WINNIPEG and LOS ANGELES, Aug. 15, 2017 /CNW/ – Pollard Banknote Limited (TSX:PBL) ("Pollard Banknote") and INNOVA Gaming Group Inc. (TSX: IGG) ("INNOVA") today announced that an additional 1,167,946 common shares of INNOVA ("Common Shares") have been validly deposited pursuant to Pollard Banknote's offer to acquire all of the outstanding Common Shares for $2.50 in cash per Common Share (the "Offer") as of the expiry of the extended deposit period for the Offer at 5:00 p.m. (Toronto time) on August 15, 2017. All conditions of the Offer have been satisfied and the Offer has now expired. 10188557 Canada Inc. (the "Offeror"), a wholly-owned subsidiary of Pollard Banknote, has taken up all of the deposited Common Shares and payment for the deposited Common Shares will be made within 3 business days. After taking up the additional Common Shares deposited, Pollard Banknote, through the Offeror, will own 19,096,967 Common Shares representing approximately 95.13% of the issued and outstanding Common Shares.
As the Offer was accepted by holders of more than 90% of the outstanding Common Shares, Pollard Banknote will acquire through the Offeror all of the remaining Common Shares not deposited under the Offer pursuant to the compulsory acquisition provisions of the Canada Business Corporations Act, as described in its take-over bid circular. Pollard Banknote will mail a notice of compulsory acquisition to all remaining holders of Common Shares shortly. Pollard Banknote intends to cause the Common Shares to be delisted from the Toronto Stock Exchange and cause INNOVA to cease to be a reporting issuer under applicable securities laws as soon as possible.
About Pollard Banknote
Pollard Banknote is a leading lottery partner to more than 60 lotteries worldwide, providing high quality instant ticket products, licensed games, and strategic marketing and management services for both traditional instant games and the emerging iLottery space of web, mobile and social channels. The company is a proven innovator and has decades of experience helping lotteries to maximize player engagement, sales and proceeds for good causes. Pollard Banknote also plays a major role in the charitable pull‐tab and bingo markets in North America. Established in 1907, Pollard Banknote is owned approximately 73.5% by the Pollard family and 26.5% by public shareholders and is publicly traded on the TSX (PBL). For more information, please visit our website at www.pollardbanknote.com.
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, INNOVA 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. INNOVA'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 the management and the board of directors of each of Pollard Banknote and INNOVA 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 Pollard Banknote and INNOVA's current views with respect to future events, and except as required by law, Pollard Banknote and INNOVA do not intend, and undertake no obligation, to update any forward-looking statements to reflect, in particular, new information or future events, or otherwise.
SOURCE Pollard Banknote Limited
For further information: Doug Pollard, Telephone: (204) 474-2323 ext 204; John Pollard, Telephone: (204) 474-2323 ext 275