BUSINESS

GPI to pay out almost $1M in dividends to shareholders

TAGs: Angel Holdings, Gaming Partners International

It’s been an interesting year for Gaming Partners International Corp (GPI). The U.S.-based casino equipment and currency supplier announced in August that its CEO, Gregory Gronau, would be leaving the company in September. Just after that, it announced that its net income for the second quarter was $2.5 million, a five-time increase over the same period in 2017, which definitely GPI to pay out almost $1 million in dividends to shareholdersmade shareholders happy. Then, at the end of November, word got out that the company was going to be sold to a Japanese outfit, Angel Holdings GK. Now, fresh off that news, GPI has announced that it is ready to pay out almost $1 million in dividends before the end of the year.

In a filing with the U.S. Securities and Exchange Commission (SEC) last week, GPI declared a dividend of $0.12 per share, which will be distributed to shareholders on or before December 21. In total, the company indicated that there are almost 8.05 million shares issued and outstanding, translating into $965,516 to be paid out.

The merger with Angel Holdings produced a windfall for the company. Angel picked up the company for $110 million in cash and also gave GPI the ability to call of its search for a new CEO. The company opted to move its chairman and chief financial officer, Alain Thieffry, into the role, appointing him CEO, president, secretary and treasurer.

That merger will result in SBI becoming a part of Angel Holdings subsidiary AGL Nevada Corp. Angel Holdings manufacturers and distributes playing games and cards for both the gaming and the retail markets.

Angel said when the merger was announced, “The merger agreement provides for a go-shop provision under which, subject to certain limitations and conditions contained in the merger agreement, GPIC and its board of directors may actively solicit, receive, evaluate and potentially enter into negotiations with parties that offer alternative proposals to the proposed merger transaction until February 2, 2019.”

The third quarter of 2018 was almost as successful as the second quarter. GPI reported net profit of $1.5 million against revenue of $22.9 million. During the same period last year, it earned $2.2 million in net profit on revenue of $24.6 million. The decline comes as sales in the Asia-Pacific region have slowed down.

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