Jpj Bingo
JPJ Group plc currently offers bingo and casino games to its customers through its subsidiaries using the InterCasino (www.intercasino.com), Vera&John (www.verajohn.com), Jackpotjoy. Your password has now been reset. We've sent you an email to confirm that you've changed your password. You can now login using your new password.
JPJ Group has entered into a conditional agreement to acquire the majority of its technology partner Gamesys’ assets for a total consideration of £490m (€549.8m/$620.9m).
Your password has now been reset. We've sent you an email to confirm that you've changed your password. You can now login using your new password. Online gambling operator Jackpotjoy Group (JPJ) leaned heavily on its Vera&John casino division as its mainstay bingo operations struggled in the UK. On Tuesday, JPJ released its H1 earnings. A Jpj Bingo progressive jackpot is a casino-style jackpot which increases each time the game is played, if the jackpot is not won. When the progressive jackpot is won, the jackpot for the next play is reset to a predetermined value, then resumes increasing Jpj Bingo with each play.
Jpj Bingo App
The deal will see JPJ acquire the Gamesys platform, and bingo content studio, as well as its B2C real-money gaming sites Virgin Games, Heart Bingo and Monopoly Casino. The deal will also see JPJ take charge of Gamesys’ New Jersey-licensed Virgin Casino site, operated in partnership with Tropicana.
Since acquiring Gamesys’ Jackpotjoy brands in 2015, the business has continued to provide JPJ Group with igaming content, its technology platform and operational support. Through the acquisition, JPJ will take ownership of the technology platform and operations, reducing its reliance on third party providers.
Originally it had planned to onboard operational staff from Gamesys, but noted that this could have left both companies separate, and potentially pursuing conflicting strategies.
“The acquisition ensures full strategic alignment, business continuity and minimisation of execution risk,” JPJ explained.
The London-listed operator will not acquire the Virgin Bet sports betting business, nor the recently acquired Livescore sports data and media business. Gamesys will also retain its non-bingo games studio, and its minority equity investments in a Norwegian games studio and US sports betting business, as well as certain immaterial subsidiaries.
In order to go ahead with the deal, Gamesys will carry out a restructuring to separate the assets to be acquired from the business units it will retain.
Upon completion of the deal, JPJ will pay £240m in cash, with a further £10m to be paid to Gamesys shareholders 30 months after the deal’s completion.
It will also issue 33.7m new shares to Gamesys shareholders, priced at 10 pence per share, with an approximate value of £240m.
Jpg Into Excel
“This acquisition marks an important transformational step in JPJ's growth, providing significant benefits for shareholders, employees and customers,” JPJ executive chairman Neil Goulden commented.
“For shareholders, we expect the acquisition to deliver earnings accretion in the first full financial year of ownership, while our employees will benefit from the combination of two companies with a strong commitment to responsible gaming and where the greater scale will further enhance our product development and technology capabilities.
“Our customers will also now have an even greater choice of major brands and different games, all on one platform, creating a truly leading UK and international operator,” he added.
JPJ also highlighted the enlarged business’ commitment to responsible gambling, committing to developing and implementing measures to protect customers from gambling-related harm.
The new business (the Enlarged Group) is expected to achieve annualised cost savings in the “single-digit millions”, which will be released in the first full financial year following the deal’s completion. JPJ will also benefit from a significant UK-based infrastructure, allowing it to streamline elements of its current business.
It also expects to benefit from the expertise of staff that will transfer to JPJ through the deal. These will include Gamesys chief executive Lee Fenton, who will become CEO of the enlarged business, and chief operating officer Robeson Reeves, who will take on the same role for JPJ.
Executive chairman Goulden and finance chief Keith Laslop will remain in their current roles. Simon Wykes, CEO of the operator’s Jackpotjoy Operations subsidiary, will assume the role of transition director for a 12-month period following the deal’s completion.
“I am very excited to join the Enlarged Group as CEO,” Fenton said. “This is a strategically important transaction that adds scale and combines complementary capabilities as the competitive and regulatory environment continues to evolve.
“The Enlarged Group's combined brand portfolio, strategically aligned operating structure, technology capabilities and exceptional combined talent base will create significant opportunities for growth in the market.”
Jpj Bingo Card
For the nine months ended December 31, 2018, the Gamesys assets to be acquired generated revenue of £223.1m, up 12.2% year-on-year. This was derived predominantly from gaming, which accounted for £139.7m of the total, with £83.4m generated from the provision of support services.
Once costs and expenses of £180.0m (up 7.0% year-on-year) were stripped out, and finance related costs removed, the business posted a profit of £49.4m for the period, down marginally from £50.3m for the first nine months of 2017.
As of December 31, 2018, it had an average of 239,400 active monthly customers, generating an average of £64 per player per month.
The acquisition, which is subject to customary closing conditions, is expected to be completed in the third quarter of the year.
Redemption date for Exchangeable shares expected to be in January 2020
LONDON, UK / ACCESSWIRE / August 30, 2019 / JPJ Group plc (LSE:JPJ) (the 'Group'), a leading global online bingo-led operator, is pleased to announce that shareholders of the Intertain Group Limited ('Intertain') approved the early redemption of Intertain's Class C non-voting exchangeable shares ('Exchangeable Shares') at a special meeting of holders of Exchangeable Shares today. Intertain is an indirect subsidiary of JPJ Group plc.
The redemption date for the Exchangeable Shares is expected to be on or around 13 January 2020, after which the Exchangeable Shares will be delisted from the Toronto Stock Exchange.
Neil Goulden, Executive Chairman of JPJ Group said: 'Today's approval marks another important milestone in JPJ Group's transformation and enables the Group to simplify its corporate structure and capital structure, in-line with other leading UK-based issuers in the Premium Listing segment. I would like to personally thank all of our Exchangeable Shareholders for their continued support of all of our businesses.'
About JPJ Group plc
JPJ Group plc is the parent company of an online gaming group that provides entertainment to a global consumer base through its subsidiaries. JPJ Group plc currently offers bingo and casino games to its customers through its subsidiaries using the Jackpotjoy (www.jackpotjoy.com), Starspins (www.starspins.com), Botemania (www.botemania.es), Vera&John (www.verajohn.com), and InterCasino (www.intercasino.com) brands. For more information about JPJ Group plc, please visit www.jpjgroup.com.
Enquiries:
JPJ Group plc
Jason Holden
Director of Investor Relations
+44 (0) 203 907 4032
[email protected]
Amanda Brewer, Vice President of Corporate Communications
+1 416 720 8150
[email protected]
Finsbury
James Leviton
Andy Parnis
+44 (0) 207 251 3801
[email protected]
Cautionary Note Regarding Forward-Looking Information
This release contains certain information and statements that may constitute 'forward-looking information' within the meaning of Canadian securities laws. Often, but not always, forward-looking information can be identified by the use of words such as 'expects', or the negative of such words or other variations or synonyms for such words, or state that certain actions, events or results 'may' or 'will' be taken, occur or be achieved.
Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause actual results, performance, achievements or developments to be materially different from those anticipated by the Group and expressed or implied by the forward-looking information. Forward-looking information contained in this release includes, but is not limited to, statements with respect to: (i) the ability of Intertain to implement the redemption of the Exchangeable Shares on the terms and timeline anticipated by Intertain, (ii) the delisting of the exchangeable shares, and (iii) the ability of the Group to reduce its administrative and compliance costs in Canada. These statements reflect the Group's current expectations related to future events or its future results, performance, achievements, developments, actions and future trends affecting the Group. All such statements, other than statements of historical fact, are forward-looking information.
Such forward-looking information is based on a number of assumptions which may prove to be incorrect, including, without limitation, that the Risk Factors (as defined below) will cause actual results, performance, achievements or developments to differ materially from those described in the forward-looking information. Such forward-looking information could be materially affected by risks, including, but not limited to, that TSX and other securities regulatory approvals may not be obtained on the terms anticipated by the Group or at all (the 'Risk Factors'). The foregoing Risk Factors are not intended to represent a complete list of factors that could affect the Group.
Although the Group has attempted to identify important factors that could cause actual results, performance, achievements or developments to differ materially from those described in the forward-looking information, there may be other factors that cause actual results, performance, achievements or developments not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results, performance, achievements or developments are likely to differ, and may differ materially, from those expressed in or implied by the forward-looking information contained in this release. Accordingly, readers should not place undue reliance on forward-looking information. While subsequent events and developments may cause the Group's expectations, estimates and views to change, the Group does not undertake or assume any obligation to update or revise any forward-looking information, except as required by applicable securities laws. The forward-looking information contained in this release should not be relied upon as presenting the Group's expectations, estimates and views as of any date subsequent to the date of this release. All of the forward-looking information in this release is expressly qualified by this cautionary note.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
SOURCE: JPJ Group plc