Circular to Shareholders

RNS Number : 7392A

Paddy Power plc

04 February 2011

 



Paddy Power plc

4 February 2011

Recommended Acquisition of outstanding minority shareholdings in Sportsbet

- Publication of Circular and convening of an Extraordinary General Meeting

On 23 December 2010, the board of Paddy Power plc ("Paddy Power") announced that it had conditionally agreed to purchase the remaining 39.2% minority shareholdings in Sportsbet Pty Limited ("Sportsbet") (the "Acquisition"). The Acquisition remains conditional on Paddy Power shareholder approval and also on the approval of the Treasurer of the Commonwealth of Australia (connected with the Australian Foreign Investment Review Board).

Under the Listing Rules, the Acquisition is classified as a 'class 1 transaction' (due to the size of the transaction relative to Paddy Power) and a 'related party transaction' (as three of the vendors are directors of Sportsbet). As such, the transaction requires the prior approval of Paddy Power shareholders at an Extraordinary General Meeting ("EGM"). 

A circular is, today, being sent to Paddy Power shareholders. This document provides further details of the Acquisition and contains a notice of the Extraordinary General Meeting of Paddy Power to approve the Acquisition. The EGM will be held at the Burlington Hotel, Upper Leeson St, Dublin 4, Ireland at 11.00 a.m. on Tuesday, 22 February 2011.

The circular will shortly be available at www.paddypowerplc.com. Paddy Power is also submitting copies of the circular to the UK National Storage Mechanism. This document will therefore be available for inspection at www.hemscott.com/nsm.do. A copy of the circular is also being forwarded to the Irish Stock Exchange and will shortly be available for inspection at the following address:

Company Announcements Office,

Irish Stock Exchange,

28 Anglesea Street,

Dublin 2,

Ireland.

Tel: [phone]

ENDS

For reference:

Patrick Kennedy     Chief Executive         Paddy Power plc         Tel: + 353 1 404 5912	Jack Massey Finance Director Paddy Power plc Tel: + 353 1 404 5912
Billy Murphy / Anne-Marie Curran           Drury Communications Ltd     Tel: + 353 1 260 5000   Mobile: + 353 87 2864079  (AC)	Rory Godson / Claire Coladangelo Powerscourt Group Tel: + 44 20 7250 1446 Mobile: + 44 7809 525 747 (CC)

 

END

 

 

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