Gaming Realms and Jackpotjoy Sign Deal
Gaming Realms agrees 10-year deal and convertible loan with Jackpotjoy
Gaming Realms, the digital games developer, has agreed a 10-year framework deal with Jackpotjoy to supply various real-money services “on favoured terms”, with Jackpotjoy stumping up a £3.5m convertible loan.
AIM-listed Gaming Realms has also inked a deal to operate the JackpotHappy.com white label site on its proprietary online platform.
The convertible loan will be for five years, carrying interest at three-month LIBOR plus 5.5% and will be secured over the assets and business of Gaming Realms’ Slingo game.
At any time after the first year, Jackpotjoy can convert all or part of the principal amount of the loan into ordinary shares at a 20% discount to the share price prevailing at the time of conversion.
If the price of conversion is lower than the shares’ 10p nominal value, then the shares can be converted at nominal value and the difference paid in cash.
Under this arrangement, the maximum dilution to Gaming Realms shareholders will be approximately 12%, assuming the l loan is converted in full.
Gaming Realms also noted that it has paid RealNetworks Inc the outstanding sum of $4.5m.
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