LAS VEGAS, NV, Jan. 5, 2016 /CNW/ - NYX Gaming Group Limited ("NYX" or the "Company") (TSXV: NYX) announced today changes to certain terms of the exchangeable preferred shares previously issued by a subsidiary in July 2015. Unless otherwise stated, all "$" figures are in Canadian dollars.
As part of the consideration for the successful acquisition of Amaya (Alberta) Inc. (formerly Chartwell Technology Inc.) and Cryptologic Limited from Amaya Inc. ("Amaya") on July 31, 2015 (the "Issue Date"), a wholly owned subsidiary of NYX issued $40.0 million exchangeable preferred shares (the "Preferred Shares") to Amaya.
The following terms of the Preferred Shares have changed upon mutual agreement of the parties:
- The Exchange Ratio, which currently increases after six months at an initial rate of 3.0%, followed by 6.0% every six months from months 12 to 24 and 9% every six months thereafter, will now only increase every six months at a rate of 3.0% for so long as the Preferred Shares are outstanding.
- Amaya's retraction rights allowing it to exchange the Preferred Shares for NYX ordinary shares ("Ordinary Shares") at the then-applicable Exchange Ratio, may now only be exercised after the one-year anniversary of the Issue Date, rather than 6 months as previously permitted by the prior terms of the Preferred Shares.
- The Preferred Shares will automatically exchange for Ordinary Shares at the then-applicable Exchange Ratio, if not already exchanged or redeemed, in July 2020.
"The changes to certain terms of the Preferred Shares with Amaya were key to provide clarity to investors of NYX's capital structure and to enable us to execute on other strategic initiatives in 2016 as we continue to transform and build NYX into a premier global digital gaming supplier", said Matt Davey, CEO of NYX.
About NYX Gaming Group Limited
NYX Gaming Group Limited is a leading digital gaming supplier headquartered in Las Vegas with a staff of more than 350 employees based in 8 countries across Europe, North America and Australia. The Company provides one of the world's largest portfolios of market leading content and technology to some of the largest gaming operators, lotteries and casinos across the globe. NYX also has one of the broadest distribution bases in the industry with over 170 unique customers and a collective game catalogue of over 650 games. The market leading game catalogue includes slots, table games, scratch cards, lottery, bingo and poker available across web and mobile formats.
NYX is also a proud recipient of the Special Achievement Award from EGR, which recognized the group's consistent growth and innovation in multiple e-gaming verticals.
NYX Gaming Group Limited is listed on the TSX Venture Exchange under the symbol (TSXV: NYX).
Caution Regarding 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. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "intend", "estimate", "potential" or the negative of these terms or other similar expressions. Forward-looking statements in this press release include, but are not limited to, statements with respect to the anticipated benefits resulting from the amendments to the exchangeable preferred share terms. Forward looking statements are based on certain assumptions regarding the Company's expected growth, results of operations, performance, industry trends and growth opportunities. 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 risks, uncertainties and contingencies that could cause actual results to differ materially from those expressed or implied in such statements. Investors are cautioned not to put undue reliance on forward looking statements. Applicable risks and uncertainties include, but are not limited to: credit, market, currency, operational, liquidity and funding risks, including changes in economic conditions, interest rates or tax rates, the impact of government regulation on the on-line gaming industry and the risk that such regulation is subject to change, competition from other providers of online gaming services, the risks associated with international and foreign operations, the impact of consolidations in the online gaming industry and the other risks identified under the heading "Risk Factors" in the Company's final long form prospectus dated December 18, 2014, and final short from prospectus dated July 9, 2015, each as filed on SEDAR at www.sedar.com, and in other filings that NYX may make with applicable securities authorities in the future. The forward-looking statements contained herein reflect NYX's current views with respect to future events, and except as required by law, NYX does not intend, and undertakes no obligation, to update any forward-looking statements to reflect, in particular, new information or future events, or otherwise.
Neither the 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.
SOURCE NYX Gaming Group Ltd.
For further information: Matt Davey, Chief Executive Officer, NYX Gaming Group Limited, 1-702-586-8428; Joann Head, Investor Relations, (702) 586-5711, [email protected]