Issuing a market update, Canadian gambling investment firm Pollard Equities has moved to increase its stake in Toronto TSX-listed gaming/betting technology firm NYX Gaming Group.
Pollard Equities the majority owner of lottery tickets supplier Pollard Banknote has executed the right to purchase 4 million fixed priced warrants/options of NYX Gaming’s ordinary shares.
Detailing the transaction, Pollard will pay a fixed price CDN $0.03 per warrant, completing a total purchase price of CDN $120,000.
At present, Pollard Equities owns 8,621,300 of ordinary shares in NYX Gaming, approximately 8% of the company’s shareholding. Should Pollard Equities convert its agreed warrant transaction the company would own 11.2% of outstanding NYX shares.
NYX Gaming is a current takeover target of Nasdaq-listed gambling technology group Scientific Games Corporation (SGC).
Last week, SGC governance executed an 11.6 million (10.6%) NYX share purchase at a target price of CAD$2.22-2.35 per share, representing a purchase price of circa CAD $27 million (£18 million).
Seeking to unblock the agreed takeover NYX, negotiating governances have amended takeover proposals.
Moving forward NYX governance has dropped deal provisions set on 20 September, requiring SGC to acquire ‘at least 75% of shares’ in the company to complete its acquisition.
Under a new arrangement, SGC and NYX governances have “agreed that should the acquisition of NYX by Scientific Games not be approved by shareholders at pending vote in December or not move forward for other specified reasons, Scientific Games will commence a contractual takeover offer to NYX shareholders.”
Source: SBC News
