After making an investment of more than SEK 90 m ( £ 7.69 m), Entertainment Laboratories has become the largest shareholder in Global Gaming to take its total ownership to 29.9%.
Following a number of agreements with the latter’s shareholders, Enlabs secured an additional 11,300,000 shareholdings in Global Gaming at a price of 8 SEK per share, totalling SEK 90.4 m (£7.72 m).
Global Gaming issued a final dismissal last month concerning the speculation that Swedish players would still be able to access its Ninja Casino entity, as the firm reaffirmed its confidence in a positive outlook despite the plunging financial figures.
Following the revocation of Ninja Casino’s licence in 2019 , the company saw a number of appeals fall by the wayside, but a review permit was granted by the Administrative Court of Appeal in the first quarter.
This was followed by the Swedish gambling authority refusing Viral Interactive ‘s application to resurrect the online market brand Ninja Casino.
Releasing news in a media release about the pending acquisition, Enlabs, which has corporate offices in Tallinn, Riga, Vilnius, Malta, Marbella, Minsk and Stockholm, explained: “The shares secured in this latest pending transaction will be paid 50 per cent in cash settlements and 50 per cent with new issued shares of Enlabs based on the average volume weighted price of Enlabs shares traded at Nasdaq First North Growth Market the last fifteen days of trade.
“Enlabs estimates the dilution of these transactions to become approximately 3.5 per cent related to the total number of shares in Enlabs. Prior to these transactions, Enlabs owned 920,028 shares in Global Gaming, making Enlabs total holdings to become 12,220,028 shares representative to 29.9 per cent of the ownership of Global Gaming.”
This comes as Enlabs also releases an update on the Latvian gaming market’s possible reopening: “Due to the administrative work to proclaim the new law by the Latvian president, the law ‘On Management of Consequences Caused by the Spread of COVID-19’, which resumes gaming licenses in Latvia has not yet gained legal force.
“Enlabs’ assessment at this time is that this process will be complete during this week and will immediately reopen all Latvian operations when the law is in force.”