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GAMESYS GROUP PLC

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JPJ : Sale of Mandalay to 888

02/19/2019 | 02:19am EDT

RNS Number : 4003Q JPJ Group PLC

19 February 2019

Sale of Mandalay to 888

LONDON (UK), 19 February 2019 - JPJ Group plc (LSE: JPJ) (the "Group"), a leading global online bingo-led operator, announces today that it has signed a defini*ve agreement for the sale of its Mandalay opera*ng business to a subsidiary of 888 Holdings plc, for total cash consideration of £18 million.

The divestment of Mandalay will enable the Group to concentrate on a more focussed brand strategy in the U.K. through Jackpotjoy, the market's leading bingo-led brand and op*mise the Group's return on its marke*ng investment.

Mandalay consists of the real money opera*ng results of various online bingo brands, including Costa Bingo, and all its bingo offerings operate on 888 Holding's Dragonfish pla;orm. Mandalay generated approximately £11 million of revenue and approximately £3.7 million of profit before tax a?ributable to the assets in the twelve months to 31

December 2018.(1)

Comple*on of the Mandalay sale is expected to take place by the end of March 2019, following the conclusion of an employee consultation process.

On comple*on of the Mandalay sale,£12 million of the cash considera*on will be paid to the Group with the remaining £6 million expected to be paid in September 2019.

Notes

(1)Based on unaudited management accounts.

About JPJ Group plc

JPJ Group plc is the parent company of an online gaming group that provides entertainment to a global consumer base through its subsidiaries. JPJ Group plc currently offers bingo and casino games to its customers through its subsidiaries using the InterCasino (www.intercasino.com), Vera&John (www.verajohn.com), Jackpotjoy (www.jackpotjoy.com), Starspins (www.starspins.com) and Botemania (www.botemania.es) brands. For more information about JPJ Group plc, please visit www.jpjgroup.com.

Enquiries

JPJ Group plc

Jason Holden, Director of Investor Relations +44 (0) 203 907 4032 jason.holden@jpj.com

Amanda Brewer, Vice President of Corporate Communications +1 416 720 8150 amanda.brewer@jpj.com

Finsbury

James Leviton Andy Parnis +44 (0) 207 251 3801

jpj@finsbury.com

Cautionary Note Regarding Forward-Looking Information

This release contains certain informa on and statements that may cons tute 'forward-looking informa on' within the meaning of applicable laws, including Canadian securi es laws. O$en, but not always, forward-looking informa on can be iden fied by the use of words such as 'plans', 'expects', 'es mates', 'projects', 'predicts', 'targets', 'seeks', 'intends', 'an cipates', 'believes', or 'is confident of' or the nega ve of such words or other varia ons of or synonyms for such words, or state that certain ac ons, events or results 'may', 'could', 'would', 'should', 'might' or 'will' be taken, occur or be achieved. Forward-looking informa on involves known and unknown risks, uncertain es and other factors which may cause actual results, performance, achievements or developments to be materially different from those an cipated by the Group and expressed or implied by the forward-looking statements. Forward-looking informa on contained in this release includes, but is not limited to, statements with respect to the Group's future financial performance, the future prospects of the Group's business and opera ons, the expected comple on date of the Mandalay sale (and the resul ng concentra on on a more focussed brand strategy in the U.K. and op misa on of the Group's return on its marke ng investment) and ming of the cash considera on payments (including the £6 million deferred considera on). These statements reflect the Group's current expecta ons related to future events or its future results, performance, achievements or developments, and future trends affec ng the Group. All such statements, other than statements of historical fact, are forward-looking informa on. Such forward-looking informa on is based on a number of assump ons which may prove to be incorrect, including, but not limited to, the ability of the Group to secure, maintain and comply with all required licences, permits and cer fica ons to carry out business in the jurisdic ons in which it currently operates or intends to operate; governmental and regulatory ac ons, including the introduc on of new laws or changes in laws (or the interpreta on thereof)

related to online gaming; general business, economic and market condi ons (including market growth rates and the withdrawal of the UK from the

European Union); the Group opera ng in foreign jurisdic ons; the compe ve environment; the expected growth of the online gaming market and poten al new market opportuni es; an cipated and unan cipated costs; the protec on of the Group's intellectual property rights; the Group's con nued rela onship with the Gamesys group and other third par es; the ability of the Group to service its debt obliga ons; and the ability of the

Group to obtain addi onal financing, if, as and when required. Such statements could also be materially affected by risks rela ng to the lack of available and qualified personnel or management; stock market vola lity; taxa on policies; compe on; foreign opera ons; the Group's limited opera ng history and the Group's ability to access sufficient capital from internal or external sources. However, whether actual results and developments will conform with the expecta ons and predic ons contained in the forward-looking informa on is subject to a number of risks and uncertain es, many of which are beyond the Group's control, and the effects of which can be difficult to predict, including that the assump ons outlined above may not be accurate. For a descrip on of addi onal risk factors, see Schedule 'A' a9ached to JPJ Group plc's most recently filed annual informa on form. Although the Group has a9empted to iden fy important factors that could cause actual results, performance, achievements or developments to differ materially from those described in forward-looking statements, there may be other factors that cause actual results, performance, achievements or developments not to be as an cipated, es mated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results, performance, achievement or developments are likely to differ, and may differ materially, from those expressed in or implied by the forward-looking informa on contained in this release. Accordingly, readers should not place undue reliance on forward-looking informa on. While subsequent events and developments may cause the Group's expecta ons, es mates and views to change, the Group does not undertake or assume any obliga on to update or revise any forward-looking informa on, except as required by applicable securi es laws. The forward-looking informa on contained in this release should not be relied upon as represen ng the

Group's expecta ons, es mates and views as of any date subsequent to the date of this release. The forward-looking informa on contained in this release is expressly qualified by this cau onary statement. Investors should not place undue reliance on forward-looking statements as the plans, intentions or expectations upon which they are based might not occur.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

DISDMGMZKRLGLZM

Disclaimer

Jackpotjoy plc published this content on 19 February 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 19 February 2019 07:17:05 UTC


© Publicnow 2019
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Managers and Directors
Keith Laslop Chief Financial Officer & Executive Director
Neil Geoffrey Goulden Non-Executive Chairman
Andria Louise Vidler Independent Non-Executive Director
Colin Sturgeon Senior Independent Non-Executive Director
Nigel Brewster Independent Non-Executive Director