Proposed subscription to raise £1,545,000

RNS Number : 6995Q

Gaming Realms PLC

02 March 2016

 

Gaming Realms plc

(the "Company" or the "Group")

Proposed subscription to raise £1,545,000

Director/PDMR Shareholding

Gaming Realms, the creator and publisher of mobile real money and social games, is pleased to announce that it has conditionally raised approximately £1,545,000, before expenses, through a subscription of 7,725,000 new ordinary shares of 10 pence each ("Subscription Shares") at a price of 20 pence per share (the "Subscription Price") ("the Subscription"). The Subscription will represent 3.01% of the Company's enlarged share capital.

The proceeds of the Subscription, together with the net proceeds received from the recently announced sale of the third Party Bingo Sites, will be used to support the launch of the new social casino 'Lucky Streak", and to fund the continued growth of the real money Grizzly platform in the UK which will launch theXfactorgames.com site in partnership with Fremantle Media.

Q1 2016 KPI's have continued the positive momentum which the business is now showing:

·      Average daily newly acquired funded players on Grizzly increased by 26% to 320 (Q4 2015: 253)

·      Average daily funded players on Grizzly increased by 9% to 2,588 (Q4 2015: 2,377)

·      Average daily revenue on Grizzly increased by 9% to approximately £45,000 (Q4 2015: c. £41,000)

As part of the proposed Subscription certain executive directors (the "Executive Directors") have committed to subscribe, in aggregate, for 1,575,000 Subscription Shares at the Subscription Price. The resulting holdings of the Executive Directors following admission of the Subscription Shares are set out below.

Director	Subscription Shares	Shares held post Subscription	% of enlarged  share  capital post Subscription
Atul Bali	825,000	1,825,000	0.71%
Michael Buckley	500,000	21,500,000	8.37%
Patrick Southon	150,000	11,735,501	4.57%
Simon Collins	100,000	10,624,924	4.14%

Application for Admission of the Subscription Shares will be made to AIM and it is expected that Admission will become effective on or around 3 March 2016 and that dealings in the Subscription Shares will commence at that time. The Subscription is conditional, inter alia, on Admission becoming effective.

The Subscription Shares will be issued credited as fully paid and will rank in full for all dividends and other distributions declared, made or paid after Admission, and will otherwise rank on Admission pari passu in all respects with the Existing Ordinary Shares. The Subscription Shares are not, and will not, be offered or sold in any jurisdiction where it would be unlawful to do so.

Total Voting Rights

Following completion of the Subscription, Gaming Realms' total shares in issue will be 256,933,242 ordinary shares of 10 pence each. Gaming Realms holds no ordinary shares in Treasury. The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, Gaming Realms under the AIM Disclosure and Transparency Rules.

- Ends -

Contacts:

Gaming Realms Patrick Southon, CEO Mark Segal, FD	[phone]
Cenkos Securities (Nomad and Broker) Max Hartley (Nomad) Julian Morse (Broker)	[phone]
Yellow Jersey PR Charles Goodwin	[phone]

About Gaming Realms

Gaming Realms creates and publishes innovative real money and social games for mobile, with operations in the UK and U.S. through its market leading mobile platform and unique IP and brands, Gaming Realms is bringing together media, entertainment and gaming assets in new game formats. The Gaming Realms management team includes accomplished entrepreneurs and growth executives from a wide range of leading gaming and media companies.

 

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