SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
DATE OF REPORT: NOVEMBER 17, 1997
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AMERICAN BINGO & GAMING CORP.
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(Exact name of small business issuer as specified in its charter)
DELAWARE 1-13530 74-2723809
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(State or other jurisdiction of Commission (I.R.S. Employer
incorporation or organization) File Number Identification No.)
515 CONGRESS AVENUE, SUITE 1200, AUSTIN, TEXAS 78701
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(Address of principal executive offices)
(512) 472-2041
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(Registrant's telephone number)
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ITEM 5. OTHER EVENTS
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CALLING OF REDEEMABLE COMMON STOCK PURCHASE WARRANTS
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On November 13, 1997 the Company announced that has elected to call its
3,317,500 outstanding public warrants effective Friday, November 14, 1997. The
Company is calling its warrants under the terms of its Warrant Agreement which
allows the Company to call the warrants when the Company's common stock closes
at $8.00 per share or higher for 20 consecutive days, which occurred on
November 4, 1997. The warrants are convertible, on a 1:1 basis, for one share
of Company common stock at a price of $5.00. Warrant holders have until
Monday, December 22, 1997 to tender their warrants. Assuming all outstanding
warrants are exercised, the Company would gross approximately $16.5 million
from this warrant call.
EXPANSION OF BOARD OF DIRECTORS
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At the end of October 1997, the Company added two directors, Mr. Michael Mims
and Mr. Kraege Polan, to its Board. Mr. Mims has considerable experience in
the gaming industry and Mr. Polan has a strong background in government
affairs and lobbying. These additions increase the size of the Company's Board
from three to five directors.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
AMERICAN BINGO & GAMING CORP.
(Registrant)
November 17, 1997 By: /s/ Greg Wilson
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Greg Wilson, Principal Executive Officer
