TIDMGAME
RNS Number : 5111U
GameAccount Network PLC
07 April 2016
GameAccount Network plc ("GAN" or "the Company")
Placing Update and Result of General Meeting
On 21 March 2016, GAN announced that it had raised gross
proceeds of approximately GBP3.1 million by way of a placing of a
total of 11,069,326 new Ordinary Shares at a Placing Price of 28
pence per Placing Share (the "Placing").
The Company has reviewed its ongoing working capital
requirements and believes that a reduced amount will be sufficient
for its present requirements and will result in lower dilution for
non-participating shareholders. The Placing has been adjusted to a
conditional raise of gross proceeds of approximately GBP2.6
million, by way of the issue of 9,331,888 Placing Shares at the
Placing Price of 28 pence per Placing Share (the "Revised
Placing").
The Company plans to use the net proceeds from the Revised
Placing in the same manner as previously indicated; to continue
expansion of real-money Regulated Gaming and Simulated Gaming(TM)
opportunities in the US and for working capital and general
business development purposes.
The Revised Placing remains conditional upon Admission.
Applications have been made for 9,331,888 Placing Shares to be
admitted to trading on AIM and the ESM and it is expected that
dealings in these shares will commence on 8 April 2016. The
Enlarged Issued Share Capital will be 65,301,924 ordinary shares of
GBP0.01 each.
Result of General Meeting
On 22 March 2016 the Company posted a Circular to shareholders
convening a General Meeting to approve the Placing. The Placing was
conditional upon, amongst other things, the approval by
Shareholders of all of the Resolutions at the General Meeting, the
Placing Agreement not having been terminated in accordance with its
terms and upon Admission becoming effective. The Revised Placing is
conditional on the approval of the same Resolutions.
The General Meeting took place at 10.00 a.m. today at the
offices of Addleshaw Goddard LLP, Milton Gate, Chiswell, Street,
London, EC1Y 4AG, and the Board of GAN is pleased to announce that
all of the Resolutions proposed at the General Meeting were duly
passed.
The full text of each resolution was included in the Notice of
General Meeting of the Company circulated to Shareholders on 22
March 2016 and made available on the Company's website
www.gan.com.
Votes were received from Shareholders in advance of the General
Meeting were as follows:
Detail Votes For Votes Against Total Votes
Votes Withheld (1)
-------------------------------------- ------------------ ---------------- ----------- --------------
No. % No. %
-------------------------------------- ----------- ----- -------- ------ ----------- --------------
Ordinary Resolutions
1 Authority to allot shares 32,169,586 100% 0 0% 32,169,586 0
-------------------------------------- ----------- ----- -------- ------ ----------- --------------
Special Resolutions
2 Disapplication of pre-emption rights 32,169,586 100% 0 0% 32,169,586 0
-------------------------------------- ----------- ----- -------- ------ ----------- --------------
1. A vote withheld is not a vote in law and therefore is not
counted in the calculation of the proportion of votes for or
against the resolution.
Director Participation
The participation of certain directors of the Company who have
taken up Placing Shares at the Placing Price has not changed, and
their updated percentage holdings following Admission is as
follows:
Percentage of
Ordinary Shares Enlarged
held at date of Placing Shares subscribed Resulting holding after Issued Share
Director this document for Admission Capital
--------------------------- ----------------- -------------------------- -------------------------- --------------
Dermot S
Smurfit..................
.............. 7,475,075 1,071,429 8,546,504 13.09%
David
O'Reilly.................
.................... 2,363,812 357,143 2,720,955 4.17%
Roger
Kendrick.................
................. 2,085,250(1) 428,571 2,513,821 3.85%
Michael Smurfit
Jr.......................
....... 1,068,564 139,607 1,208,171 1.85%
Seamus
McGill...................
................ - 71,429 71,429 0.11%
(1) Includes Ordinary Shares registered in the name of Britania
Limited, a company controlled by Roger Kendrick and in which he
is
beneficially interest in 80 per cent. of Britania Limited's
holding of Ordinary Shares of the Company.
Capitalised terms used, but not defined in this announcement,
have the same meanings as set out in the Circular.
Ends
For further information please contact:
GAN +44 (0) 20 7292
Dermot Smurfit 6262
Chief Executive Officer dsmurfit@gan.com
Davy (Nominated Adviser,
ESM Adviser, Broker
and Sole Bookrunner)
John Frain / Roland +353 (0) 1 679
French 6363
FTI Consulting +353 (0) 1 663
Mark Kenny / Jonathan 3686
Neilan gameaccount@fticonsulting.com
This information is provided by RNS
The company news service from the London Stock Exchange
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