WINNIPEG, MB, Jan. 14, 2021 /CNW/ - Pollard Banknote
Limited (TSX: PBL) ("Pollard Banknote", "Pollard" or
the "Company") announced today that it has completed the previously
announced ("Acquisition") of Next Generation Lotteries AS ("NGL").
Pollard signed a definitive agreement to acquire 100% of the equity
of NGL on December 30, 2020. The
Acquisition was subject to certain standard regulatory and
third-party consents, which have now all been obtained.
NGL is a full solution supplier to the lottery industry,
including providing a state-of-the-art retail lotto system and
iLottery platform, creating a truly omni-channel offering that
increases lottery revenues and returns to good causes. With a focus
on Europe and Asia, current customers include the operation
of the Loteries de Catalunya in Spain and the provision of lottery services in
a number of other international jurisdictions, including
Tunisia and Norway.
The Acquisition purchase price of NGL totalled €36 million prior
to standard working capital adjustments and certain deferred cash
considerations, of which €32 million was paid at the time of
closing (approximately $50 million
CDN using an exchange rate of $1.57 CDN per EUR). The remaining €4 million will
be paid upon the achievement of specific gross margin targets in
2021. Approximately €27.4 million of the purchase price was funded
from the Company's existing cash resources and availability under
its existing senior credit facilities, with an additional €4.6
million of the purchase price satisfied by the issuance of 233,211
treasury shares of Pollard Banknote to the vendors.
About Pollard Banknote
Pollard Banknote is a leading lottery partner to more than 60
lotteries worldwide, providing high quality instant ticket
products, licensed games, Schafer Systems and Fastrak retail
merchandising solutions, and a full suite of digital offerings,
ranging from world-class mkodo game apps to comprehensive player
engagement and iLottery solutions, including strategic marketing
and management services. The company is a proven innovator and has
decades of experience helping lotteries to maximize player
engagement, sales, and proceeds for good causes. Pollard Banknote
also provides pull-tab tickets, bingo paper, and its Diamond Game and Oasis-branded electronic ticket
machines to charitable and other gaming markets in North America. Established in 1907, Pollard
Banknote is owned approximately 66.7% by the Pollard family and
33.3% by public shareholders, and is publicly traded on the TSX
(PBL). For more information, please visit our website at
Certain statements in this press release may constitute
"forward-looking" statements and information, which involve known
and unknown risks, uncertainties, and other factors that may cause
actual results, performance, or achievements to be materially
different from any future results, performance, or achievements
expressed or implied by such forward-looking statements. When used
in this document, such statements include such words as "may,"
"will," "expect," "believe," "plan," and other similar terminology.
These statements reflect management's current expectations
regarding future events and operating performance and speak only as
of the date of this document. There should not be an expectation
that such information will in all circumstances be updated,
supplemented, or revised whether as a result of new information,
changing circumstances, future events, or otherwise.
SOURCE Pollard Banknote Limited