Game Account Network raises €26.2m in placing
Game Account Network (GAN), the UK-based business-to-business gambling software firm headed by Dermot Smurfit Jnr, has raised €26.2m in an institutional placing.
Its shares will commence trading on London’s Alternative Investment Market and Dublin’s Enterprise Securities Market on Monday.
The placing will give GAN an initial market capitalisation of €90m (£75m) when it makes its stockmarket debut.
Institutional investors including Blackrock and Artemis are among the new shareholders. As part of the placing, 63pc of the issued share capital will be subject to a 12-month lock-in followed by 12-month orderly market arrangements.
GAN’s original shareholders have sold portions of their stakes as part of the flotation.
Mr Smurfit’s stake falls from 16.6pc to 13.3pc. His uncle, Michael Smurfit, sees his stake cut to 9.54pc from 15.5pc.
Michael Smurfit is also a non-executive director at GAN. Non-executive chairman David O’Reilly will see his 6.6pc stake reduced to 4.09pc.