Amaya Looks To Divest B2b Assets

To repay debt and buy back common shares

Canadian gaming firm Amaya Gaming Group said in a trading update Monday that it intends "exploring strategic opportunities" to divest its B2B assets including gaming solutions business, Cadillac Jack Inc. and Diamond Game.

The company confirmed it is currently evaluating non-binding proposals from unnamed potential buyers for its Cadillac Jack Inc. business.

Amaya will use funds from the proposed sale of these assets to repay debt and/or repurchase and cancel common shares which it believes are currently undervalued.

The company is planning to make a normal course issue bid to purchase and cancel upwards of 5 million common shares over a 12 month period, representing around 5 percent of the current public float.

"Amaya believes that its current share price does not reflect the underlying value of the Corporation, and that purchasing shares for cancellation will increase the proportionate interest of, and be advantageous to, all remaining shareholders," a company statement said.

Online Casino News Courtesy of Infopowa

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The man with the plan here at Casinomeister. Bryan Bailey has been running Casinomeister since its launch in June of 1998. He has watched the industry grow from its primeval stage to what it is now. The Meister has attended nearly 100 conferences in the past 20 years and has either been a speaker or a panel moderator for at least 60 events. He has always been an advocate of fairness and reason and is known to like German beer, a good Scotch, and astrophography.

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