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MONTREAL, Dec. 21, 2012 /CNW/ - Amaya Gaming Group Inc. ("Amaya" or the "Company") (TSX Venture: AYA) announced today that its board of directors has authorized management to assess alternatives with respect to retiring the outstanding 10.5% convertible debentures due April 30, 2014 (the "Convertible Debenture").
"Amaya has enjoyed strong trading performance due to its continued growth and strong underlying fundamentals. Given the current trading price of Amaya's common shares, the Company believes that it would be in its best interests and in the best interests of its stakeholders to consider opportunities for the Company to use its financial resources in the most efficient manner. Accordingly, the Company will assess alternatives that could be offered to these holders of the Convertible Debenture that may not wish to convert or redeem on the terms set out in the Debenture Indenture, while benefiting all of the shareholders by reducing the number of its common shares outstanding on a fully-diluted basis," said David Baazov, President and CEO of Amaya.
The alternatives to be assessed may include the redemption of the Convertible Debenture for cash, securities (including debt) or combination thereof, which could be effected through a substantial issuer bid, an amendment to the Debenture Indenture or a plan of arrangement. The exact mechanism and proposed terms (including amount and type of consideration) are yet to be determined. The Company expects its analysis to be completed within the next few weeks and will provide a further update by mid-January 2013.
Any transaction that would involve the Convertible Debenture will be in compliance and subject to receipt of all necessary regulatory requirements and approvals, including any approval from the TSX Venture Exchange.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, or for the account or benefit of U.S. persons (as such term is defined in Regulation S under the United States Securities Act of 1933, as amended).
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Founded in 2004, Amaya Gaming Group Inc. is a technology based gaming provider for the regulated gaming industry. An expansive global organization, present in North America, Latin America, Europe and Asia, Amaya is an innovator in the gaming world. Headquartered in Montreal, Canada, Amaya provides a host of services and solutions that range from: online and mobile gaming casino games and platforms, traditional and mobile lotteries, networked electronic gaming systems, hospitality in-room entertainment systems, management systems, content suites, advisory and management services, and integrity monitoring and auditing systems for the regulated gaming markets.
Disclaimer in regards to Forward-looking Statements
Certain statements included herein, including those that express management's expectations or estimates of our future performance 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 and competitive uncertainties and contingencies. Investors are cautioned not to put undue reliance on forward looking statements. Except as required by law, Amaya does not intend, and undertakes no obligation, to update any forward-looking statements to reflect, in particular, new information or future events.
SOURCE: AMAYA GAMING GROUP INC.
For further information:
Mr. Tim Foran
+1-416-815-0700 ext. 251