GiG to conclude Media & Platform split on 30 September

Gaming Innovation Group (GiG) has confirmed to the markets that the strategic split of its business will be formally completed on 30 September 2024.

Investors of the Stockholm-Nasdaq technology group were informed of key dates for the remaining procedures for GiG to conclude the split of its Media and Platform businesses into separate entities.

As mandated, GiG will host a special meeting of shareholders on 23 September, proposing the resolution to “complete the restructuring process in which GiG will be divided in two, GiG Media and GiG Platform, whereby GiG Platform will be spun off to operate as an independent public company.”

The spin-off will be initiated with shareholders securing Norwegian Depositary Receipts (NDRs) for GiG Platform shares, with one NDR per GiG share.

The timetable indicates that the last day of trading for GiG shares with NDR rights is 23 September 2024, as GiG Platform moves to the ex-date of 24 September.

The record date to determine eligible shareholders is 25 September, with the distribution date scheduled for 30 September, as GiG Platform will begin trading as a new enterprise on the NASDAQ First North Premier Market in Stockholm.

As agreed, the GiG Platform will be led by former SBTech Chief Executive Richard Carter as new, accompanied by former Kindred Group CEO Petter Nylander as Chairman.

GiG stated that: “Third-party analyses suggest GiG Platform may be valued at 14% of GiG’s total value before the spinoff, but this is not a guarantee of its market capitalisation once trading begins.”

The strategic split of GiG’s Media and Platform businesses was initially proposed in February 2023 as a directive to reward shareholders and improve the value of the firm’s assets as standalone businesses.

In June, GiG announced that its Media unit had completed its reorganisation, changing its business identity to Gentoo Media. The standalone media business is led by CEO Jonas Warrer and Chairman Mikael Harstad.

H1 trading saw Gentoo announce its 14th consecutive quarter with all-time high revenue of €30m, generating over 121,000 new depositing customers (NDCs) for its media clients.