Intertain Group pushes for London Stock Exchange listing

Updating the market, Intertain Group governance has informed investors that it plans to list on the London Stock Exchange with a view to ‘enhance shareholder value’ by placing its operations closer to its core markets of the UK and Europe.  

At present Intertain Group operator of European igaming brands; Jackpotjoy, Vera&John, Costa Bingo and InterCasino is listed on the Toronto TSX exchange valued at circa CAD $800 million (£460 million).

Intertain plans to execute its London listing by placing its ordinary shares via new holding company ‘ListCo’, which would seek to be admitted on the London Stock Exchange via the UK listing Authority.

If approved Intertain governance would then provide each investor with an exchange of their existing common shares with a new share issuance in the newly formed ‘ListCo’. Intertain’s board further informed that it does not currently intend to complete an offering of ordinary shares of ListCo in connection with its planned London Stock Exchange listing.

Detailing potential plans for its London listing Andrew McIver, Intertain Chief Executive Officer, commented

“Since my appointment, I have gained a deeper understanding of Intertain’s businesses, its strong set of core assets and its talented team of managers and operators.  This has reinforced my view that Intertain is a company that continues to be undervalued by the market.

“I believe that the UK Strategic Initiatives provide us with a significant opportunity to realize that value by giving us a platform to further develop Intertain’s core assets, whether by organic growth, expansion into new geographic markets or otherwise, for the long-term benefit of Intertain and its shareholders and other stakeholders.  I am excited to be leading the Intertain team as we build on our existing market-leading position in the online gaming industry going forward.”

Neil Goulden, Chairman of the Board for Intertain commented,

“We are very excited at the opportunities presented by the UK Strategic Initiatives proposed for Intertain.  We believe that a London Listing will result in a fuller and more appropriate valuation of Intertain’s business, as these strategic initiatives are a key part of a range of initiatives intended to significantly realign Intertain’s share price with the company’s fundamental business results and prospects.  We also believe that they best position Intertain for long-term growth and success, which furthers our objective of enhancing shareholder value.”