GiG confirms SEK100m share issue to accelerate growth
Divisional CEOs Richard Carter and Jonas Warrer take part, with company citing three key accretive benefits for issuing new stock
Gaming Innovation Group (GiG) has successfully reissued SEK100m (£7.5m) worth of shares in a bid to attract “high-quality investors” and raise capital ahead of the business’ upcoming split.
GiG’s board of directors issued 3,226,418 shares to new investors and existing shareholders, with the firm pointing to a three-pronged strategy in doing so.
The reissue is planned to “broaden the shareholder base with high-quality investors increase alignment among key executives” while also adding capital to the group’s coffers.
Participants in the share issue included several C-level participants, such as interim CEO Jonas Warrer, CEO of GiG Platform & Sportsbook Richard Carter as well as STS chairman and GiG board member Mateusz Juroszek.
Other named investors taking part include Knutsson Holding, Prioritet Finans and Agerskov Kapital, the investment arm led by Traffic Lad founder Sebastian Agerskov.
Warrer now holds 60,000 shares after securing 18,388 shares at a SEK31 per share in the reissue, with Carter participating with 366,744 shares at the same price – Carter now owns 566,744 shares.
In addition, “close associates” of Warrer own 724,868 shares in the business.
As for Juroszek, who joined the board in April and whose family recently took their total shareholding in the firm above the 15% mark, companies close to him now hold 15,170,122 shares in GiG after participating in the share issue with 365,001 shares.
Following the share issue, there will be 134,406,520 shares in GiG, while the share capital will also increase by $3.2m to $134.4m.
Mikael Riese Harstad, GiG chair, said: “We have seen a lot of interest to increase the shareholding in GiG from existing investors and key executives, but also from new external parties.
“We are of course delighted that so many well-renowned investors share our view of growth opportunities going forward, and we are now better equipped to accelerate our growth both organically and through strategic acquisitions.
“Also, I am very pleased to see that our key executives are further aligning their interest with the shareholders’ by doing considerable investments themselves.”
GiG’s share price opened at SEK32 on the Nasdaq Stockholm, up 1.59% from the previous day.
GiG recently acquired Casinomeister for €3m, following the completion of the Time2Play deal for €35m last December.