[Removed from :freetrade:] Game Account Network (GAN) 🎮

This firm develops gaming software for online games and casinos.

Keen gamers may have heard of the award-winning GameSTACK platform.

My 2nd best performer after GGP :+1:

https://www.proactiveinvestors.co.uk/companies/news/912952/gan-gains-as-key-new-jersey-gambling-market-surges-200-912952.html

Edit: There is a NASDAQ listing coming soon too. :blush:

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My second best after Microsoft - don’t normally invest in AIM stocks, was a bit of a punt

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Any thoughts on GAN

I think there’s a ton of room for growth here. Gambling is set to absolutely explode in America with so many states currently pending sports betting legalisation. Current target price is 200p which looks like a potential steal.

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More details on the potential listing/delisting that will certainly be of interest to shareholders.

Exciting times!

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People’s thoughts on the message from the team about having to sell our GAN shares ?

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Not decided yet. I’m running a loss on them at the moment, and would rather carry this over to the new exchange than cash in now. But their message was fairly vague about how long the process will take, and seemed to be pushing us to sell up to make their life easier.

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Correct me if I’m wrong - but are Freetrade saying that we need to sell all of our shares in GAN (potentially at a pretty bad loss), to then receive ZERO GAN Bermuda shares in return as well as ZERO of the proposed cash compensation of 2.32p per share as stated in the GAN Scheme of Arrangement?

Sorry, what?

I read it that they are saying you can keep the shares and they will do the transfer, but it could take months, hence they seem to have a bias towards us selling up instead. And like you I will be taking a 20% loss which I would prefer to avoid. But fortunately I only have a small position here.

Unfortunately it appears that Freetrade will be selling our shares whether we like it or not:

We will reach out to you after the court hearing to confirm whether these proposals are approved or not. If they are we will give you a deadline to sell your shares by. If you do not sell your shares by this point, we will need to sell them on your behalf.

OK - read it on my phone last night and missed that crucial bit! Here’s hoping for a 20% rally before that deadline.

Hmmmm.

Although my position is small, at present if I sold I would operate at a loss and don’t particularly agree with the way Freetrade has phrased their response. Can only hope it rises prior to having to sell…

Granted it is a small issue in the grand scheme of things, but to give the ultimatum of sorry we’re not really prepared to be able to do this and you should sell your shares otherwise we’ll sell them for you isn’t great. It means losing out on what the company has proposed to shareholders too - if Freetrade were prepared to set this up with a partner in the USA regardless of wait time for the shareholders on the platform, this process could be used in the future and benefit those that own shares in companies that do the same thing. I’m sure most holders of Gan PLC would be happy to wait, even if it is for several months.

At the very least, Freetrade could at least explain that the cost of them setting this up with a third party in the USA is too great and they feel it’s not worth facilitating said cost - at least that is how it comes across to me. I feel a little more transparency in respect of that would have been nice. I can understand why they’re doing it though.

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Hi, Dan from the Brokerage Operations team here. I just wanted to provide some more clarity on the points raised. The proposals made by Gan plc have not yet been approved, we are waiting on the outcome of the court meeting due to be held on the 22nd April. If the proposals are approved, we will need GAN plc shareholders to sell before the plans complete. This is because the company will no longer list on the London Stock Exchange and shares in the new Bermuda registered company will only be issued in paper form. This means they can’t be traded electronically via the Freetrade app. A partnering with a US provider and converting to electronic format is a lengthy process. To avoid the situation of our customers who hold GAN plc shares, holding a stock they are unable to sell despite potential price movements, we would require GAN plc shareholders to sell before the corporate action completes. Sorry that you’re impacted by this change. We will monitor the situation closely and update in app after the court hearing.

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Thanks Dan, appreciate the response which provides a little more clarity!

On a brighter note, a share price rally before the listing could well be on the cards. Makes sense that people will want to load up beforehand. Already up 10% today after this morning’s RNS.

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Thanks Dan.

What if the shareholders don’t mind holding a stock for the potential ‘lengthy’ amount of time it would take to partner with a US provider? Or are you simply not even considering this process?

Is Freetrade legally allowed to sell our shares on our behalf, even if we decide we do not want to? How does this work?

Do I even own any shares of GAN right now?

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@YKK - yes you do own whatever your shareholding is.

However I agree with your wider question, as I too would prefer the option of holding onto my shares until it will be possible to resume trading, and I am happy to accept the indefinite nature of this choice.

Hopefully Simon and team can take another look at this …?

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