SBC News Voice of the Sports Betting Industry
Issuing a corporate update Oslo listed Gaming Innovation Group (GIG) has detailed that it will look to place 23 million new shares at a target price of NOK 1.95 per share.
GIG governance aims to raise an estimated NOK 45 million (€4.8 million) through the planned share placement, which will be directed by Swedbank Robur Fonder a leading Scandinavian asset management firm.
The issuing of 23 million new shares by Swedbank Robur Fonder will represent 4.38% of equity in GIG enterprise. The price of the new shares was based on the GIG average trading volume for GIG on 4 January 2016.
The operator noted that the share placement was needed in order to “strengthen gigs financial position and enable the company to step up efforts to monitor strategic growth opportunities”.
CEO Robin Reed further detailed that the new investment would allow GIG to examine potential acquisitions targets in 2016.
“A strengthened balance sheet will allow us to pursue these opportunities as they arise. As part of the transaction, we have received a substantial and long-term shareholder”
“GIG is pleased to announce that Swedbank Robur invests in the company, and that such a reputable investor has taken the initiative to us, something we see as a confirmation of the positive trend in Gaming Innovation Group. Last year did not pursue GIG attractive acquisition opportunities due to the need for channeling focus and revenue to our strong growth”
