Industry News
Scout Gaming Group Completes Directed Share Issues And Receives Proceeds Of Approximately SEK 36 Million
Scout Gaming Group AB announces that the Company successfully has completed two directed share issues amounting to approximately SEK 36 million, corresponding to approximately 3.0 million shares in the Company.
The Board of directors of Scout has, based on the authorization granted by the Annual General Meeting on May 23, 2019, resolved on a directed issue of 1,330,362 shares through a so-called accelerated “book building” procedure (the ”Share Issue”) and on a directed share issue to the existing US shareholder Tekkorp Holding LCC and the Santa Monica-based institutional investor Topline Capital Partners of approximately 1,638,750 shares (the “Directed Share Issue”). The Company receives approximately SEK 16 million before transaction costs from the Share Issue and approximately SEK 20 million before transaction costs from the Directed Share Issue, equal to a total amount of approximately SEK 36 million.
The subscription price has been set to SEK 12 per share through the accelerated book building procedure, which corresponds to a 10.5 percent discount compared to the average volume-weighted price of the Company’s share on the Nasdaq First North Growth Market over the past 30 days. The subscription price in the Directed Share Issue has been set to the same price as in the Share Issue.
The Share Issue was directed to Swedish and international institutional investors. In order to facilitate the execution of the Share Issue, the new shares have initially been subscribed for by ABG Sundal Collier AB at a price corresponding to the shares’ quota value. The shares will be transferred to the new and existing shareholders in the Company in accordance with agreements entered between ABG Sundal Collier and the actual investors. Existing shareholders that have subscribed for shares in the Share Issue include Provobis and Knutsson Holding. In addition, the listed company Enlabs AB (publ) has subscribed through a subsidiary. In connection with received payment from investors in the Share Issue, which is expected to occur around January 24, 2020, the Company will receive the remaining amount, i.e. the difference between the quota value and the price in the Share Issue.
“Scout Gaming is undergoing an intensive launch phase where we accelerated our growth during the second half of 2019. We have been approached by strategic investors who are important to the company and are pleased to be able to execute this transaction. With the transactions, we have financial flexibility and room for strong growth over the next years”, comments Scout’s CEO Andreas Ternström.
The reason for the deviation from the shareholders’ preferential rights is mainly to raise capital in a time- and cost-efficient manner. Through the Share Issue and the Directed Share Issue, Scout’s product offering will be further strengthened, and the geographical expansion continue.
After the registration of the Share Issue and the Directed Share Issue, the total number of shares in the Company will amount to 17,502,567 shares. The Company’s share capital will increase with approximately SEK 156,269 to SEK 921,188. The Share Issue and the Directed Share Issue entails a dilution of approximately 17 percent of the number of shares in Scout after the Share Issue and the Directed Share Issue.
In connection with the Share Issue, the Company has appointed ABG Sundal Collier as Sole Lead Manager and Bookrunner and Advokatfirman Delphi as legal counsel.
Industry News
CogniPlay Launches New Social Casino Platform
CogniPlay has launched its new software product, which aims to provide a robust online sweepstakes or social gaming platform to its clients. The system is designed to be modular, allowing customers to tailor their brand and offering to what they believe will give them optimal performance.
The CogniPlay system has several key integrations which help to deliver the product, including games integrations with the likes of Pragmatic Play, BetSoft, Mascot Gaming and many more, giving them 100s of games for their clients. There are other integration options for their customers to pick from too, including affiliate programme software, CRM platforms and associated products, KYC, ID verification, Geo-IP systems, Gamification and customer support.
They also have a very long and extensive development pipeline which will see the product offering develop at pace, giving clients an extensive list of options and USPs, and of course giving players a great user experience as a result.
As well as the platform itself the CogniPlay team, due to their considerable experience, also offer a whole host of managed services, with almost a menu that clients can choose from to fill any gaps in their own skillsets or experience.
CogniPlay’s Chief Executive Officer Allan Turner said: “We are very proud to take the CogniPlay product to market and are excited that people who want to start a new social or sweeps brand can get in touch with us to see what we can do for them, or in fact established brands that are unhappy with their existing provider.
“Our underlying principles are that we want to provide the most flexible platform in the space, to enable our clients to create the product they want to have, not for us to dictate the product to them. The two other main areas of focus are that we want to be the most future-proof product on the market with plans for any regulatory or legal changes that may arise in the future, and that we have all the right safeguards in place to ensure that we look after both our clients and players with our responsible gaming setup. This of course means having the right tech and processes in the key areas of KYC, Geo-IP tech, anti-money laundering, fraud, risk assessment and ID verification.”
The post CogniPlay Launches New Social Casino Platform appeared first on European Gaming Industry News.
Hard Rock International
The Mirage Hotel & Casino to Begin Transformation into Hard Rock Las Vegas on July 17, 2024
Hard Rock International (HRI) announced its plans to cease operations of The Mirage Hotel & Casino as of July 17, 2024, to begin the transformation of the property into the highly anticipated Hard Rock Hotel & Casino and Guitar Hotel Las Vegas (HRHCLV).
Hard Rock will develop a new integrated resort featuring a nearly 700 ft. guitar-shaped hotel towering prominently in the center of the famous Las Vegas Strip.
“We’d like to thank the Las Vegas community and team members for warmly welcoming Hard Rock after enjoying 34 years at The Mirage. We’d also like to thank the Unions, community leaders, local and state government organizations and the Gaming Commission for their support and fair negotiations over the past year. Also, we are grateful to MGM for assisting with our transition,” Jim Allen, Chairman of Hard Rock International, said.
“While we pause for the incredible transformation of this iconic property, I’d like to thank all team members at The Mirage for their incredible commitment and helping us provide memorable experiences for our guests. We are planning to host collaborative hiring events with other employers in the Las Vegas community over the coming months. Connecting the thousands of talented Mirage team members who provide outstanding service with new employment opportunities is a top priority,” Joe Lupo, President of The Mirage, said.
HRHCLV is expected to double the current number of jobs at The Mirage for the Las Vegas community, while the renovation of the property will generate over 2500 construction jobs. Hard Rock will pay approximately $80 million in severance packages for eligible union and non-union employees remaining with the property through cessation of operations.
Industry News
IGT Reports First Quarter 2024 Results
International Game Technology PLC has reported financial results for the first quarter ended March 31, 2024.
“Innovative game, hardware, and systems solutions drove better-than-expected Global Lottery and Gaming & Digital performance in the first quarter. As a result, we are upgrading our full-year 2024 revenue and profit goals, which reflect broad-based momentum across key performance indicators in the balance of the year. We continue to make progress on separating Global Lottery from Gaming & Digital and preparing for the proposed transaction with Everi,” Vince Sadusky, CEO of IGT, said.
Key Highlights:
- Announced Gaming & Digital business to be spun off and combined with Everi Holdings Inc.; transaction expected to close in late 2024/early 2025
- Recognised with top honours at ICE London 2024 awards programmes including “Lottery Product of the Year” and “Best Diversity and Inclusion Employer”
- Received a supply contract extension from the UK National Lottery
- Executed licensing agreement with the Maryland Lottery for IGT’s patented Cash Pop draw-based game
- Mystery of the Lamp named “Top Performing New Premium Game” at 2024 EKG Slot Awards Show
- Awarded contract to provide PeakDual 27 video lottery terminals across Quebec
- Launched iGaming content in Rhode Island
- Achieved AAA MSCI ESG rating, the highest rating possible, and earned a gold medal sustainability rating from EcoVadis.
“We delivered a record organic profit performance in the first quarter, if we exclude Separation & divestiture costs. The Company is operating from a position of strength with historically low net debt leverage, ample liquidity, and manageable near-term debt maturities,” Max Chiara, CFO of IGT, said.
The post IGT Reports First Quarter 2024 Results appeared first on European Gaming Industry News.
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