Real Luck Group rejects two contradictory proposals from ex-Bragg Gaming Group CEO

Real Luck Group has rejected two proposals from former Bragg Gaming Group CEO Adam Arviv, as it felt it would not be in the company’s and its shareholders’ best interests.

The parent company of esports operator, Luckbox, stated that the proposals were “opportunistic” and that it noted that Arviv had recently acquired shares of the company but failed to disclose his level of ownership.

The first of these proposals was a merger with a “private gambling company.” This would have valued the firm at C$0.09, which is lower than the C$0.10 per share it closed with on 27 October.

Arviv then changed his mind and proposed a “wind-down of the company’’, which the firm said was “ignoring the group’s now finished platform and growing player base”.

Real Luck Group stated that it felt the company is undervalued, has a strong cash position, no debt and has a robust plan to reach profitability within the next year.

This makes it a target for individuals like Arviv, who want to access the firm’s cash without any regard for its stakeholders, argued Real Luck Group.

The board added that it has retained the services of McMillan LLP as legal counsel and that DuMoulin Black LLP continues in an advisory capacity.

Luckbox’s parent company stated that it is still open to meeting with Arviv in his capacity as a shareholder of the company, but previous attempts to arrange an in-person meeting were declined by him.