Bingo

Intertain to relocate to London

Toronto-listed operator to form new parent company to be listed on the LSE

writeable/custom_uploads/f0b39a02376541ec06f4e0cc10996c16.jpg

 Intertain will relocate its headquarters to London and list shares on the London Stock Exchange, the firm announced today.

The decision follows a strategic review of the company’s future, with other options including a sale of the business.

Intertain said it had received “preliminary proposals” to acquire 100% of the shares in the business but had received no definitive offers and the board was therefore happy to pursue the London listing rather than the sale.

The move will see the creation of a London-headquartered UK corporation called ListCo that would become the parent holding company for the Intertain group. Shares in ListCo would then be listed on the Main Market of the London Stock Exchange.

The announcement also means that the newly-appointed CEO Andrew McIver and Chairman Neal Goulden will stay on with the business – something which would likely not have happened if it had stayed in Toronto.

McIver said: “Since my appointment, I have gained a deeper understanding of Intertain’s businesses, its strong set of core assets and its talented team of managers and operators. This has reinforced my view that Intertain is a company that continues to be undervalued by the market.

“I believe that the UK Strategic Initiatives provide us with a significant opportunity to realize that value by giving us a platform to further develop Intertain’s core assets, whether by organic growth, expansion into new geographic markets or otherwise, for the long-term benefit of Intertain and its shareholders and other stakeholders.”

Intertain shareholders will vote on the London relocation at a meeting in mid- to late-September.

Intertain, which owns online casino and bingo companies like Jackpotjoy and Vera & John, has said previously that a London listing would provide it with access to a “large, liquid and international market that is home to a significant number of Intertain’s global gaming industry peers and a majority of its online gaming peers.”

Bingo | Canada | London

Latest