Inspired Gaming to price £40 million of convertibles subject to shareholder approval

By Rebecca Melvin

New York, July 7 - Inspired Gaming Group Plc plans to price £40 million of convertible preference shares at a price of 50 pence each, subject to shareholder approval being granted at a meeting to be held July 23, according to a release.

Issue has been underwritten by Evolution Securities.

Proceeds will be used to fund the cash costs of the exit from the company's pubs division and repay about £10 million of senior debt. The balance is expected to be used to provide capital to part-fund the roll out of server-based gaming terminals arising from new contracts that the company expects to secure shortly.

Based in Burton-on-Trent, England, Inspired Gaming is a server-based gaming company.

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