STRIDE GAMING FLOATS ON LONDON’S AIM

Tuesday May 19,2015 : STRIDE GAMING FLOATS ON LONDON’S AIM

UK-focused bingo-led firm market capitalisation valued at GBP 66.2 million based on placing price.

In an industry update, Stride Gaming plc said its first day of dealings on London’s Alternative Investment Market (AIM) had raised GBP 11.2 million to support the Company’s strategic growth opportunities.

The multi-branded UK-focused online bingo-led operator’s Ordinary Shares were admitted on AIM today (Tuesday) under the ticker code STR. 

50,151,513 Ordinary shares were placed at a price of 132 pence to raise gross proceeds of GBP 11.2 million giving a market capitalisation at the Placing Price of GBP 66.2 million.

Stride Gaming provides online bingo and related activities through its proprietary and purchased software principally to the UK market. Online bingo brands comprise Kitty Bingo, Lucky Pants Bingo, Bingo Extra, Jackpot Café, Jackpot Liner, King Jackpot, along with online casino brands Spin and Win and Magical Vegas.

The company is led by industry veterans Nigel Payne, as non-executive chairman, Eitan Boyd as chief executive officer, and Darren Sims as chief operating officer. 

Payne previously served as chief executive officer of Sportingbet plc while Sims successfully sold two online bingo-led businesses for GBP 60 million and US$ 42 million respectively prior to establishing Stride Gaming.

“Our Admission to AIM will expedite the Company’s organic and acquisitive growth strategy and provide it with a fantastic platform to grab significant market share as a result of increased regulation,” Boyd said.

“The listing will also enhance the Group’s profile and brand awareness and will help facilitate our ambitions to become the market leader in online bingo.”