Gentoo Media's Successful Split Marks New Growth Opportunities
Gentoo Media Inc. Marks Successful Platform Distribution
It's with great enthusiasm that Gentoo Media Inc. announces the completion of a pivotal restructuring process. This significant change involved splitting Gentoo Media's media and platform division into two separate, independently listed companies. The step is a crucial part of the company's strategic evolution, allowing both entities to sharpen their focus on their respective markets.
Creation of GiG Software PLC
The restructuring culminated in the establishment of GiG Software PLC, which will serve as an independent B2B firm specializing in proprietary platform and sportsbook technology for the global iGaming industry. This new setup enables GiG Software to harness its resources fully, ensuring it meets the demands of operators and players effectively.
Gentoo Media’s Continued Growth
Gentoo Media Inc. will persist as a standalone company, committed to its core mission within the iGaming sector. As a prominent affiliate, it is poised to leverage its established reputation to connect operators with players more efficiently.
Financial Flexibility Secured
Alongside the restructuring, Gentoo Media has successfully entered into a Revolving Facility Agreement valued at EUR 25 million with Citibank Europe plc. This arrangement is designed to provide the company with exceptional financial flexibility, allowing management to focus on optimizing operations. The collaboration with Citibank marks a strategic move for Gentoo Media as it continues to scale its business.
Management Insights
Mikael Harstad, the Chairman of Gentoo Media, expressed optimism about this new chapter, stating that the split positions them well for future growth. Similarly, CEO Jonas Warrer emphasized the advantages of the company's new structure, which is expected to enhance shareholder value while reinforcing market leadership.
Share Distribution and Trading Updates
As part of its operational transformation, Gentoo Media distributed shares to shareholders in the form of depository receipts in GiG Software PLC. This innovative approach facilitates the exchange of shares and ensures investors have smooth access to their holdings. The Norwegian Depository Receipts (NDRs) will be available for trade on Euronext Securities Oslo, while Swedish Depository Receipts (SDRs) will cater to stakeholders in Euroclear Sweden.
Exploring New Listing Opportunities
GiG Software PLC is expected to list its SDRs on the Nasdaq First North Premier Growth Market. This strategic move indicates GiG Software’s readiness to engage comprehensively with the investment community, despite not being listed on stock exchanges in Norway.
Debt Management and Future Prospects
GiG Software PLC has been allocated a solid cash balance, ensuring operational continuity. Gentoo Media Inc. has efficiently utilized part of the proceeds from a recent share issue to alleviate the EUR 5.9 million bank loans previously held by Sportnco. This effective financial management enhances the company's investment profile while supporting its long-term goals.
About Gentoo Media Inc.
Gentoo Media Inc. is recognized as a leading affiliate within the online gambling and sports betting landscape. With a vast array of marketing and affiliate solutions, it connects players and operators through platforms like AskGamblers, Time2Play, CasinoTopsOnline, WSN, and Casinomeister. Following its rebranding from GiG Media, Gentoo Media continues its dual listing on the Oslo Stock Exchange with the ticker symbol G2MNO and on Nasdaq Stockholm with ticker G2M.
Frequently Asked Questions
What is the significance of Gentoo Media's split?
This split allows Gentoo Media to concentrate on its media operations while enabling GiG Software to focus on platform development, enhancing both companies' market positioning.
How does the new financial agreement benefit Gentoo Media?
The EUR 25 million Revolving Facility Agreement provides Gentoo Media with the financial flexibility necessary to optimize daily operations and pursue growth opportunities.
What steps were taken to facilitate the share distribution?
Share distribution was executed through the issuance of depository receipts, which allows investors to hold shares in both Gentoo Media and GiG Software smoothly.
Will GiG Software PLC be publicly traded?
Yes, GiG Software PLC plans to list SDRs for public trading on the Nasdaq First North Premier Growth Market, increasing its visibility in the investment community.
What is Gentoo Media's core business focus?
Gentoo Media focuses on providing affiliate marketing solutions and services within the iGaming sector, primarily connecting operators with players.
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