Press Release

Pollard Banknote Limited Formally Commences Offer To Acquire INNOVA Gaming Group Inc.

  • All-cash offer of $2.10 per Share
  • Significant premium to INNOVA’s closing price prior to announcement of Pollard Banknote’s interest in INNOVA
  • Allows all shareholders to realize immediate liquidity and certainty of value
  • Supported by largest shareholder holding approximately 41% of the outstanding Shares, who has provided Pollard Banknote with a right to match
  • Minimum tender condition will be satisfied if more than 50% of outstanding Shares tendered
  • Offer not subject to due diligence or financing conditions
  • Provides certainty to strategic review process

WINNIPEG, Manitoba, April 19, 2017 /CNW/ Pollard Banknote Limited (TSX: PBL) (“Pollard Banknote”) today announced that a wholly-owned subsidiary of Pollard Banknote (the “Offeror”) has formally commenced its offer (the “Offer”) to acquire all of the issued and outstanding common shares (“Shares”) of INNOVA Gaming Group Inc. (“INNOVA”) for cash consideration of $2.10 per Share (the “Offer Price”).

The Offer Price represents a significant premium of approximately 39% to the closing price of $1.51 per Share on the Toronto Stock Exchange (the “TSX”) as of March 9, 2017, the last trading day prior to Pollard Banknote’s announcement of its initial proposal to the board of directors of INNOVA (the “INNOVA Board”) to acquire all of the Shares. The Offer Price also represents an approximate 36% premium to the volume weighted average trading price of $1.54 per Share on the TSX over the 20 trading days ended March 9, 2017. The Offer Price values INNOVA at an equity value of approximately $43 million.

The Offer will be open for acceptance until 5:00 p.m. (Toronto time) on August 3, 2017, unless the Offer is extended or withdrawn. INNOVA has the ability to shorten the deposit period to 35 days to allow Shareholders to sell their Shares under the Offer without delay.

The Offer is subject to customary conditions, including, among other things: (i) there having been validly deposited under the Offer and not withdrawn that number of Shares representing more than 50% of the outstanding Shares, excluding those Shares beneficially owned, or over which control or direction is exercised, by Pollard Banknote or by any person acting jointly or in concert with Pollard Banknote, which is a non-waivable condition, (ii) Pollard Banknote having determined, in its sole judgment, that there does not exist and there shall not have occurred or been publicly disclosed since the date of the Offer, a material adverse effect in respect of INNOVA, and (iii) certain regulatory approvals having been obtained and/or waiting periods expired. The Offer is not subject to any due diligence or financing condition. Full details of the Offer are included in the formal offer and take-over bid circular that has been filed with securities regulatory authorities. The Offer documents are available under INNOVA’s profile on SEDAR.

Pollard Banknote has retained Laurel Hill Advisory Group as its depositary and information agent in connection with the Offer.

About Pollard Banknote

Pollard Banknote is a leading lottery partner to more than 60 lotteries worldwide, providing high quality instant ticket products, licensed games, and strategic marketing and management services for both traditional instant games and the emerging iLottery space of web, mobile and social channels. The company is a proven innovator and has decades of experience helping lotteries to maximize player engagement, sales, and proceeds for good causes. Pollard Banknote also plays a major role in the charitable pull-tab and bingo markets in North America. Established in 1907, Pollard Banknote is owned approximately 73.5% by the Pollard family and 26.5% by public shareholders, and is publicly traded on the TSX (PBL). For more information, please visit our website at

Forward-looking Statements

Certain statements in this press release may constitute “forward-looking” statements and information, which involve known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. When used in this document, such statements include such words as “may,” “will,” “expect,” “believe,” “plan,” and other similar terminology. These statements reflect management’s current expectations regarding future events and operating performance and speak only as of the date of this document. There should not be an expectation that such information will in all circumstances be updated, supplemented, or revised whether as a result of new information, changing circumstances, future events, or otherwise.



Doug Pollard
Co-Chief Executive Officer

John Pollard
Co-Chief Executive Officer

Rob Rose
Chief Financial Officer

Pollard Banknote Limited
Telephone: (204) 474-2323