Canadian bingo-led operator Intertain has confirmed that it will be seeking a listing on the London Stock Exchange (LSE) under the title of its leading brand Jackpotjoy.
[dropcap]I[/dropcap]ntertain Group, one of the largest online bingo operators in the world, will apply to be listed on the London Stock Exchange (LSE) in October as part of a strategic rebranding and relocation move.
The Canadian company, which is currently listed on the Toronto Stock Exchange (TSX), will apply for listing under the name of its primary brand Jackpotjoy. The move will see Jackpotjoy Plc acting as a parent company for all Intertain assets as the gaming firm moves its headquarters from Canada to London.
“We are excited to have reached these important milestones in implementing the UK Strategic Initiatives,” chairman of the board Neil Goulden said in a statement. “We continue to believe that these initiatives will result in a fuller and more appropriate valuation of our business and that they position Intertain for long-term growth and success.”
After a lengthy period of deliberation following the UK’s ‘Brexit’ vote in June, a special committee of independent advisors, the board of directors and Intertain’s legal team unanimously agreed to go ahead with the move.
Now the company is seeking shareholder approval at its annual general meeting on 23 September.
Goulden added: “We are 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.”
Jackpotjoy’s board of directors is expected to consist of five Intertain board members and four new members from outside the company.
The five Intertain-linked directors are expected to be Neil Goulden (chairman of the Board), Andrew McIver (president & CEO), David Danziger, Paul Pathak and Jim Ryan, while the four new directors are expected to be Nigel Brewster, Keith Laslop (CFO), Jörgen Nordlund and Colin Sturgeon.
The Group also announced that Noel Hayden, the founder of Jackpotjoy and former CEO of Gamesys, would not be standing for re-election to the board, but would be continuing with the company 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, which have restricted his involvement in certain aspects of the Board’s deliberations over recent months.”
He added: “Both we and Noel are excited to continue to develop the existing strong relationship between Intertain and Gamesys. We are also excited to have Nigel, Colin and Keith joining the Jackpotjoy Board – their strong experience in relevant areas will provide us with additional perspective as we continue to build Intertain’s core assets going forward.”