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Stride Gaming PLC (STR)

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Tuesday 19 May, 2015

Stride Gaming PLC

First Day of Dealings on AIM

RNS Number : 5182N
Stride Gaming PLC
19 May 2015
 

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.

 

19 May 2015

 

Stride Gaming plc

 ("Stride Gaming", the "Company" or the "Group")

 

First Day of Dealings on AIM

£11.2 million raised to support the Company's strategic growth opportunities 

 

Stride Gaming, the multi-branded online bingo-led operator, is pleased to announce that admission and dealings in its Ordinary Shares will commence at 08.00 a.m. today on AIM under the ticker code STR and ISIN number of JE00BWT5X884 ("Admission").

Stride Gaming is a UK focused, real money, bingo-led online operator, using its proprietary and purchased software to provide online bingo and related gaming activities to players. Stride Gaming only operates in regulated markets, principally the UK.

The Group operates a multi-branded strategy which includes the online bingo brands Kitty Bingo, Lucky Pants Bingo, Bingo Extra, Jackpot Café, Jackpot Liner, King Jackpot, together with the online casino brands Spin and Win and Magical Vegas.

Cantor Fitzgerald Europe is acting as Nominated Adviser and Broker.

 

PLACING STATISTICS

Placing Price per ordinary share

132 pence

Gross proceeds of the Placing for the Company

£11.2 million

Number of Ordinary Shares in issue immediately following Admission

50,151,513

Market capitalisation of the Company at the Placing Price

£66.2 million

 

 

KEY POINTS:

 

·       The Directors believe there is a significant opportunity for an online bingo-led facing company to increase market share both from organic growth and through acquisition as a result of the POC tax and general increase in regulation;

 

·     The Company operates its own proprietary software, which ensures that the Group can improve the gaming experience without needing to rely on other third party software providers; 

 

·      Stride Gaming has a multi-brand offering with clear differentiation between each brand to target different categories of players and is only focused on regulated markets;

 

·        The Board has a proven track record in the online gaming industry.  Nigel Payne, Non-Executive Chairman, was previously CEO of Sportingbet plc, one of the world's largest internet gambling companies.  Eitan Boyd, Chief Executive Officer, and Darren Sims, Chief Operating Officer, successfully sold two online bingo-led businesses for £60 million and $42 million respectively prior to establishing Stride Gaming and were instrumental in the acquisition of the business and assets of Table Top Entertainment in September 2014; and

 

·        The net proceeds of the Placing will be used to support the Company's strategic buy and build and organic growth strategies. The Company is looking to develop an institutional following to further assist its acquisition strategy, enhance brand awareness and for general working capital purposes.

 

 

 

Eitan Boyd, Chief Executive Officer of Stride Gaming commented:

 

"I am delighted that Stride Gaming has joined AIM and successfully raised £11.2 million of new funding. Our Admission to AIM will expedite the Company's organic and acquisitive growth strategy and provide it with a fantastic platform to grab significant market share as a result of increased regulation. The listing will also enhance the Group's profile and brand awareness and will help facilitate our ambitions to become the market leader in online bingo.

 

"Stride Gaming is a profitable business run by a proven management team and we look forward to updating our new shareholders and other investors with our progress as a publicly listed company."

 

 

 

Unless the context otherwise requires, defined terms shall have the meaning ascribed to them in the Admission Document available on the Group's website: www.stridegaming.com 

 

 

Enquiries:

 

Stride Gaming plc 

Nigel Payne (Non-Executive Chairman)

Eitan Boyd (Chief Executive Officer)

Ronen Kannor (Chief Financial Officer)

www.stridegaming.com 

+44 (0) 20 7284 6080

 

 

Cantor Fitzgerald Europe (NOMAD and BROKER)

+44 (0) 20 7894 7000

Catherine Leftley

Mark Percy

William Goode

 

 

Yellow Jersey PR

Alistair de Kare-Silver

Dominic Barretto

Fiona Walker

 

 

+44 (0) 7738 076 304

+44 (0) 7768 537 739

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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