Gameaccount Network shares oversubscribed

Gaming software provider GameAccount Network (GAN), has raised GBP 22.2 million (Euro 26.6 million) in a successful placing of oversubscribed new shares which receiving strong interest from institutional investors.

GameAccount Network expects to be admitted to trading on the ESM market of the Irish Stock Exchange and the AIM market of the London Stock Exchange on November, 25 under the ticker symbol GAME.

The company will have a market capitalisation of around GBP 75 million (Euro 90 million) on admission of 55 376 286 ordinary shares at a placing price of GBP 1.35 (Euro 1.61).

“Strong international investor interest contributing to an oversubscribed offering highlights the significant opportunity for GameAccount Network in a rapidly growing regulated internet gaming sector,” said the company’s chief executive Dermot Smurfit Junior.  “We have a proven management team, a best-in-class Internet gaming technology, no debt and a strong financial position to capitalise on the opportunities presented by the regulated Internet gaming sector.”

Institutional investors reportedly include Blackrock and Artemis, while GAN’s original shareholders reduced the percentage of their stakes as part of the flotation.

“We are pleased to welcome quality, international institutions as shareholders on Admission and believe that this reflects the strength of our investment case and prospects,” concluded Smurfit.

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