Cancellation of Contingent Value Rights ("CVRs")
7 January 2019
GVC Holdings PLC
("GVC" or the "Group")
Cancellation of Contingent Value Rights ("CVRs")
On 18 December 2018, both the House of Commons and the House of Lords, by way of affirmative vote, approved a law [1] cutting B2 gaming machine maximum staking levels to £2.
Following these Parliamentary approvals and in accordance with the terms of the Amended and Restated CVR Instrument dated 28 March 2018 (the "CVR Instrument"), the representatives of GVC and the CVR holders consulted with one another on the value of the CVRs. Those representatives have agreed that the CVRs, and the loan notes which each CVR holder may have had a right to, have zero value.
Consequently, the CVRs have been cancelled and are not available for re-issue. All CVR certificates have ceased to have effect as documents of title. In addition, the CVR Instrument has terminated, GVC will not be entering into the Loan Note Instrument and no Loan Notes (each as defined in the CVR Instrument) will be issued.
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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