Early redemption of exchangeable shares approved
Redemption date for Exchangeable shares expected to be in January 2020
TORONTO, Aug. 30, 2019 (GLOBE NEWSWIRE) -- The Intertain Group Limited ("Intertain") (TSX:ITX), an indirect subsidiary of JPJ Group plc (LSE:JPJ), is pleased to announce that the special resolution approving amendments to Intertain's articles to permit the early redemption of Intertain's Class C non-voting exchangeable shares (the "Exchangeable Shares") was approved at the special meeting of holders of Exchangeable Shares held earlier today. The redemption date for the Exchangeable Shares is therefore expected to be on or about January 13, 2020, after which the Exchangeable Shares will be delisted from the Toronto Stock Exchange.
Neil Goulden, Executive Chairman of Intertain, and JPJ Group plc, said, "We are pleased with this result of today's meeting. With over 80% of the Exchangeable Shares having already been exchanged, the early redemption of the remaining shares will allow Intertain to reduce its administrative and compliance costs associated with the Exchangeable Shares and its ongoing listing in Canada. It will also allow JPJ Group to simplify its capital structure, bringing it in line with other leading UK-based issuers listed in the Premium Listing segment. We would like to thank the Exchangeable Shareholders for their ongoing support of our businesses."
The amendments to Intertain's articles were approved by more than 79% of votes cast by Exchangeable Shares represented in person or by proxy at the meeting. In accordance with the exchangeable share support agreement made as of January 25, 2017 between JPJ Group plc, Intertain CallCo ULC and Intertain, the 16,214,873 Exchangeable Shares held by Intertain CallCo ULC were not voted at the meeting.
About The Intertain Group Limited
Intertain is an indirect subsidiary of JPJ Group plc, the parent company of an online gaming group that provides entertainment to a global consumer base through its subsidiaries. JPJ Group plc currently offers bingo and casino games to its customers through its subsidiaries using the Jackpotjoy (www.jackpotjoy.com), Starspins (www.starspins.com), Botemania (www.botemania.es), Vera&John (www.verajohn.com) and InterCasino (www.intercasino.com) brands. For more information about JPJ Group plc, please visit www.jpjgroup.com.
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Cautionary Note Regarding Forward-Looking Information
This release contains certain information and statements that may constitute "forward-looking information" within the meaning of Canadian securities laws. Often, but not always, forward-looking information can be identified by the use of words such as "expects", or the negative of such words or other variations or synonyms for such words, or state that certain actions, events or results "may" or "will" be taken, occur or be achieved.
Forward looking information involves known and unknown risks, uncertainties and other factors which may cause actual results, performance, achievements or developments to be materially different from those anticipated by Intertain and expressed or implied by the forward-looking information. Forward-looking information contained in this release includes, but is not limited to, statements with respect to: (i) the ability of Intertain to implement the redemption of the exchangeable shares on the terms and timeline anticipated by Intertain, (ii) the delisting of the exchangeable shares, and (iii) the ability of Intertain to reduce its administrative and compliance costs in Canada. These statements reflect Intertain's current expectations related to future events or its future results, performance, achievements, developments, actions and future trends affecting Intertain. All such statements, other than statements of historical fact, are forward-looking information.
Such forward-looking information is based on a number of assumptions which may prove to be incorrect, including, without limitation, that the Risk Factors (as defined below) will cause actual results, performance, achievements or developments to differ materially from those described in the forward-looking information. Such forward-looking information could be materially affected by risks, including, but not limited to, that TSX and other securities regulatory approvals may not be obtained on the terms anticipated by Intertain or at all (the "Risk Factors"). The foregoing Risk Factors are not intended to represent a complete list of factors that could affect Intertain.
Although Intertain has attempted to identify important factors that could cause actual results, performance, achievements or developments to differ materially from those described in the forward looking information, there may be other factors that cause actual results, performance, achievements or developments not to be as anticipated, estimated or intended. There can be no assurance that forward looking information will prove to be accurate, as actual results, performance, achievements or developments are likely to differ, and may differ materially, from those expressed in or implied by the forward-looking information contained in this release. Accordingly, readers should not place undue reliance on forward-looking information. While subsequent events and developments may cause Intertain's expectations, estimates and views to change, Intertain does not undertake or assume any obligation to update or revise any forward-looking information, except as required by applicable securities laws. The forward-looking information contained in this release should not be relied upon as presenting Intertain's expectations, estimates and views as of any date subsequent to the date of this release. All of the forward-looking information in this release is expressly qualified by this cautionary note.
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