RICHMOND, BC, Aug. 21, 2012 /CNW/ - Great Canadian Gaming Corporation [TSX:GC] ("Great Canadian" or the "Company") announced today the final results of
its offer to purchase up to 10 million of its common shares at a fixed
purchase price of $10.00 per share under the Company's substantial
issuer bid dated July 6, 2012 (the "Issuer Bid"). Shareholders had the
opportunity under the terms of the Issuer Bid to tender shares until
5:00 pm (Toronto time) on August 15, 2012 (the "Expiration Date").
Great Canadian confirmed that all of the terms and conditions of the
Issuer Bid have been complied with or waived and that a total of
19,153,421 common shares were validly tendered to the Issuer Bid.
In accordance with the terms of the Issuer Bid, the Company has accepted
for purchase 10 million of the validly tendered common shares at a
purchase price of $10.00 per common share for a total of $100,000,000.
The shares being repurchased represent approximately 12.6% of the
Company's common shares outstanding. After giving effect to the
cancellation of the repurchased shares, there would have been
69,093,847 common shares outstanding on the Expiration Date.
Since the Issuer Bid was oversubscribed, shareholders who have validly
tendered common shares will have approximately 52.2% of their tendered
shares purchased by the Company, except for odd lot deposits that are
not subject to proration. In addition, adjustments will be made to
avoid the creation of fractional shares.
The depositary will promptly issue payment for the shares accepted for
purchase in compliance with the terms of the Issuer Bid. Common shares
not validly deposited under the Issuer Bid or not taken up because of
pro ration will be returned to the applicable shareholders as promptly
as possible.
As of the Expiration Date, the Company estimates that the paid-up
capital per common share for purposes of the Income Tax Act (Canada) (the "Tax Act") was approximately $3.79.
This press release is for information purposes only and is not an offer
to buy or a solicitation of an offer to sell any securities of the
Company. The Toronto Stock Exchange has neither approved nor
disapproved the form or content of this press release.
ABOUT GREAT CANADIAN GAMING CORPORATION
Great Canadian Gaming Corporation is a multi-jurisdictional gaming,
entertainment and hospitality operator with 17 gaming facilities, which
include ten casinos, four horse racetrack casinos, three community
gaming centres, and a Four Diamond hotel resort, located in British
Columbia, Ontario, Nova Scotia and Washington State. As of June 30,
2012, the Company had approximately 4,100 employees in Canada and 600
in Washington State. Further information is available on the Company's
website, www.gcgaming.com.
DISCLAIMER
This news release contains certain "forward-looking information" or
statements within the meaning of applicable securities legislation.
Forward-looking information is based on the Company's current
expectations, estimates, projections and assumptions that were made by
the Company in light of its historical trends and other factors. All
information or statements, other than statements of historical fact,
are forward-looking information including statements related to the
Company's normal course issuer bid and statements that address
expectations, estimates or projections about the future. Such
forward-looking information is based on certain assumptions made by the
Company and is not a guarantee of future performance and may involve a
number of risks and uncertainties. Although forward-looking
information is based on information and assumptions that the Company
believes are current, reasonable and complete, they are subject to a
number of factors that could cause actual results to vary materially
from those expressed or implied by such forward-looking information.
Such factors may include, but are not limited to: terms of operational
service agreements with lottery corporations; changes to gaming laws
that may impact our operational service agreements; pending, proposed
or unanticipated regulatory or policy changes; unanticipated fines,
sanctions and suspensions imposed on the Company by its regulators;
impact of global liquidity and credit availability; adverse tourism
trends and further decreases in levels of travel, leisure and consumer
spending; competition from established competitors and new entrants in
the gaming business; dependence on key personnel; the risk that
systems, procedures and controls may not be adequate to meet regulatory
requirements or to support current and expanding operations; potential
undisclosed liabilities and capital expenditures associated with
acquisitions; negative connotations linked to the gaming industry;
First Nations claims with respect to some land on which we conduct our
operations; future or current legal proceedings; construction
disruptions; financial covenants associated with credit facilities and
long-term debt; credit, liquidity and market risks associated with our
financial instruments; interest and exchange rate fluctuations;
non-realization of cost reductions and synergies; demand for new
products and services; fluctuations in operating results; and economic
uncertainty and financial market volatility. These factors and other
risks and uncertainties are discussed in the Company's continuous
disclosure documents filed with the Canadian securities regulatory
authorities from time to time, including in the "Risk Factors" section
of the Company's Annual Information Form for fiscal 2011, and as
identified in the Company's disclosure record on SEDAR at www.sedar.com. The forward-looking information in documents incorporated by
reference speak only as of the date of those documents. Readers are
cautioned not to place undue reliance on the forward-looking
information, as there can be no assurance that the plans, intentions,
or expectations upon which they are based will occur. The Company
undertakes no obligation to publicly revise forward-looking information
to reflect subsequent events or circumstances except as required by
law. The forward-looking information contained herein is made as of
the date hereof and is expressly qualified in its entirety by
cautionary statements in this news release.
ON BEHALF OF
GREAT CANADIAN GAMING CORPORATION
"Original Signed By Rod N. Baker"
_____________________
Rod N. Baker
President and Chief Executive Officer
GREAT CANADIAN GAMING CORPORATION [TSX:GC]
Suite #350 - 13775 Commerce Parkway
Richmond, BC
V6V 2V4
(604) 303-1000
Website: www.gcgaming.com
SOURCE: Great Canadian Gaming Corporation
<p> </p> <p> <b>For investor enquiries:</b><br/> <a href="mailto:ir@gcgaming.com">ir@gcgaming.com</a><br/> or<br/> Ms. Tanya Ruskowski<br/> Executive Assistant to the President and Chief Executive Officer and the Chief Financial Officer<br/> (604) 303-1000 </p> <p> <b>For media enquiries:</b><br/> Mr. Howard Blank<br/> Vice-President, Communications, Entertainment & Responsible Gaming<br/> (604) 512-6066 </p>