,85 M
EBIT 2015 -5,10 M
Net income 2015 -
Debt 2015 3,75 M
Yield 2015 -
P/E ratio 2015 -
P/E ratio 2016 13,68
EV / Sales 2015 5,44x
EV / Sales 2016 1,67x
Capitalization 28,1 M
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Mean consensus HOLD
Number of Analysts 1
Average target price 0,32  GBP
Spread / Average Target -24%
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Managers
NameTitle
Dermot Stopford Smurfit Chief Executive Officer & Executive Director
David Herbert O'Reilly Non-Executive Chairman
Simon Knock Chief Operating Officer
Desmond Glass CFO, Secretary & Executive Director
Michael William Joseph Smurfit Non-Executive Director
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