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NEWS 29 March 2019

GAN “not proactively seeking” sale but “already contacted by interested parties”

By Tim Poole

GAN has announced it is open to the possibility of a sale in its bid to maximise shareholder value.

In its 2018 full-year financial presentation, the supplier was able to report a 15% increase in revenue from £9.1m ($11.83m) to £10.5m.

However, executives at the company feel there is a "significant gap" between the company’s value and its stock price.

As such, three alternatives were detailed in its financial report: US listing, an outright sale or a strategic partnership where a "US industry participant" acquires a minority position in GAN.

Jameson Wang, VP Investor Relations & Analytics, has told Gambling Insider the firm is not "proactively seeking" a sale but that it has already received contact from interested parties.

Wang told Gambling Insider: "There is a significant gap between the company’s value and its stock price.

"We have such a positive outlook on 2019 and we have already made strong Q1 progress; so we would like to close that gap and are open to any opportunity to do so.

"We are identifying our options but there is no sense of urgency. A potential sale is an alternative and not something we are proactively seeking.

"What was spoken about on our earnings call was that Union Gaming has already been contacted by interested parties since our financial report was released. So it’s nice to be wanted."

RELATED TAGS: Mergers & Acquisitions | Sports Betting | Industry
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