Net Gaming repays convertible loan early and calls for redemption of the entire remainder
Net Gaming Europe AB (publ) has reached agreement with existing owners of the convertible debenture loan for early redemption of all convertibles. The outstanding convertible loan will then cease to exist in Net Gaming.
The agreement on early redemption means that SEK 13,999,941 will be converted into 3,111,098 new shares. In connection with this early conversion, existing convertible debenture holders will receive a coupon payment corresponding to just six months of interest instead of the original remaining fifteen months to October 2019.
“I am pleased that we are now able to redeem the last part of the convertible loan earlier than expected, thereby improving our balance sheet and capital structure further. This agreement came about because we were contacted by the existing investors to find a solution that is good for everyone involved. As the convertible loan matures in October 2019, this was an obvious course for us to take. We have also received feedback from external investors that a cleaner balance sheet, without any question marks about the convertible loan, would be positive,” comments CEO Marcus Teilman.
On completion of the early redemption, the total number of shares in the Company will amount to 75,604,487 after registration with the Swedish Companies Registration Office. The share capital will increase by SEK 808,885.48, from SEK 18,848,281.14 to SEK 19,657,166.62.
For further information, please contact:
Marcus Teilman, President and CEO
+356 9936 7352
Net Gaming Europe AB (publ)
Telephone: +46 8-410 380 44
About Net Gaming
Net Gaming owns, operates and develops high-quality online comparison sites for the purpose of channelling user traffic to the Company’s customers – primarily iGaming operators. Within the Group, approximately 130 comparison sites are operated in 30 countries. Net Gaming generates valuable user traffic through the sites, mainly to global iGaming operators. The Company was founded in 2005, has just over 80 employees and is headquartered in Malta. The share (NETG) is listed on Nasdaq First North Premier. FNCA Sweden AB is the appointed Certified Adviser.