Gentoo Media Successfully Completes Strategic Platform Split
Gentoo Media Announces Successful Platform Division
Gentoo Media Inc. has announced the successful completion of the restructuring of its media and platform division, marking a significant milestone in the company's evolution. This strategic decision has resulted in the spin-off of Gentoo Media's platform business into a newly formed entity, GiG Software PLC, which is set to thrive independently in the competitive iGaming market.
Completion of the Restructuring Process
The Board of Directors at Gentoo Media granted final approval to finalize the division, ensuring that all legal steps are meticulously addressed. The assets and subsidiaries belonging to the platform division have been successfully separated and distributed to shareholders, facilitating a seamless transition into GiG Software PLC, which focuses on providing innovative B2B solutions in the iGaming sector.
Future Prospects for Gentoo Media and GiG Software PLC
By continuing as a distinct media company, Gentoo Media aims to strengthen its position as a leading affiliate within the iGaming domain. This spin-off allows the company to enhance its operational efficiency, focusing on key affiliate marketing strategies that connect online gambling operators and players. The split has opened up fresh avenues for both entities to explore growth opportunities in their respective fields.
Financial Strength and Partnership
Alongside the restructuring, Gentoo Media has solidified its financial stability by entering into a substantial EUR 25 million Revolving Facility Agreement with Citibank Europe plc., which underscores their commitment to maintaining operational excellence. The partnership with Citibank is expected to enhance financial flexibility and ensure that Gentoo Media can fully capitalize on its growth trajectory.
Statement from Leadership
Mikael Harstad, Chairman of the Board, expressed his enthusiasm regarding the completion of the restructuring, stating, "This marks a new chapter in our evolving media affiliate business. We are now positioned to continue our growth journey as an independent and vertical-focused company within the iGaming industry." Meanwhile, CEO Jonas Warrer highlighted the exciting opportunities presented by the split, reinforcing their commitment to enhancing shareholder value.
Distribution Mechanics for Shareholders
The shareholders of Gentoo Media will receive their stakes in the platform business in the form of depository receipts. Investors holding shares in Euronext Securities Oslo will receive Norwegian Depository Receipts (NDRs), while those in Euroclear Sweden will obtain Swedish Depository Receipts (SDRs). Trading in GiG Software PLC's SDRs is slated to begin on Nasdaq First North Premier Growth Market.
Upcoming Listings and Future Expansion
GiG Software PLC is set to begin trading soon, with a robust starting cash balance secured for operational sustainability. Gentoo Media has also made strategic financial decisions, utilizing part of the proceeds from a share issue to repay bank loans from Sportnco, bolstering its financial health prior to the spin-off.
Maintaining Visibility in the Market
As part of its continued strategy, Gentoo Media Inc. will operate under its own name and maintain its dual listing on the Oslo Stock Exchange with the ticker symbol G2MNO as well as on Nasdaq Stockholm with the ticker symbol G2M. This will ensure sustained visibility and investment opportunities for shareholders.
About Gentoo Media
Gentoo Media is recognized as a market leader within the online gambling and sports betting industry, offering a comprehensive suite of affiliate solutions. Their portfolio includes prestigious industry websites such as AskGamblers, Time2Play, CasinoTopsOnline, WSN, and Casinomeister, driving significant traffic and revenue opportunities. Following the legal restructuring, Gentoo Media Inc. has reaffirmed its commitment to excellence and innovation in the iGaming landscape.
Frequently Asked Questions
What is the significance of Gentoo Media's platform division split?
The split allows Gentoo Media to focus on its media operations, while GiG Software PLC can concentrate on its B2B platform solutions, enhancing operational focus and growth potential for both companies.
How will shareholders receive their new securities post-split?
Shareholders will receive depository receipts in either Norwegian or Swedish markets based on their current shareholding, which facilitates their investment in GiG Software PLC.
What financial measures has Gentoo Media implemented following the split?
Gentoo Media secured a EUR 25 million revolving facility with Citibank Europe and repaid previous bank loans, positioning itself financially for future growth.
What is the mission of Gentoo Media after the split?
Gentoo Media aims to fortify its role as a top affiliate in the iGaming industry, leveraging its expertise and network to drive revenue and provide value to stakeholders.
Where will GiG Software PLC be listed?
GiG Software PLC will list its Swedish Depository Receipts on Nasdaq First North Premier Growth Market, enhancing visibility and accessibility for investors.
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