7th Apr 2016 11:01
LONDON (Alliance News) - GameAccount Network PLC said Thursday it has reduced the size of a placing it announced in March, saying it believes the reduced amount will be sufficient for its present requirements, and will lead to lower dilution for shareholders who are not participating.
GameAccount said last month it had raised GBP3.1 million through the placing of 11.1 million shares at 28 pence each, but has now reduced this to GBP2.6 million through the placing of 9.3 million shares at the same price.
Shares in GameAccount were up 0.8% at 26.20 pence Thursday.
The company said it plans to use the net proceeds of the placing in the same manner as it had previously indicated, namely to continue expansion of real-money regulated gaming and simulated gaming opportunities in the US as well as for working capital and general business development purposes.
GameAccount said that the participation of some directors has not changed. Chief Executive Officer Dermot Smurfit subscribed for 1.1 million shares in the placing, resulting in a shareholding of 8.5 million shares.
Non-Executives David O'Reilly, Roger Kendrick, Michael Smurfit Jr and Seamus McGill subscribed for 357,143 shares, 428,571 shares, 139,607 shares, and 71,429 shares respectively.
This leaves O'Reilly with 2.7 million shares, Kendrick with 2.5 million shares, and Smurfit Jr with 1.2 million shares. McGill's subscription are his only shares in the company.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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