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Announcement from LeoVegas AB (publ)’s annual general meeting
The annual general meeting 2022 (“AGM”) of LeoVegas AB (publ) (“LeoVegas” or the “Company”) was held today on 19 May 2022 in Stockholm and the following resolutions were passed by the meeting.
Adoption of the income statement and the balance sheet
The AGM resolved to adopt the income statement and the balance sheet in LeoVegas and the consolidated income statement and the consolidated balance sheet.
Allocation of profit
The board of directors resolved, prior to the AGM, to withdraw the proposal for dividends to the shareholders.
The AGM resolved not to pay any dividend to the shareholders and that the previously accrued profits, including the share premium account and year result would be carried forward.
Discharge from liability
The board of directors and the CEO were discharged from liability for the financial year 2021.
Election of the board of directors, auditor and remuneration
The AGM resolved, in accordance with the nomination committee’s proposal, that the board shall consist of seven directors. It was further resolved that the number of auditors shall be one registered accounting firm.
It was resolved that the remuneration shall be not more than SEK 3,000,000 in total, including remuneration for committee work (SEK 3,000,000 previous year), and be paid to the board of directors and the members of the established committees in the following amounts:
- SEK 325,000 for each of the non-employed directors and SEK 650,000 to the chairman provided that the chair is not an employee;
- SEK 50,000 for each of the non-employed members of the remuneration committee and SEK 100,000 to the chairman of the committee who is not also an employee; and
- SEK 50,000 for each of the non-employed members of the audit committee and SEK 100,000 to the chairman of the committee who is not also an employee.
The auditor shall be entitled to a fee in accordance with approved invoice.
It was resolved, in accordance with the nomination committee’s proposal, to re-elect Per Norman, Anna Frick, Mathias Hallberg, Carl Larsson, Fredrik Rüden, Torsten Söderberg and Hélène Westholm as directors. Per Norman was re-elected as chairman of the board.
It was further resolved to re-elect the registered audit firm PricewaterhouseCoopers AB as the Company’s auditor for a period up until the end of the next annual general meeting. PricewaterhouseCoopers AB has announced its appointment of Niklas Renström as main responsible auditor.
Principles for the nomination committee
It was resolved to adopt principles for the appointment of a nomination committee in accordance with the nomination committee’s proposal.
Guidelines for remuneration to the senior executives
The AGM resolved, in accordance with the board of directors proposal, to adopt guidelines for remuneration to senior executives.
Incentive program
The board of directors resolved, prior to the AGM, to withdraw the proposal for an incentive program.
Authorization for the board of directors to resolve on repurchase and transfer of own shares
The AGM resolved, in accordance with the board of directors proposal, to authorise the board of directors to decide on purchases of the Company’s own shares in accordance with the following main terms:
Share repurchases may be made only on Nasdaq Stockholm or any other regulated market. The authorisation may be exercised on one or more occasions before the 2023 Annual General Meeting. The maximum number of own shares that may be repurchased so that the Company’s holding of shares at any given time does not exceed 10 percent of the total number of shares in the company. Repurchases of the Company’s own shares on Nasdaq Stockholm may only be made at a price within the range of the highest purchase price and lowest selling price at any given time. Payment for the shares shall be made in cash.
In addition, it was resolved to authorise the Board of Directors to decide on transfers of own shares, with or without deviation from the shareholders’ preferential rights, in accordance with the following main terms:
Transfers may be made on (i) Nasdaq Stockholm or (ii) outside of Nasdaq Stockholm in connection with acquisitions of companies, operations or assets. The authorisation may be exercised on one or more occasions before the 2023 Annual General Meeting. The maximum number of shares that may be transferred corresponds to the number of shares held by the Company at the point in time of the board of directors’ decision on the transfer. Transfers of shares on Nasdaq Stockholm may only be made at a price within the range of the highest purchase price and lowest selling price at any given time. For transfers outside of Nasdaq Stockholm, the price shall be set so that the transfer is made at market terms, except for delivery of shares in connection with employee stock option programs. Payment for transferred shares may be made in cash, through in-kind payment, or through set-off against claims with the company.
The purpose of the authorisations is to give the board of directors greater scope to act and the opportunity to adapt and improve the Company’s capital structure and thereby create further shareholder value, and take advantage of any attractive acquisition opportunities. The authorization may also be used in order to enable delivery of shares in connection with employee stock option programs.
Authorization for the board of directors to resolve on share issuances
The AGM resolved, in accordance with the board of directors proposal, to authorize the board of directors, on one or more occasions, during the time up until the next annual general meeting, to decide to increase the Company’s share capital through a new issue of shares to such extent that it corresponds to a dilution of a maximum of 10 percent of the number of shares outstanding at the time of the annual general meeting. A new issue of shares may be carried out with or without deviation from the shareholders’ preferential rights. Shares issued with deviation from the shareholders’ preferential rights shall be issued at market terms. The board of directors shall have the right to decide on other terms for the issue. Payment may be made against cash payment, in-kind payment or through set-off against claims with the Company.
The purpose of the authorisation is to give the board of directors greater scope to act and the opportunity to adapt and improve the company’s capital structure and thereby create further shareholder value, and take advantage of any attractive acquisition opportunities.
Remuneration report
The AGM resolved to approve the remuneration report.
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Pennsylvania Skill, powered by Pace-O-Matic (POM), applauded the April revenue reports that show the gaming industry in the state made more than $504 million for the third time since April of last year. Pennsylvania gaming grossed nearly $1.7 billion in commercial revenue in just the first three months of 2024, second only to the casino capital of the United States, Nevada.
The funding comes from slot machines, table games, internet gaming, sports wagering, fantasy contests and video gaming terminals (VGTs).
As the Pennsylvania Gaming Control Board (PGCB) celebrates yet another big financial month, however, casinos continue to falsely claim their revenue is impacted by skill games.
“We want to know what the revenue number is that casinos need to hit, or the next record they need to break before they stop claiming skill games are competition,” said Mike Barley, chief public affairs officer for POM. “Every month, we read about their incredible revenue gains, and then the casino industry turns around and claims they are losing money because of skill games. Their arguments don’t pass the smell test.”
Instead of battling skill games, Barley said casinos should support legislation sponsored by Sen. Gene Yaw and Rep. Danilo Burgos that will regulate and tax skill games. There is bipartisan backing for the legislation that will place guardrails around skill game operations and provide as much as $250 million in skill game state tax revenue in just the first year. Gov. Josh Shapiro wants to see skill game tax revenue as part of his 2024-25 state budget.
Given the casino industry revenue gains so far this year, it is hard to understand why they are crying wolf. “It’s difficult to see how skill games are causing hardship for a billion-dollar industry,” Barley said, adding that there is room for both gambling and skill games in the Commonwealth. Since skill games entered the marketplace, gambling revenue has increased and broken records.
Several courts have ruled Pennsylvania Skill games are legal, including a unanimous Commonwealth Court last year. In addition to providing supplemental income to small businesses, many Pennsylvania Skill games are manufactured in Williamsport, and over 90 percent of the income they generate stays within the local economy and the state.
The baseless accusations, Barley explained, are an assault on small businesses, veterans groups, volunteer fire companies and other fraternal clubs across the state that count on legal skill games to make ends meet. Small business owners with skill games in their establishments are saying the revenue has saved their businesses.
Many of these locations rely on income from skill games to offer competitive wages and benefits to their employees, who are often heads of households supporting their families. This is what struggling families need right now, not another roadblock, Barley explained.
The proposed legislation limits the number of skill games per establishment to no more than five in LCB and lottery-licensed locations and up to ten at fraternal clubs.
Skill game distributors, operators and locations will be licensed and regulated through the Department of Revenue. The Pennsylvania State Police Bureau of Liquor Control & Enforcement and local law enforcement in counties of the first class would be responsible for policing the skill game industry, helping to crack down on illegal games encroaching on communities across the Commonwealth.
“Backing this legislation means speaking up for the little guy – volunteer fire companies, VFW posts, mom-and-pop shops, fraternal clubs, small businesses and their employees. I believe Pennsylvanians can sleep comfortably knowing that the big internationally owned casinos will continue to survive on their record profits.” Barley said.
BetConstruct is thrilled to announce that the B.F.T.H. Arena Awards’24, in collaboration with Ortak, is poised to set a new standard in the iGaming industry. This prestigious event will showcase innovative gaming solutions and welcome leading names in the industry, including Platin Gaming, Evoplay, Espresso Gaming, ensuring an exciting lineup of new games and significant developments. The event also marks the approach of the submission deadline on May 31, setting the stage for a competitive and vibrant showcase.
Integration with Ortak
This year, every game submitted to the B.F.T.H. Arena Awards automatically becomes part of the Ortak platform. Ortak represents a groundbreaking shift in the iGaming market, offering an innovative investment product that allows game creators to sell shares of their games as NFT-slots. These shares can be freely traded in self-determined quantities and prices, similar to an Initial Public Offering (IPO) for games.
How Ortak Works
Casino game developers can now list their games on the Ortak platform, making NFT-slots available for public purchase. This allows investors to buy shares, NFT-slots registered on the Bahamut blockchain, and become stakeholders in their favourite games. This model not only provides a new revenue stream for developers but also opens up unique investment opportunities for the gaming community.
Ortak serves both established game providers and emerging stars in the industry. For veteran developers, it offers a platform to reach new audiences and enhance player engagement. For newcomers, it presents a viable financial strategy to fund major marketing campaigns and operations, helping them gain traction and scale quickly.
What to Expect at the B.F.T.H. Arena Awards’24
Scheduled from July 1st to July 4th, the B.F.T.H. Arena Awards’24 will feature an expanded lineup of categories and a substantial prize pool of over 3,333,000 FTN, aimed at showcasing the best games of 2024. With major operators participating, this year’s event promises to be a dynamic showcase of creativity and innovation, introducing groundbreaking new games from some of the industry’s most influential developers.
Building on last year’s success, which saw over 50 game developers participate, the awards will continue during the Harmony Meetup 4.0, drawing over 500 industry representatives to highlight and celebrate the winners.
This year’s competition includes a wider range of categories, including the new ones: Best Online Casino Game, Best Game Design, Best FTN Casino Game, Best Game Storytelling, Best Bahamut Game, Best DECA Game, Best Arcade Game, Best Game Achievement. Additionally, any game with an available demo will be eligible for public voting in the Players’ Game of Choice category.
This year, BetConstruct is dedicated to enhancing this legacy by increasing the prize pool, expanding the award categories, and hosting a grand ceremony to celebrate innovation and achievement within the gaming community.
Promoting Winning Games
Winning titles at the B.F.T.H. Arena Awards’24 receive comprehensive promotional support, utilising advanced CRM tools such as the Wonder Wheel and tailored promotions. Supported by a global network of influencers from Latin America to Asia, this strategic marketing effort is crafted to significantly enhance the games’ visibility and, in turn, increase their revenue. By tapping into diverse markets and connecting with a broad audience, we ensure that each winning game attains maximum exposure and impact.
Looking Forward
More innovative updates are set to be released in June, enhancing the Ortak platform and providing further opportunities for engagement and investment in the iGaming sector.
The core of this year’s B.F.T.H. Arena Awards is the belief that innovation drives excellence. BetConstruct is dedicated to consistently expanding the limits of the iGaming industry. Through the B.F.T.H. Arena Awards and the Ortak initiative, the company is creating an environment where barriers are overcome, paving the way for significant advances and showcasing a future shaped by every innovation.
BetConstruct warmly invites game developers and investors to be part of this exciting new chapter in gaming history.
Join the B.F.T.H. Arena Awards’24 and experience the future of iGaming firsthand.
The post B.F.T.H. Arena Awards’24 Partners with Ortak for an Unprecedented iGaming Experience appeared first on European Gaming Industry News.
Would you tell us about the idea behind the Xprizo fintech platform?
It’s a story that started several years ago when the founder was conducting business on the ground in several emerging markets. Xprizo was founded to respond to the needs of emerging market consumers and merchants, whilst also addressing the limitations of Western banking systems.
This full-service payments platform combines all functionality needed by merchants, with a product tailored to unbanked consumers, bringing this market together in one, seamless ecosystem. What’s more, we drive adoption and consumer education through a network of agents, supporting cash deposit and withdrawal in a way that our target audience is accustomed to.
Xprizo’s mission statement is to ‘revolutionise the future of fintech’. What gaps in the market is Xprizo working to find solutions for and improve in the fintech space?
We are primarily targeting countries which have substantially large communities which are under served when it comes to fintech or banking. Therefore, we are operating in a challenging environment where we truly believe we can have a life changing impact connecting these people to several national and international services. We are delivering a comprehensive financial service where our clients are usually just served with either mobile money or cash and with the introduction of Xprizo our customers can benefit from p2p payments, card processing and full integration to the local mobile money ecosystem, debit cards, crypto and much much more.
How was the development process in building the platform? Were there particular challenges along the way and how long did it take to get the platform ready for market?
We wanted to build the platform from the ground up using local knowledge and tenants so we are working with people coming from Africa, India, Southeast Asia and also Latin America. To arrive at where we are it took several years actually and it is always developing. Having said that in the last 12 months the platform and the wallet took the shape it has today and we covered a lot of ground. Main challenges were the territory we operate in since we needed to make sure the platform can run smoothly with less than ideal infrastructure. One has to keep in mind that we are operating in a space where lack of electricity is the norm, interrupted internet is an everyday occurrence, regulatory matters are still very complex and more.
How does the Xprizo platform set itself apart from other fintech offerings? What can the service provide that others can’t?
As explained earlier, we build the platform from the people to the people. Most other offerings are a one-size fits all where they are adapted versions of what is available in the western world. Moreover, we are offering a truly comprehensive payment orchestration for users and merchants. One just needs to get on our platform and doesn’t need anything further. You can get the local payment methods, our own p2p, cards, etc.. No other service out there has such a complete offering.
Xprizo’s platform features a number of payment service providers such as M-Pesa, what benefits does this bring customers?
The idea is that our clients don’t need to use several systems to make their life or business. Using or integrating to Xprizo gives you a number of payment methods in one place where for the business side you would integrate one API and you can pick and choose what you wish to use.
How is 2024 shaping up for the business and what plans are in place to continue to develop the platform?
2024 is proving to be an incredible year for Xprizo. We are very happy to be overwhelmed with businesses that are recognising the benefits of using our system and we are having internal discussions to be integrated with very well known businesses and also by Tier 1 banks. Our ground reach though the agent network will also keep expanding month on month and the product offering will keep being a one of a kind setting the standard for other Fintech companies to keep up to.
2024 will also see us expand our reach in Africa launching several other countries and more importantly we will be launching our first operations in South East Asia. We will be beginning with the Philippines in June with the goal of expanding our reach across the following months.
The post Exclusive Q&A w/ Richard Mifsud, Chief Vision Officer at XPRIZO appeared first on European Gaming Industry News.
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