GIG Primary Insiders Sell Off 70 Million Company Shares

By Brian Cullingworth, Last updated Jul 1, 2023

Following exemption from lock-up restrictions agreed by the Board

Gaming Innovation Group’s (GIG) board of directors has agreed to an exemption from the lock-up restrictions on shares in order to support the Company’s target of broadening the institutional shareholder base, increasing the free float and stimulating liquidity in the Company’s shares.

The sale of 70,000,000 shares, priced at NOK 5.40, and representing 8.55 percent, were sold after close of markets Thursday through an accelerated book building process managed by Carnegie .

GIG revealed the company shares were in strong demand from Norwegian, Nordic and international investors, saying the majority have been allocated to Swedish and Finnish institutions with considerable sector experience.

The company furnished details of the sellers as follows:

Optimizer Invest Ltd., a company represented on the board of directors of GIG by Andre Lavold and Henrik Persson Ekdahl, sold 27,800,000 shares in the transaction, and now holds 103,373,297 shares (12.6 percent). Optimizer Invest has extended their lock-up with the Company on the remaining shares from 15 March 2018 to 31 March 2019.

Super Innovative Ltd., a company controlled by chief executive officer, Robin Reed, sold 7,900,000 shares in the transaction. As a result, Reed and close associates now holds 50,514,881 shares (6.2%). In addition, Reed will receive 13,949,391 earn-out shares in June 2017. Reed has extended his lock-up with Company on the remaining shares from 17 June 2017 to 31 March 2019.

Ben Clemes, managing director of GIG’s iGaming Cloud, sold 4,800,000 shares in the transaction. As a result, Clemes now holds 14,432,998 shares (1.8%). In addition, he will receive 4,388,470 earn-out shares in June 2017. Clemes has extended his lock-up with Company on the remaining shares from 17 June 2017 to 31 March 2019.

Chairman of the board Helge Nielsen sold 600,000 shares in the transaction.  As a result, Nielsen now holds 247,362 shares (0.03%). In addition Nielsen owns 8.3% of Bryggen Holding AS, which owns 104,446,123 shares, representing 12.8% of the current outstanding shares in the Company. Bryggen Holding AS will receive 13,732,271 earn-out shares in June 2017.

Six other shareholders that are not primary insiders have sold 28,900,000 shares in the transaction.

Brian Cullingworth

Infopowa news was a staple of Casinomeister’s news from 2000 until 2019. Brian Cullingworth was the main writer, contributor, and was one of the most knowledgeable persons I have ever known involved in the online casino industry.

We first met in January 2001 at the ICE in London where I observed him going booth to booth interviewing online casino, software, and licensing jurisdiction representatives. Brian was also heavily involved with our forum as “Jetset“, he was involved as an informal consultant to eCOGRA, the OPA, and was a player advocate who assisted countless aggrieved players with his connections to industry folks. He also published “Casino Cautions” via Infopowa news for quite a number of years. These can be found in our news archives.

His passing in February 2019 was a dark day for us. He will be forever missed.

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