Gaming Innovation Group has laid out the timeline for the planned restructuring process of its business, in which the GiG brand will be split into two.
The igaming technology company said that on 23 September, a special shareholders meeting will be held to put forward a proposal to complete the restructuring, which has been in the works since a strategic review was initiated in February 2023.
In turn, this split of GiG will create two separate entities, Gentoo Media (formerly known as GiG Media) and GiG Platform, the latter of which will be spun off to operate as an independent public company.
Subject to the proposal being approved, GiG has stated that the spinoff “will be completed in the form of a distribution in kind in Euronext Securities Oslo of one Norwegian Depositary Receipt (NDR) per share held in GiG” with the ISIN number for the NDRs being 0013326033.
The company added that each NDR will represent the beneficial interest in one share in the Maltese company which will operate GiG Platform, GiG Software PLC.
Outlining its restructuring timeline, GiG said that the last day of trading in the GiG share inclusive of the right to receive NDRs will be 23 September 2024, with the date of resolution taking place on the same day.
The ex-date and record date will then be the following two days on the 24 September and 25 September respectively, followed by the distribution date, which will be on or about 30 September.
In addition, GiG provided information for investors holding shares in Euroclear Sweden trading on NASDAQ Stockholm. The company stated that they will receive “one Swedish Depository Receipt (SDR) per share held in GiG” and that the ISIN number for the SDRs is SE 0022760229.
The company claimed that according to third-party analysis, “GiG Platform may be valued at 14% of the total value of GiG before the Spinoff” on average.
However, GiG noted that the analysis was “prepared for general distribution and not intended to be advisory and that they may not be indicative of the market capitalisation of GiG Platform once trading in the GiG Platform depository receipts commences at the NASDAQ First North Premier Growth Market in Stockholm”.