Intertain Reiterates Commitment to Enhancing Shareholder Value and Sets the Record Straight Regarding Unfounded Market Rumours
28.3.2016 14:09 | NASDAQ OMX
Strategic options process has generated confidentiality agreements with several highly qualified industry and financial parties
TORONTO, ONTARIO--(Marketwired - Mar 28, 2016) - The Intertain Group Limited ("Intertain" or the "Company") (TSX:IT)(OTCQX:ITTNF) comments on media reports and market rumours about a reference to the Company in materials released last week in respect of Quebec securities regulatory matters relating principally to other parties. Intertain believes that these media reports and market rumours were the cause of a significant drop in the price of and material short selling activity in Intertain's common shares on Wednesday and Thursday of last week. This caused serious harm to Intertain shareholders and to Intertain.
Intertain considers this highly unfortunate as it is entirely unwarranted by the facts and by a clear market misunderstanding or false information about those facts. The only reference to Intertain in the Quebec materials is to an e-mail in November 2014 from a third party citing rumours that Intertain had secured financing and speculating that financing could be used for one of two potential transactions. In fact, at that time, Intertain had not secured the referenced financing and did not do so until over two months later. More importantly, the e-mail was not sent by or on behalf of anyone at Intertain and no one at Intertain was aware of it. As would be expected, Intertain would have had no interest in advising another industry party about the status of financing arrangements in respect of potential transactions with other companies.
Intertain is disappointed that misinformation and actions by parties seeking to exploit the Company have caused harm to Intertain's shareholders and Intertain, particularly in light of the continued strong performance of the Company and the ongoing strategic alternatives review which follows on a strong belief that the trading value of Intertain's common shares does not reflect their proper value.
"In spite of the efforts by some self-interested or misinformed parties, Intertain will continue to focus on building our business and creating value for all our shareholders," said John Kennedy FitzGerald, President and CEO of Intertain.
Intertain appreciates this opportunity to set the record straight and reaffirms its commitment to further improve Intertain and create enhanced shareholder value.
Fundamentals of Intertain's Business are Sound and Growing
This misinformation obscures the fact that Intertain's principal business units continue to perform ahead of expectations. As evidenced by the latest Q4 results announced on March 9, 2016, Intertain has continued to deliver quarter after quarter and the Company surpassed guidance across all metrics. Business results continue to show growing value from the assets that have been acquired and Q4 again demonstrated the quality and performance of Intertain's business segments, and proved that the fundamentals of Intertain's business are strong and prospects are very encouraging. The results show that Intertain's business is sound, that its customer base is stable and growing, and that its market position is unchanged as the largest online bingo-led operator in the world.
Intertain Re-Iterates Dedication to Enhancing Shareholder Value
Intertain's Board of Directors (the "Board") believes that the Company's share price is misaligned with its fundamental business results. The Board has therefore initiated a process to identify, examine and consider a range of strategic options available to the Company, with the objective of delivering shareholder value. A Special Committee of independent directors is in the process of considering a broad range of alternatives, including strategic transactions providing for a sale of the Company, one or more business units or partial offers and recapitalizations.
In this regard, the Company has received many expressions of interest (again, contrary to false speculation in the media) in acquiring all or material parts of its business with several highly qualified industry and financial parties have entered into confidentiality agreements with the Company and have access to Intertain's data room and management presentations are being scheduled.
About The Intertain Group Limited
Intertain is an online gaming holding company that, through its operating subsidiaries, provides entertainment to global consumer base in which such subsidiaries operate. Intertain currently offers bingo-led gaming and casino to its customers using the InterCasino www.intercasino.com, Costa www.costabingo.com, Vera&John www.verajohn.com, Jackpotjoy www.jackpotjoy.com and www.jackpotjoy.se, and Botemania www.botemania.es brands. For more information about Intertain, please visit www.intertain.com.
The Intertain Group Limited
Vice President, Corporate Communications
+1 416 720-8150
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: The Intertain Group Limited via Globenewswire
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