Atlas African Industries Limited / Ticker: AAI / Index: AIM and NSE / Sector: Support
Services
1 August 2016
Atlas African Industries Limited (‘Atlas’ or the ‘Company’)Interest in Nigerian Gaming Company and Board Update
Atlas African Industries Ltd (AIM, NSE: AAI), is pleased to announce that it has acquired an interest in BonanzaWin, a Nigerian based gaming company offering a range of online and real-play gaming experiences including sports betting, casino slot games, and lotto.
This investment is in line with the Company’s active development strategy to identify and support prospective growth opportunities across Africa, particularly within the growing consumer market. The investment has been effected through a share subscription and capital contribution into Equatorial Partners Limited (‘EPL’), a Maltese holding company
which in turn holds a 60% stake in Saerimner Ltd (‘Saerimner’), a Nigerian registered company operating under the trading name “BonanzaWin”. Atlas’ total investment into EPL at this stage is US$300,000, in consideration for which it has acquired a 10% equity
stake in EPL.
BonanzaWin has established a portfolio of gaming businesses currently focussed on the Nigerian market; the company has a secure online gaming platform, which powers a wide range of games including sports betting, live casino and slot games, has three gaming shops where customers can play and place bets, and is a regulated provider of the Nigerian lottery, for which BonanzaWin sells tickets through a number of local sales agents. BonanzaWin is licenced and regulated by the Lagos State Lottery Board and Atlas believes the company represents a compelling investment opportunity to access Nigeria’s growing gaming and entertainment sectors. For the 12-month period ended 31 December 2015 EPL and Searimner reported a
loss of US$300,815.
With regards to the Company’s wider portfolio and its interests in Ethiopia, Atlas continues to investigate possible resolutions to what the Board believes to be an unlawful expropriation of funds based on an erroneous tax claim being pursued by the Ethiopian
Revenue and Customs Authority, as disclosed in the announcement dated 11 May 2016. The Company will update the market on further developments relating to this as soon as it is in a position to do so.
The Company also announces that Barry Lobel will be
stepping down from his role as Chief Financial Officer (‘CFO’) and Executive Director, effective immediately, in order to focus on other business commitments. The Board is assessing options for a replacement CFO and expect to fill the position with a non-board appointment in due course.
Carl Esprey, CEO of Atlas said, “BonanzaWin provides us with exposure to Nigeria’s large consumer market, specifically the fast-growing gaming and entertainment market. With a range of established games and betting experiences, the company has established a competitive and comprehensive service offering and we look forward to supporting BonanzaWin as it looks to grow user numbers and average spend across its platforms and
ultimately build value. Our investment underpins our strategy to identify and gain exposure to prospective growth opportunities across Africa - where we have significant operational experience - and which meet our current focus on the growing African consumer market. With rising incomes and increasing consumer demand, the African continent continues to develop and unlock new market opportunities and we look forward to keeping shareholders updated with developments across our portfolio.
“Finally, I would like to take this opportunity to thank Barry for his contribution to the Company over the last two years and wish him the best in his future endeavours.”
About BonanzaWinBonanzaWin is a well-respected and trusted gaming operator, committed to delivering its members the best sports betting platform available as well as offering the latest casino and slot games, lotto and live casino experience. The company offers competitive odds, desktop and mobile betting, generous welcome offers, as well as fun and exciting promotions on a regular basis.
BonanzaWin is regulated by the Lagos State Lottery Board and adheres to strict rules and regulations. The company is continuously striving to bring its members the best possible online gaming experience and is committed to its Fun & Fair Play promise.
For further information please see
https://www.bonanzawin.com/
This announcement contains inside information.
**ENDS**