Stock Monitor: Canterbury Park Post Earnings Reporting
LONDON, UK / ACCESSWIRE / November 28, 2017 / Active-Investors issued a free report on Scientific Games Corp. (NASDAQ: SGMS), which is readily accessible upon registration at www.active-investors.com/registration-sg/'symbol=SGMS as the Company's latest news hit the wire. The Company declared that it has acquired the ownership of 38.98 million ordinary shares, 3.5 million warrants to acquire ordinary shares and 40,000 Class A exchangeable preferred shares of NYX Gaming Group Limited ("NYX") through two separate transactions on November 21 and November 24, 2017. Sign up now for our free research reports at: www.active-investors.com/registration-sg.
Active-Investors.com is currently working on the research report for Canterbury Park Holding Corporation (NASDAQ: CPHC ), which also belongs to the Services sector as the Company Scientific Games. Do not miss out, become a member today for free to access this upcoming report at: www.active-investors.com/registration-sg/'symbol=CPHC.
Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Scientific Games most recent news is on our radar and we have decided to include it in our blog post. Today's free coverage is available at: www.active-investors.com/registration-sg/'symbol=SGMS.
Transaction Details
- On November 21, 2017, Scientific Games (NASDAQ: SGMS) announced that it has acquired 11.6 million ordinary shares of NYX. This represents around 10.72% of the total issued and outstanding ordinary shares of NYX.
- Consideration for the transaction: Scientific Games purchased the ordinary shares through the facilities of the TSX Venture Exchange at prices ranging from CAD$2.22 to CAD$2.35 per share. This totals to a purchase price of CAD$27.1 million.
- Subsequently, on November 24, 2017, Scientific Games announced that it had also acquired ownership of additional 27.38 million ordinary shares of NYX; 3.5 million warrants to acquire ordinary shares of NYX; and 40,000 "Class A" exchangeable preferred shares of NYX Digital Gaming (Canada) ULC, a subsidiary of NYX. These exchangeable preferred shares are exchangeable for an aggregate of 9.2 million ordinary shares of NYX.
- Consideration for the transaction: Scientific Games acquired the additional securities pursuant to securities purchase agreements with four shareholders of NYX at a price of CAD$2.40 per Share and CAD$2.40 per Ordinary Share into which an Exchangeable Preferred Share is exchangeable. Thus, the total purchase price comes out to be CAD87.72 million. However, no additional consideration was paid for the Warrants.
- Prior to these transactions, Scientific Games did not own, directly or indirectly, any Ordinary Shares of NYX.
Terms and Conditions
- Scientific Games and NYX entered into a first amendment dated November 21, 2017, to the arrangement agreement dated September 20, 2017, between the two companies.
- As per the amendment, both Companies have agreed that if NYX's shareholders do not approve the acquisition of NYX by Scientific Games at the shareholders' vote in December, or NYX does not move forward for other specified reasons, Scientific Games will make a contractual takeover offer to NYX's shareholders for the same share price mentioned in the Arrangement Agreement.
- If all Warrants and Exchangeable Preferred Shares are exercised and exchanged, Scientific Games would own approximately 51.68 million Ordinary Shares, which is equivalent to 42.74% of the total issued and outstanding Ordinary Shares of NYX.
- In the future, Scientific Games may also acquire additional Ordinary Shares or securities convertible into Ordinary Shares or dispose of such securities.
Waiver for Existing Standstill Condition
Also, NYX declared on November 21, 2017 that it would waive the existing standstill condition with Scientific Games contained in the original agreement between the two companies. This would allow Scientific Games and its affiliates to purchase any ordinary, preferred or other equity securities of NYX or any of its subsidiaries going forward.
Stock Performance Snapshot
November 27, 2017 - At Monday's closing bell, Scientific Games' stock slightly climbed 0.10%, ending the trading session at $51.75.
Volume traded for the day: 649.67 thousand shares.
Stock performance in the last month - up 17.61%; previous three-month period - up 47.23%; past twelve-month period - up 243.85%; and year-to-date - up 269.64%
After yesterday's close, Scientific Games' market cap was at $4.67 billion.
The stock is part of the Services sector, categorized under the Gaming Activities industry.
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