DJI Holdings Plc, a London-listed licensed promoter and distributor of products for mainland China’s sports and welfare lotteries, has granted stock warrants to some of its management and advisers.
The recipients include the firm’s group chief executive Darren Mercer, who is a director and – at the time of the announcement last week – was a 19.9 percent shareholder.
The company awarded Mr Mercer warrants to subscribe for up to four million of its new ordinary shares of GBP0.10 (US$0.15) at an exercise price of GBP0.35 each.
The warrants may be exercised at any time before December 22, 2018 and represent 2.7 percent of the current issued share capital in DJI Holdings, the firm said in a filing to the London Stock Exchange’s Alternative Investment Market.
It added that the award to Mr Mercer was in “recognition of… achievements” including “a strategy of diversification to build e-commerce revenue streams that are not dependent on the Chinese lottery”.
DJI stated in a filing in late September that its net loss for the first half of 2015 widened to GBP3.4 million, from GBP2.2 million in the prior-year period.
The firm – which deals in mainland China lottery products destined for third party retailers and for direct sale to consumers – stated trading had been “materially affected” by the Chinese government’s decision on March 1 to suspend temporarily the sale of lottery products online throughout mainland China. The purpose of the suspension, DJI said, was for an official review of the online market ahead of the authorities introducing new legislation.
In October, DJI said in a filing that it intended to seek a secondary listing of its shares on Nasdaq in New York – for possible completion before the end of the first quarter next year.
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”We expect Goa to quickly become a US$1 billion market as it transitions to land-based casinos (from US$150 million today), which is still just a fraction of India’s total GGR potential of US$10 billion to US$17 billion”
Analyst at Union Gaming Securities Asia