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INNOVA's Special Committee Engages Financial Advisors
LOS ANGELES, March 13, 2017 /CNW/ - INNOVA Gaming Group Inc. ("INNOVA" or the "Company") (TSX: IGG) announced today that it has engaged Raymond James Ltd. to act as financial advisors to the special committee (the "Special Committee") of the board of directors of the Company in response to the unsolicited proposal delivered by Pollard Banknote Limited ("Pollard Banknote") to acquire all of the outstanding common shares of INNOVA for cash consideration of $2.10 per share (the "Proposal").
The Special Committee is comprised of Paul van Eyk and Edward Stanek, each an independent director of the Company, and was formed to review and evaluate the Proposal and to consider any strategic alternatives to the Proposal that might be available to INNOVA.
INNOVA's largest shareholder, Amaya Inc. ("Amaya"), has entered into a support agreement (the "Support Agreement") with Pollard Banknote that sets out the terms and conditions pursuant to which Amaya is prepared to support the Proposal. Amaya has the right to terminate the Support Agreement and withdraw its support for the Proposal in the event that a superior offer is made for the shares of INNOVA that Pollard Banknote does not match within five business days. For additional details on the terms of the Support Agreement, please refer to the news release issued by INNOVA on March 10, 2017.
The terms of the Support Agreement prohibit Amaya from soliciting or in any manner assisting with any other proposal for a transaction with respect to INNOVA. Accordingly, any inquiries regarding the Proposal should be directed to the Special Committee's financial advisor Raymond James Ltd.
There can be no assurance that the Proposal or any strategic alternatives to the Proposal will result in a formal bid or offer or that any such bid or offer will ultimately result in a completed transaction. Shareholders of INNOVA do not need to take any action with respect to the Proposal at this time. INNOVA intends to provide updates if and when necessary in accordance with applicable securities laws.
About the Company:
INNOVA develops unique games and products for the global gaming industry, with particular focus on state and provincial lotteries. Through INNOVA's wholly-owned subsidiary, Diamond Game Enterprises, the Company focuses on enhancing the revenues of government-sponsored lotteries and other regulated operators by offering its unique "extended play" products in traditional and non-traditional gaming venues. The Company's primary product is its third generation Lucky Tab machine, an instant ticket vending machine that dispenses tickets while simultaneously displaying the results of each ticket on a video monitor in an entertaining fashion. For more information, please visit www.innovagaminggroup.com.
Certain statements made and information included in this press release may constitute "forward-looking statements" within the meaning of applicable securities laws. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management at this time, are inherently subject to significant business, economic, regulatory and competitive uncertainties, contingencies and risks that could cause actual results or events to differ materially from those expressed or implied in such statements. Investors are cautioned not to put undue reliance on forward-looking statements. The forward-looking statements contained herein reflect INNOVA's current views with respect to future events, and except as required by law, the Company does not intend, and undertakes no obligation, to update any forward-looking statements to reflect, in particular, new information or future events, or otherwise.
SOURCE INNOVA Gaming Group
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