£2 FOBT limit formally enacted by UK Government
19 December 2018
GVC Holdings PLC
("GVC" or the "Group")
Legislation to cut B2 maximum stakes to £2 formally enacted by the UK Government
The Group notes that the UK Government yesterday enacted[1] the cut in B2 gaming machine maximum staking levels to £2.
The Amended and Restated CVR Instrument dated 28 March 2018 provides that the enactment of law of this nature cutting stakes to £2 results in each Contingent Value Right ("CVR"), issued as part of the consideration for the acquisition of the Ladbrokes Coral Group, being valued at 0 pence.
CVR Valuation and Cancellation Process:
The CVR Instrument requires a period of 10 business days to elapse post enactment of the law before the formal valuation process can be completed by the representatives of GVC and the CVR holders. Upon GVC receiving confirmation from them that the CVR is valued at 0 pence, the CVRs are automatically cancelled. The Group therefore expects to be in a position to announce the cancellation of the CVRs on or around 7 January 2019.
Notes:
[1] By way of an affirmative Statutory Instrument titled the Gaming Machine (Miscellaneous Amendments and Revocation) Regulations 2018
- ends -
LEI: 213800GNI3K45LQR8L28
Enquiries:
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GVC Holdings PLC |
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Nick Batram, Director of Corporate Strategy & Communications |
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Paul Tymms, Head of Investor Relations |
(investors@gvc-plc.com) |
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Media enquiries: |
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Buchanan Communications |
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David Rydell/Henry Harrison-Topham/Chris Lane |
Tel: +44 (0) 20 7466 5066 |
Forward looking statements:
This announcement contains certain statements that are forward-looking statements. They include statements regarding our intentions, beliefs or current expectations. By their nature, these statements involve uncertainty since future events and circumstances can cause results and developments to differ materially from those anticipated. The forward-looking statements reflect knowledge and information available at the date of preparation of this announcement and, unless otherwise required by applicable law, the Company undertakes no obligation to update or revise these forward-looking statements. Nothing in this announcement should be construed as a profit forecast. The Company and its directors accept no liability to third parties in respect of this announcement save as would arise under English law.
About GVC Holdings PLC:
GVC Holdings PLC is one of the world's largest sports-betting and gaming groups, operating both online and in the retail sector. The Group owns a comprehensive portfolio of established brands; Sports Brands include bwin, Coral, Crystalbet, Eurobet, Ladbrokes and Sportingbet; Games Brands include CasinoClub, Foxy Bingo, Gala, Gioco Digitale, partypoker and PartyCasino. The Group owns proprietary technology across all of its core product verticals and in addition to its B2C operations provides services to a number of third-party customers on a B2B basis. GVC acquired Ladbrokes Coral Group plc on 28 March 2018 and is now the UK's largest high street bookmaker, with over 3,500 betting shops. The Group, incorporated in the Isle of Man, is a constituent of the FTSE 100 index and has licences in more than 20 countries, across five continents.
For more information see the Group's website: www.gvc-plc.com
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