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Trading Update and Conclusion of Strategic Review

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RNS Number : 2034M
GAN PLC
13 September 2019
 

 

 

 

 

 

 

 

LONDON STOCK EXCHANGE (LSE): GAN

 

Trading Update and Conclusion of Review of Strategic Alternatives

 

Company to Host Conference Call at 4:00 PM BST (11am EST / 8am PST) to Discuss Financial Results, Strategic Review, and Outlook for 2019

 

 

London | 13 September 2019: GAN plc ("GAN" or the "Group"), a leading B2B supplier of Internet gambling enterprise software-as-a-service solutions to the land-based casino industry, today announces the conclusion to its review of strategic alternatives commenced on 29 March 2019, and provides a trading update.

 

Trading Update

 

Trading is significantly ahead of the Board's expectations for the eight (8) months up to and including August 31, 2019. As of June 30, 2019, the group's cash balance was £9.1 million and holds no debt on its balance sheet.

 

Conclusion of Strategic Review

 

As set out in the announcement on 29 March, 2019, GAN has been undertaking a review considering strategic alternatives including a Formal Sale Process ("FSP"). The purpose of the FSP was to explore the merits of the Group remaining as an independent organisation, relative to the alternative options available to the Group being reviewed. Union Gaming has undertaken the FSP and interest from a number of organisations, across a range of geographies, has been explored.

 

The Company received multiple bids from multiple parties during the FSP. In the context of the Company's rapid and accelerating growth year-to-date and growth trajectory of the business moving forwards, the Company's Board of Directors (the "Board") in consultation with its advisors has determined that the bids received did not represent fair value for shareholders. 

 

As a result, the Board has concluded that it is unlikely that the FSP would produce the most attractive outcome from the review of strategic alternatives. The Board has therefore decided to terminate the FSP and the Company is no longer in an offer period under the City Code on Takeovers and Mergers (the "Code") and the requirement to make disclosures under Rule 8 of the Takeover Code in relation to the Company has now ceased.

 

The outcome of the review of strategic alternatives is that the Company is now committed to procuring a U.S. listing as soon as reasonably practicable, and will provide an update with the publication of the Group's full year 2019 results.

 

This announcement contains Inside Information as defined under the Market Abuse Regulation (EU) No. 596/2014.

 

Half-Year Results | Conference Call Details

 

The GAN management team will host a conference call for analysts & institutional investors at 4pm BST (11am EST / 8am PST) on Friday September 13, 2019.

 

Please use the following dial in numbers:

UK Participants:                               +44 (0) 800 756 3429

US & Canada Participants:               +1 877-407-8629

International Participants:                 +1 201-493-6715

 

The Half Year Results Press Release and Presentation is available to download from the website, www.GAN.com

 

Half-Year Results | Webcast

The call will also be simultaneously webcast over the Internet via the following link:

https://78449.themediaframe.com/dataconf/productusers/gan/mediaframe/32225/indexl.html

 

and such link will also be made available in the "Results and Presentations" section of GAN's website www.GAN.com/investors/results-and-presentations 

 

About GAN Plc

GAN is a leading business-to-business ("B2B") supplier of internet gambling software-as-a-service solutions ("SaaS") to the US land-based casino industry. The Company has developed a proprietary internet gambling enterprise software system, GameSTACK™, which it licenses principally to land-based US casino operators as a turnkey technology solution for regulated real-money internet gambling, encompassing internet gaming, internet sports gaming and virtual Simulated Gaming.  The Company has also launched digital user acquisition & retention marketing in support of the Internet Casino (https://casino.winstar.com) provided by GAN's Digital Marketing Agency in Tel Aviv, Israel.

 

GAN is listed on the London Stock Exchange (LSE: GAN).   For more information please visit www.GAN.com.

For further information please contact:

GAN

US Investors: The Equity Group

Jack Wielebinski

Adam Prior

Head of Investor Relations

[email protected]

+1 214.799.4660

+1 212.371.8660

[email protected]

 

 

UK & Ireland Investors: Walbrook PR

Rey del Valle

Paul Cornelius

Chief Financial Officer

[email protected]

[email protected]

+44 20 7933 8780

 

 

Davy (Nominated Adviser and Joint Broker)

 

 

John Frain / Barry Murphy

 

 

+353 1 679 6363

 

 

 

Liberum (Joint Broker)

 

 

Neil Patel / Cameron Duncan

 

 

+44 20 3100 2000

 

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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Quick facts: GAN PLC

Price: 117

Market: AIM
Market Cap: £99.7 m
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