Joy for London Stock Exchange as Intertain prepares move

Joy for London Stock Exchange as Intertain prepares move

Monday, January 16, 2017
JackpotJoy listing to go live on Wednesday 25th

Intertain Group will become the latest industry operator to float on the London Stock Exchange, as the company has announced a target listing date of Wednesday 25 January under the new entity of ‘Jackpotjoy Plc’.

Led by a new governance team headed up by new chief executive Andrew McIver, Intertain announced in August 2016 that it would move its corporate listing from the Toronto TSX to London LSE in 2017.

At the time, Intertain governance stated that the LSE listing was needed in order for Intertain to be closer to its main markets. Furthermore, Intertain governance noted that an LSE listing would help it attract a deeper pool of longer-term investors as the company eyes significant growth in the coming months.

Seeking to list under the new entity of ‘Jackpotjoy Plc’, the company will become the biggest online bingo operator on the London exchange. Following significant acquisitions in 2015, Intertain corporate assets include Gamesys (Jackpotjoy + assets), Mandalay bingo brands (Costa Bingo) and European igaming operator Vera&John.

However, Intertain’s existence as a TSX corporation has been turbulent, with its former executive team of CEO John FitzGerald and CFO Keith Laslop accused of company mismanagement in 2016, which saw the company restructure its leadership.  

Updating investors Andrew McIver, Intertain’s president and CEO, commented on the planned LSE listing; “We are excited to have reached this milestone in the implementation of our UK strategic initiatives, including the London listing of Jackpotjoy plc.  We believe that these initiatives will provide a platform to further develop Intertain’s core assets for the long term benefit of the company, its shareholders and other stakeholders.”

Totally Gaming says: The new listing should feel right at home in London where there are several listing gaming companies and investors are more than comfortable with the gambling business model. The fact that the two executives at the top of the firm - Andrew McIver and Neil Goulden - are well known in the investment circles from their time at Sportingbet and Gala Coral.

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