By Matina Harkoftaki
The approval to proceed with the increase of share capital for the acquisition of up to 130 million euros was given by the shareholders of Intralot during the extraordinary general meeting held at its headquarters.
According to the Deputy CEO of the listed company, Chrysostomos Sfatos with AMK, there will be the possibility for the repurchase of 34% of the subsidiary in the USA Intralot Inc, which is not controlled by Intralot after the restructuring of a loan that took place last August. The problem of negative equity will also be solved. Therefore, after the repurchase, the subsidiary will be 100% under the control of the group. In addition, AMK will be held in favor of the old shareholders and with a secured strategic investor, the Standard General fund, which has committed to take up to one third of the unallocated shares with the maximum price per share set at 0.58 euros.
Socrates Kokkalis, the president and CEO of the group, spoke about a cycle that is closing but also about a new era that is opening for the group, who stated that special emphasis will be given to the development of its activities in the American market in the first year and other markets.
“After two years of hard and difficult negotiations, a process is closed with the bondholders of the company, which partially closed with the sale of a percentage of the American subsidiary and today with the increase of the share capital we aim at the repurchase of these shares by the bondholders which Our company is one of the three that specializes in lottery games and for this reason there has been an interest from the American strategic investor fund Standard General, which is active in the field of gambling and has all the activities This gives a great opportunity to both the fund and us to grow very strongly in the US market. This move will strengthen our position as a global company, position which in recent years we had lost due to financial conditions We have various proposals for the participation of the group’s funds, but we preferred to work with Standard General and with it to enter into some discussions on how the company will develop both in the USA, where our interest is currently focused, as well as in other countries. Today we are closing a circle, that of Intralot debt restructuring in general with the strengthening of the company and the acquisition of a partner, which has a significant presence in the US. “I am sure that we will now move forward with other forces and prospects after the completion of the AMK”, said Mr. Kokkalis in the context of the extraordinary general assembly.
Source: Capital
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