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Issue of Equity

8 Oct 2015 08:45

RNS Number : 6432B
Gaming Realms PLC
08 October 2015
 

Gaming Realms Plc

 

("Gaming Realms," the "Company" or the "Group")

 

 

Issue of Equity

 

 

Gaming Realms plc announces that pursuant to the acquisition of BlueBurra Holdings ("BlueBurra") announced on 19 August 2014, BlueBurra has met certain key financial and strategic milestones since its acquisition and the first earn-out conditions have been satisfied. As a result the Company has allotted 4,137,225 ordinary shares of 10 pence each ("Ordinary Shares") to satisfy the £1,355,000 share element of vendor consideration due to the former shareholders of BlueBurra (the "Consideration Shares"). The remainder of this first instalment has been satisfied by the payment of £1.25 million in cash to the former shareholders.

 

The number of Consideration Shares to be issued has been calculated based upon the average of the middle market quotations in the three month period ending on the date immediately prior to the Company's date of the notice of the annual general meeting held on 11 May 2015 being approximately 33 pence per Consideration Share.

 

All former BlueBurra shareholders who are issued the Consideration Shares will be subject to lock-up agreements pursuant to which they will not be able to sell such shares (subject to customary carve-outs) until 9 April 2017.

An application has been made for the admission of the 4,137,225 Consideration Shares and it is expected that Admission will occur on 9 October 2015.

 

Following the Admission, the total number of Ordinary Shares in the Company with voting rights admitted to trading on AIM will be 249,208,292. The Consideration Shares will rank pari passu in all respects with the Company's existing shares in issue. The Company does not hold any Ordinary Shares in Treasury.

 

The above figure of 249,208,292 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.

 

- Ends -

 

 

Gaming Realms Group

Patrick Southon, CEO

c/o Bell Pottinger

 

+44 (0) 20 3772 2500

Cenkos Securities (Nomad and Broker)

Max Hartley (Nomad),

Julian Morse (Sales)

 

+44 (0) 20 7397 8900

Bell Pottinger

Olly Scott

James Newman

+44 (0) 20 3772 2500

 

 

About Gaming Realms

 

Gaming Realms Limited is an online gaming business formed in 2012 to develop a new generation of social bingo and slot machine gaming concepts.

 

Gaming Realms was founded by the team behind Cashcade, which created the leading online bingo brand, Foxy Bingo, in addition to other online bingo and casino games. The success of Cashcade culminated in its sale to bwin.party digital entertainment plc for a total consideration of approximately £96 million in 2009.

This information is provided by RNS
The company news service from the London Stock Exchange
 
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