Toronto-listed online bingo and casino operator Intertain Group Limited has announced that it intends to hold a special shareholders meeting on September 23 where it will ask for approval to initiate a UK-focused strategic relocation initiative.
Intertain Group Limited spent an initial $629.7 million last year in order to acquire the UK online operations of Gibraltar-based Gamsys Limited including its Jackpotjoy online bingo brand and now wants to pursue a full listing with the London Stock Exchange and relocate its headquarters to London.
The proposal from the Toronto-based firm would additionally create a new London-listed entity known as Jackpotjoy to serve as the parent for all of its future brands alongside the recently-purchased Starspins and Botemania.
“We are excited to have reached these important milestones in implementing the UK strategic initiatives,” said Neil Goulden, Chairman for Intertain Group Limited. “We continue to believe that these initiatives will result in a fuller and more appropriate valuation of our business and that they position Intertain [Group Limited] for long-term growth and success. We are also excited to be taking the UK strategic initiatives to our shareholders at the meeting later this month and to providing them with an opportunity to consider and approve the arrangement, which is necessary for us to proceed with these proposals.”
Goulden is the former Chief Executive Officer for British land-based and online sportsbook operator Gala Coral Group Limited and joined Intertain Group Limited in June alongside Andrew McIver, the previous boss for London-headquartered Sportingbet, who now serves as the Canadian firm’s Chief Executive Officer.
Should the relocation plan be approved, Intertain Group Limited explained that it intends to list its new Jackpotjoy entity on the London Stock Exchange by early to mid-October with Goulden and McIver joined on a new board by existing directors David Danziger, Paul Pathak and Jim Ryan. To further provide guidance, experienced professionals Nigel Brewster, Jorgen Nordlund and Colin Sturgeon are to sign up as non-executive directors with Keith Laslop retaining his position as Chief Financial Officer.
“Each new director brings a strong finance and management background to Intertain Group Limited with Brewster and Nordlund having held a variety of senior executive positions including in the gaming industry and Sturgeon having held a variety of senior roles in Europe with a prominent commercial and investment bank,” read a statement from Intertain Group Limited.
In addition, the plan will see Noel Hayden, a non-executive director for the firm and the former Chief Executive Officer for Gamesys Limited, stand down in favor of serving as a “special advisor”.
“We are delighted to have Noel continuing with us as a special advisor,” said Goulden. “In this role, we will continue to have the benefit of Noel’s valuable insight and contributions on key aspects of our business but without the procedural impediments that result from our close collaboration with Gamesys [Limited], which have restricted his involvement in certain aspects of the board’s deliberations over recent months. Both we and Noel are excited to continue to develop the existing strong relationship between Intertain [Group Limited] and Gamesys [Limited]. We are also excited to have Nigel, Colin and Keith joining the Jackpotjoy board [as] their strong experience in relevant areas will provide us with additional perspective as we continue to build Intertain [Group Limited’s] core assets going forward.”