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INTEGRITY GAMING CORP.

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Market Data: Yahoo Finance, Bloomberg

Report Link: Updated Research Report (Dated 12/11/2017)

Symbol: IGAMF
Analyst: Howard Halpern
Taglich Rating: Speculative Buy
Price Target: $0.45
Time Horizon: 12 Months
Rating Established: May 5, 2017
Price When Established: $0.41
Most Recent Report: December 11, 2017
Price When Issued: $0.21


What's New

Poydras Gaming Announces Debt Refinancing

On December 28, 2017, Poydras Gaming announced completion of debt refinancing with Prudential Capital Group, the private capital investment arm of PGIM. The refinancing will consist of subordinated notes will bear interest at 14.0% (12% cash interest, 2% payment in kind), requiring no principal amortization, and mature on December 28, 2023. In total, Prudential Capital Group will be providing $41 million in committed capital to Poydras with $32 million funded at close.

The company intends to use the proceeds to refinance existing indebtedness, purchase additional gaming machines, and for general corporate purposes and strategic initiatives. Management believes that this new financing will provide cheaper all-in weighted cost of capital, reduced principal payments, and give the company nearly $10 million of additional capital for continued growth.


Poydras Gaming Announces sale of Bingo Business

On December 22, 2017, Poydras Gaming announced that it has completed the sale of the Company's bingo business to Pollard Games, Inc. subsidiary of Pollard Banknote Limited. Poydras' sold all the inventory of its bingo equipment and supplies and other tangible property, certain intellectual property and certain permits required for the conduct of the Bingo Business.

Terms of the deal were not disclosed.


Poydras Gaming to Change Name to Integrity Gaming Corp.

On December 21, 2017, Poydras Gaming announced that it is changing its name to Integrity Gaming Corp., effective January 1, 2018. The company primarily operates under its wholly owned subsidiary Integrity Gaming Inc. in its core markets of Oklahoma and Texas.

The TSX Venture Exchange will publish its Corporate Finance Bulletin on December 29th at the close of markets to announce the name change. The company's common shares are expected to begin trading under the new ticker symbol TSX-V: IGAM on January 2, 2018, with no impact to current shareholders. The company did provide a new US trading symbol.

Management believes the name will enable the company to better leverage the strong brand equity of its established Integrity Gaming subsidiary, and is a better reflection of the overall value proposition and strategic vision of becoming a dominant player in the Tribal gaming market in the U.S.


Company Description

Poydras Gaming Finance Corp., headquartered in Vancouver, British Columbia, is a regional slot route operator (defined as an owner and operator of slot machines in several locations), providing capital and gaming equipment to casino operators and vendors in the US, primarily the Indian Tribal gaming market.


Company Reports

Updated Research Report (Dated December 11, 2017)
Updated Research Report (Dated September 7, 2017)
Updated Research Report (Dated June 15, 2017)
Initial Research Report (Dated May 5, 2017)

Disclaimer

Please view our current disclosure and disclaimer on our most recent research report.