The slot supplier and aggregator, KAVO Holdings, will receive a payment of $0.73 per share by 31 January, 2021. However, this payment is subject to shareholder approval. Once finalized, KAVO will hold over 20% of the shares of Bragg, which will make it a “control person” of the supplier.
As previously announced in October, Matevž Mazij, the managing director of Oryx, will join the Bragg board. Additionally, KAVO will have the right to appoint up to two new directors to the board.
In August 2018, Bragg (formerly known as GiveMeSport) made its first foray into the gaming industry by acquiring Oryx Gaming.
By 31 January, 2021, Bragg will make its initial earn-out payment of €10.55m in cash. The second earn-out payment was planned to consist of 45.5m-47m shares valued at €22m, depending on the share price. Originally, these earn-out payments were scheduled for 30 September 2020 but were postponed just before the deadline.
Furthermore, Bragg announced the appointment of Richard Carter, the former CEO of SBTech, as the non-executive chair of its board.
