Pollard Banknote Announces Completion of Compulsory Acquisition of INNOVA Gaming Group
WINNIPEG and LOS ANGELES, Sept. 18, 2017 /CNW/ - Pollard Banknote Limited (TSX:PBL) ("Pollard Banknote") and INNOVA Gaming Group Inc. (TSX: IGG) ("INNOVA") today announced that 10188557 Canada Inc. (the "Acquiror"), a wholly-owned subsidiary of Pollard Banknote, has acquired, pursuant to the compulsory acquisition procedures of the Canada Business Corporations Act (the "Compulsory Acquisition"), 976,932 common shares ("Common Shares") of INNOVA that were not tendered to Pollard Banknote's offer to acquire INNOVA which expired at 5:00 p.m. on August 15, 2017. The Common Shares acquired represent 4.87% of the issued and outstanding Common Shares), and were acquired by the Acquiror for $2.50 per Common Share for an aggregate purchase price of $2,442,330.
Prior to the Compulsory Acquisition, Pollard Banknote, through the Acquiror, owned 19,096,967 Common Shares. After giving effect to the Compulsory Acquisition, Pollard Banknote, through the Acquiror, owns 20,073,899 Common Shares, representing 100% of the issued and outstanding Common Shares.
The Common Shares will be de-listed from the Toronto Stock Exchange as at the close of business on September 19, 2017. Pollard Banknote intends to cause INNOVA to cease to be a reporting issuer under applicable securities laws as soon as possible.
This news release is issued pursuant to National Instrument 62-103 – The Early Warning System. A copy of the early warning report to which this news release relates can be obtained from the contact persons listed below or on INNOVA's SEDAR profile at www.sedar.com.
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.
The Acquiror is located at 140 Otter Street, Winnipeg, Manitoba R3T 0M8.
About INNOVA
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.
Forward-looking Statements
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
