Enlabs ups stake in Global Gaming

Business News

Enlabs AB announced a mandatory public offer to the shareholders of Global Gaming 555 AB regarding all shares in Global Gaming.

At the end of the acceptance period on November 2, 2020, Enlabs’ ownership in Global Gaming amounted to approximately 95.8 per cent. Enlabs thus completes the Offer and has decided not to extend the acceptance period.Outcome of the Offer

The acceptance period for the Offer has ended and Enlabs has decided not to extend the acceptance period. The aggregation of acceptances has now been completed and as of November 2, 2020, which was the last day of the acceptance period for the Offer, the Offer had been accepted by shareholders in Global Gaming corresponding to a total holding of 10,659,142 shares, corresponding to approximately 26.1 per cent of the total number of shares and votes in Global Gaming.

Enlabs declared the Offer unconditional on October 8, 2020. All conditions for the Offer have been met and Enlabs will thus complete the Offer and acquire the shares submitted in the Offer.

At the time of the announcement of the Offer, Enlabs ownership in Global Gaming amounted to 27,266,114 shares. During the acceptance period, Enlabs has also acquired 1,216,469 shares in Global Gaming outside the Offer, corresponding to approximately 3.0per centof the total amount of shares and votes in Global Gaming. No such acquisitions have been made at a consideration that exceeds the consideration in the Offer.

In total, Enlabs thus holds a total of 39,141,725 shares in Global Gaming, corresponding to approximately 95.8 per cent of the total number of shares and votes in Global Gaming. Enlabs does not hold any other financial instruments that gives Enlabs a financial exposure corresponding to a holding of shares in Global Gaming.

Of the shareholders in Global Gaming who have accepted the Offer, the distribution between the various consideration alternatives has been as follows: (i) approximately 48.3 per cent have chosen the share consideration, approximately 38.3 per cent have chosen the cash consideration and approximately 13.5 per cent have chosen a combination corresponding to 50 per cent as cash consideration and 50 per cent as share consideration.

As a consequence of the outcome of the Offer and acquisition of shares outside the Offer, Enlabs will issue 2,542,431 new shares, thereby the number of shares in Enlabs will increase from 67,371,310 shares to 69,913,741 shares, which corresponds to a dilution effect of approximately 3.6 per cent of the number of shares and votes in Enlabs.

The cash consideration that will be paid to shareholders in Global Gaming who have chosen this in the Offer will amount to in total approximately SEK 52.8m. Enlabs will use own cash funds for the payment, and not use any credit facility.

To the shareholders who have accepted the Offer during the acceptance period, payment of the cash consideration is expected to begin around November 9, 2020 and payment of the share consideration is expected to begin around December 1, 2020.

Enlabs intends to request compulsory redemption in accordance with the rules in the Swedish Companies Act in order to acquire the remaining outstanding shares in Global Gaming and promote a delisting of Global Gaming’s shares from Nasdaq First North Growth Market Stockholm.

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