VANCOUVER, March 22, 2016 /CNW/ - POYDRAS GAMING FINANCE CORP. (TSX-V: PYD) ("Poydras" or the "Company") announces that the Board of Directors have approved a consolidation of the Company's issued and outstanding common shares on the basis of ten (10) pre-consolidation shares for one (1) post-consolidation share, subject to regulatory approval, which is expected in the coming weeks. The Board proposes to reduce the number of common shares as management believes that given the Company's strong financial and operating performance and momentum, the share consolidation will make investing in shares more attractive to a broader range of institutional and professional investors and other members of the investing public, potentially increasing liquidity. Many brokerage houses and institutional investors have internal policies and practices that either prohibits them from investing in shares under a certain price, or which tend to discourage individual brokers from recommending these shares to their customers.
As stated in the Company's March 17, 2016 press release, with the successful integration of the Integrity Companies Poydras' installed base has grown more than 700% year-over-year to approximately 2,400 machines, and the Company expects FY 16 adjusted EBITDA to approach $10.0 million USD from its existing machine deployments.
About Poydras Gaming Finance Corp.:
Poydras Gaming is a regional slot route operator with approximately 2,400 revenue-generating gaming machines across 25 casinos in Oklahoma and Texas. The Company provides slot machines and related capital expenditures under short- and long-term contracts for existing casinos, new casino developments and gaming machine suppliers in the United States. Additional information about the Company can be found on the SEDAR website at www.sedar.com.
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