GiG shareholders representing 57.4% of shares entitled to vote opted in favour of spinning off the platform business as a new entity, GiG Software PLC.
The vote was the final hurdle in the long-awaited split, which was first announced in early 2023 as part of a strategic review and is due to complete on 30 September.
The Company will initiate the name and ticker change on the Oslo Stock Exchange and Nasdaq Stockholm, expecting the changes to be effective from 25 September 2024.
The ticker for the shares listed on Oslo Stock Exchange will change from "GIG" to "G2MNO", while the ticker for the shares listed on Nasdaq Stockholm will change from "GIGSEK" to "G2M". This is an administrative matter, and shareholders do not need to take any action.
The Board of Directors will now initiate the final steps of the restructuring process through which the GiG Platform business will be spun off to operate as an independent public company, GiG Software PLC, (the "Spinoff").
The assets and subsidiaries of the GiG Platform business will be extracted from the Company and distributed to the shareholders in the form of depository receipts in GiG Software PLC.
The Spinoff will result in the Company being split into two separate unaffiliated public companies. The Media Business will remain with the Company and continue as Gentoo Media Inc.
The decision to divide the businesses was first hinted at in December 2021, when shareholder Hessi Mocca said in a webcast splitting up the company could help drive shareholder value.
GiG announced it would take this path in February 2023, as part of a wider strategic review that would allow each division to grow faster once separated.
Source: GMB
