GiG shareholders approve long-awaited split into Gentoo Media and sports betting arm

Gaming Innovation Group (GiG) shareholders have approved the long-awaited split of its affiliate arm and supplier division into two separately listed businesses.

Following shareholder approval today, 23 September, Gentoo Media and GiG platform and sportsbook will now exist as two, independent, unaffiliated and separately listed public companies.

As a result, Gentoo Media, formerly known as GiG Media, will now trade under the G2MNO ticker on the Oslo Stock Exchange and the G2M ticker on the Nasdaq Stockholm.

Those changes will come into effect from 25 September and will see Gentoo retain the previous listings under the GIG and GIGSEK (in Sweden), respectively.

GiG platform and sportsbook will be spun off as an independent public company known as GiG Software PLC.

As part of the split, the “assets and subsidiaries” of the supplier arm will be “extracted and distributed to shareholders”.

Upon completion, a “distribution in kind”, via the Euronext Securities Oslo, of one Norwegian depositary receipt per share held in the formerly combined GiG company will be made on or around 30 September 2024.

Existing GiG shareholders on the Swedish Nasdaq will also receive one Swedish Depository Receipt per share held in the company.

The confirmation of the split comes after GiG shareholders backed the move at the scheduled special shareholder meeting in the Swedish capital of Stockholm, today.

The meeting was attended in person or via proxy by shareholders who represented 57.38% of the company’s shares.

The decision was initially made in 2023 when the board chose to split the firm into two entities following a strategic review.

Prior to the announcement, GiG said that third-party analyses of Gentoo Media and GiG platform and sportsbook indicated that the latter may be “valued at 14% of the total value of GiG” prior to the split.

Following the split, GiG’s share price was up 3.4% at the time of writing on Monday 23 September, to SEK30.30.

Alongside the split, it was announced that TJ Investments CEO Tomasz Juroszek was elected as the newest member of Gentoo Media’s board of directors, replacing Steve Salmon.

Fellow Gentoo Media board member Mateusz Juroszek said: “Today, the special meeting of shareholders accepted a split of GiG into Gentoo Media and GiG platform and sportsbook. Great news for all the shareholders and for both businesses. Well done [to] the board for delivering that.”

Minutes from the shareholder meeting are to be published in due course.