GiG to explore alternative listings for planned split of media and B2B arms
CEO Richard Brown lifts the lid on thinking behind decision with a potential move away from Nordic stock exchange on the cards
Gaming Innovation Group (GiG) CEO Richard Brown has confirmed the firm will explore alternative listing locations as part of the splitting of its media and B2B sports betting divisions.
Speaking following the group’s Q4 2022 results yesterday, 15 February, Brown also touched on the strategy behind the proposed split of the company into two separate independently listed firms.
GiG has initiated a strategic review that will run throughout 2023 to explore the “strategic and operational objectives” needed to achieve the business split.
When pushed on where the two new entities would list, Brown remained coy but confirmed the decision would form part of the ongoing review.
He said: “The purpose of kicking off the review now is to be able to come back and actually answer those questions [around listing] with a really thoroughly thought through executable plan as part of that.
“I think in terms of the listing venue, I mean that’s a real part of what we will identify over the next period,” he added.
Brown also used the post-results call to lift the lid further on the thinking behind the split and noted the two arms of the business had essentially been operating in silos for a significant period of time, with a potential divide an option to further drive individual focus.
Brown continued: “I would say that from an operational standpoint, they operate separately. They are two different business units in terms of their operating principles and practices. They have to be treated as such.
“The decision is not about realising any synergies or looking for diminution. It’s about what the opportunities for each business are as a group and independently.“We’re really confident, and we wouldn’t be doing it otherwise, that both for the business but then also for shareholder value, that the two separate entities will be able to drive [the business] forward,” he added.
Brown also confirmed the split would not happen immediately and that the strategic review was a necessary part of the process to determine the future of the business.
He added that there was no “concrete structure” on timings for the split.