Gaming Innovation Group’s (GIG) board of directors has agreed to an exemption from the lock-up restrictions on shares in order to support the Company’s target of broadening the institutional shareholder base, increasing the free float and stimulating liquidity in the Company’s shares.
The sale of 70,000,000 shares, priced at NOK 5.40, and representing 8.55 percent, were sold after close of markets Thursday through an accelerated book building process managed by Carnegie .
GIG revealed the company shares were in strong demand from Norwegian, Nordic and international investors, saying the majority have been allocated to Swedish and Finnish institutions with considerable sector experience.
The company furnished details of the sellers as follows:
Optimizer Invest Ltd., a company represented on the board of directors of GIG by Andre Lavold and Henrik Persson Ekdahl, sold 27,800,000 shares in the transaction, and now holds 103,373,297 shares (12.6 percent). Optimizer Invest has extended their lock-up with the Company on the remaining shares from 15 March 2018 to 31 March 2019.
Super Innovative Ltd., a company controlled by chief executive officer, Robin Reed, sold 7,900,000 shares in the transaction. As a result, Reed and close associates now holds 50,514,881 shares (6.2%). In addition, Reed will receive 13,949,391 earn-out shares in June 2017. Reed has extended his lock-up with Company on the remaining shares from 17 June 2017 to 31 March 2019.
Ben Clemes, managing director of GIG’s iGaming Cloud, sold 4,800,000 shares in the transaction. As a result, Clemes now holds 14,432,998 shares (1.8%). In addition, he will receive 4,388,470 earn-out shares in June 2017. Clemes has extended his lock-up with Company on the remaining shares from 17 June 2017 to 31 March 2019.
Chairman of the board Helge Nielsen sold 600,000 shares in the transaction. As a result, Nielsen now holds 247,362 shares (0.03%). In addition Nielsen owns 8.3% of Bryggen Holding AS, which owns 104,446,123 shares, representing 12.8% of the current outstanding shares in the Company. Bryggen Holding AS will receive 13,732,271 earn-out shares in June 2017.
Six other shareholders that are not primary insiders have sold 28,900,000 shares in the transaction.