ISE: GAME LSE: GAN
London & Dublin | July 13, 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 £450,000 (before expenses) through a non-pre-emptive placing (the “Placing”) of 1,500,000 new ordinary shares of £0.01 each per share ("Ordinary Shares") at an issue price of 30p per Ordinary Share (“Placing Shares”) to David Capital Partners, LLC and certain of its associates ("David Capital"). The Placing Shares will represent 2.2 per cent of the enlarged issued share capital of GAN.
The Company plans to use the net proceeds of the Placing to continue the expansion of 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 reasonably 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”) and Admission is expected to become effective on 14 July 2016. Upon Admission, GAN’s enlarged issued share capital will consist of 66,801,924 Ordinary Shares.
Dermot Smurfit, CEO of GAN commented on the development:
“This placing brings GAN the support of Chicago-based David Capital Partners and actively raises awareness of GAN’s investment case among the US technology investment community whom we believe are natural investors for our business. We have a strong and unique product offering, a growing client base and sufficient capital for our current and expected business needs. The directors of GAN do not anticipate any further capital requirements at this time.”
For further information please contact:
Chief Executive Officer
+44 (0) 20 7292 6262
Mark Kenny/Jonathan Neilan/Meanie Farrell
+353 1 6633686
John Frain / Roland French
+353 1 679 6363
Forward Looking Statements
Some statements in this announcement are forward-looking. They represent expectations for the Company’s business, and involve risks and uncertainties. These forward-looking statements are based on current expectations and projections about future events. The Company believes that current expectations and assumptions with respect to these forward-looking statements are reasonable. However, because they involve known and unknown risks, uncertainties and other factors, which are in some cases beyond the Company’s control, actual results or performance may differ materially from those expressed or implied by such forward-looking statements.
GAN | Overview
GAN is a leading developer and supplier of enterprise-level Business to Business gaming software systems and online gaming content. GAN is listed on the ESM Market of the Irish Stock Exchange and the AIM Market of the London Stock Exchange under the ticker: GAN
The Company has developed an Internet gaming enterprise software system, GameSTACK™, which it licences to online and land-based gaming operators as a turn-key technology solution for both regulated real-money and simulated online gaming. The Internet Gaming System, developed in London under a UK Gaming Commission licence, is certified to the highest technical standards currently required by gaming regulators.
GAN is also a leading developer of proprietary online games with a complementary business converting offline casino slot machines and table games into online equivalents on behalf of major land-based slot machine manufacturers including Aristocrat, Konami, Multimedia Games, Incredible Technologies, GamoMat, Reel Time Gaming, High Flyer Games, DEQ Systems Corp (EZ BACCARAT®) and Ainsworth.
GAN has an established business in Europe, licensing gaming content to UK, Spanish and Italian gaming operators including Bet365, William Hill, Rank, Lottomatica, Sisal MatchPoint and SNAI.
In the United States, GAN has partnered with Betfair Plc to provide its Internet Gaming System following the introduction of regulated real-money online gaming in New Jersey in November 2013. In New York, GAN has launched a Simulated Gaming™ website via www.EmpireCityCasino.com in September 2014. In Pennsylvania, GAN launched a Simulated Gaming™ website www.ParxOnline.com in March 2015 with on-property real money mobile gaming anticipated in 2015. In March 2015 Maryland Live! Casino in Maryland chose GAN to upgrade their existing free-to-play website to a monetized Simulated Gaming™ website, soft-launched in July 2015 and launched integrated with their casino management system in November 2015. In September 2015 major Californian Tribal casino operator San Manuel chose GAN’s Simulated Gaming™ launched in November 2015. In October 2015 American Casino & Entertainment Properties (ACEP) chose GAN’s Simulated Gaming™ launched in December 2015. In December 2015 Borgata Casino Hotel & Spa chose GAN’s Simulated Gaming™ launching in H1 2016. Also in December 2015 Lady Luck Interactive, a wholly-owned subsidiary of Isle of Capri Corporation, chose GAN’s Simulated Gaming™ launching in H1 2016. In February 2016 Rock Gaming (re-branded as Jack Entertainment) chose GAN’s Simulated Gaming™ to support their Ohio-based casino properties launching online in H1 2016. In March 2016 an undisclosed major casino operator in the North East chose GAN’s Simulated Gaming™ launching in H2 2016. In April 2016 an undisclosed major casino operator in the Southwest chose GAN’s Simulated Gaming™ launching in H2 2016. In June 2016 an anonymous Tribal casino operator in the North East chose GAN’s Simulated Gaming™ launching in H2 2016.
In March 2016 GAN launched its first virtual reality (VR) Simulated Gaming application containing authentic Class III slot machines compatible with Oculus Rift VR headsets and available to download from New York’s Empire City Casino Simulated Gaming desktop website located at http://play.EmpireCityCasino.com
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
London & Dublin | October 18, 2017: Further to the announcement on 10 August 2017 relating to the transition of the Group’s Chief Financial Officer (“CFO”) role to the US, GAN plc (“GAN” or the “Company”) announces that Desmond Glass has resigned as CFO and director of GAN, effective 10 October 2017.Read Full Article