Enlabs submits proposals to the board of Global Gaming 555 AB – European Gaming Industry News
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Enlabs submits proposals to the board of Global Gaming 555 AB

George Miller

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Enlabs: Interim report January – September 2020
Reading Time: 2 minutes

 

As previously announced, Enlabs has acquired 29.9% of the shares in Global Gaming 555 AB, and in connection with this called for an Extraordinary General Meeting (EGM) in Global Gaming to elect a new Board of Directors. Global Gaming has called for an EGM which will be held today, August 6, 2020.
Due to this, Enlabs has submitted a proposal for a new board composition as follows.

New election of:

Christian Rasmussen. Has a background from e.g. Evli Bank and as an analyst at AB Spiltan. He has been running his own business in corporate finance since 2010. Christian has participated in a large number of transactions in the gaming industry, and has both in-depth knowledge of M&A and the gaming industry.

Michael Niklasson. Lawyer since 1995 and runs his own law firm. Has a solid business law background with special knowledge in compliance and has been active as an advisor to companies in the gaming industry since the 1990s.

Niklas Braathen. Active in the gaming industry since 1985 and is e.g. Chairman of the Board of Enlabs AB.

Jonas Bertilsson. CEO of the investment company Rugosa. Jonas has a broad background in the M&A and finance. He is Chairman of the Board of Nordic eTrade AB and a board member of Acroud together with several other companies, and was previously a board member of Varenne Invest.

Re-election of:

Arne Reinemo. Elected to the Board of Global Gaming at the Annual General Meeting on May 8, 2020, has a background from, among others, McKinsey & Co and Creo Advisors.

Enlabs AB has further proposed that Niklas Braathen be appointed Chairman of the Board of Global Gaming and that Christian Rasmusen be appointed new Chairman of the Remuneration Committee.

 

About ENLABS:
ENLABS stands for Entertainment Laboratories. We are a company that creates entertainment through innovative thinking within gaming. The corporate group has offices in Tallinn, Riga, Vilnius, Malta, Marbella, Minsk and Stockholm. The operating subsidiaries hold national licenses for their operations and the Group employs approximately 200 employees.

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Latvia Parliament Approves Bill to Ban Alimony Debtors from Gambling

Niji Narayan

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Latvia Parliament Approves Bill to Ban Alimony Debtors from Gambling
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The Latvian Parliament (Saeima) has approved at the first reading a bill to ban alimony debtors from gambling, and scheduled a second reading for January 20.

The bill would require operators to ensure that those who owe maintenance payments are not permitted to gamble either in person or online. In order to do so, they must check accounts against the national register of maintenance debtors, with the help of the Lotteries and Gambling Inspectorate, which will create an official data display for licensees.

“The restriction is intended to prevent debtors who do not provide maintenance they owe for a child from using funds unreasonably for entertainment and hobbies,” the Saeima said.

The bill was submitted by the government and has already received approval from the Commission for Human Rights and Public Affairs with no objections. If it passes in the second and third reading and is signed into law, the restriction will come into effect on April 1.

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Gambling Self-exclusion Increases in Lithuania

Niji Narayan

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Gambling Self-exclusion Increases in Lithuania
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According to the Lithuanian Gambling Supervisory Authority, the number of Lithuanians who self-excluded from gambling in 2020 reached 17,348. This shows an increase from the 2019 figure.

There was a rise in the number of women and the number of people aged 31 and 40 years old who self-excluded. The proportion of women who self-excluded increased to 10%, up from 7% last year.

On the other hand, the number of younger people aged 18 to 20 who self-excluded fell from 9% to 6%.

The Supervisory Authority said: “This small change is a possible sign that younger people are starting to look at their gambling more responsibly and that an aid measure such as a limitation on gambling is not necessary for them.”

The portion from the 21-30 age group who self-excluded also declined this year, from 52% to 48%, while self-exclusion among those aged 31 to 40 increased from 36% to 42%. The proportion of self-excluded gamblers aged 41-50 remained at 2% and those aged 51 or older at 4%.

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Entain Puts Forward €276.4M Offer to Acquire Enlabs

Niji Narayan

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Entain Puts Forward €276.4M Offer to Acquire Enlabs
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Online gambling operator Entain has put forward an offer worth €276.4m to acquire Enlabs.

The cash offer, which would see Entain pay SEK40 for each Enlabs share, has been recommended by the Enlabs board, while shareholders holding 42.2% of the total Enlabs shares have also undertaken to accept the offer.

Entain said the acquisition of Enlabs is directly aligned with its growth strategy of entering locally regulated markets where it does not yet have a presence.

Should the acquisition go ahead, Entain said that it would retain the services of current Enlabs board chairman Niklas Braathen, in order to help to develop the group’s operations in the region and its expansion into new markets.

Subject to regulatory approvals and Enlabs shareholders accepting the offer, the transaction is expected to complete before the end of the first quarter.

“The acquisition of Enlabs is perfectly aligned with our strategy of expanding across new regulated international markets. We are hugely excited by the growth opportunities it presents both in its existing markets and through new market opportunities,” Shay Segev, chief executive of Entain, said.

“Enlabs is already a strong and rapidly growing business in its own right, but we now have a fantastic opportunity to turbocharge its growth by leveraging the power of our unparalleled proprietary technology, scale, product and marketing expertise,” Shay Segev added.

Enlabs’ Braathen said: “When Entain’s interest to acquire Enlabs emerged, we instantly saw the strategic logic.

“Entain’s experience and track record in many different geographic markets, together with its market-leading proprietary technology and world-class marketing skills are key attractions for Enlabs as we look to grow in the Baltics and beyond.”

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