Acquisition

RNS Number : 0885C

Paddy Power plc

01 March 2011

 



Paddy Power plc

1 March 2011

PADDY POWER PLC COMPLETES ACQUISITION OF REMAINING MINORITY INTEREST IN SPORTSBET PTY LTD

 ISSUE OF CONSIDERATION SHARES

Paddy Power plc ('Paddy Power') today announces completion of its acquisition of the remaining 39.2% shareholding in Sportsbet Pty Ltd ('Sportsbet'), the acquisition was announced on 23 December 2010 and further details were provided in the circular dated 04 February 2011. As part of the consideration for the transaction, Paddy Power has today issued 455,535 ordinary shares of €0.10 each to Sportsbet shareholders (the 'Consideration Shares').

Application has been made for the listing of the Consideration Shares to be admitted to the Official List of the Irish Stock Exchange, the Official List of the UK Listing Authority and to trading on the London Stock Exchange ('Admission'). These shares rank equally with the existing issued ordinary shares of the Company. Admission is expected to become effective on 02 March 2011. 

ENDS

For reference:

David Johnston

Company Secretary        

Paddy Power plc        

Tel: + 353 1 404 5900    

 

END

 

 

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