Playtech BGT Sports internal re-organisation
Playtech plc
("Playtech," or the "Company," or the "Group")
Playtech BGT Sports internal re-organisation
Playtech (LSE: PTEC) today announces the proposed internal corporate re-organisation of the Playtech BGT Sports division ('PBS').
Following the acquisition of Best Gaming Technology GbmH ('BGT') which was announced on 13 July 2016, Playtech established PBS, its new sports division led by Dr Armin Sageder.
At the time of the July 2016 BGT acquisition Dr Sageder retained a 10% holding in BGT. In order to align Dr. Sageder's interests with the success of the enlarged PBS division, Playtech is proposing to undertake an internal corporate re-organisation. As a result of the re-organisation Dr. Sageder's remaining 10% interest in BGT will be exchanged for an equivalent interest in PBS with the associated put and call option arrangements being revised to relate to Dr.Sageder's proposed 10% interest in PBS.
As part of the re-organisation and through the revised put and call option arrangements, Dr. Sageder will be rewarded for the incremental growth of the non-BGT business in addition to the BGT standalone business with the amount payable calculated by reference to 7.2 x PBS' 2019 EBITDA less the existing EBITDA of the non-BGT businesses which form part of PBS. The maximum amount payable pursuant to the revised arrangements will be increased to €95 million, an incremental increase of €35 million versus the previously agreed cap.
Dr. Sageder is a related party of Playtech as he is a director of a subsidiary of the Group and a substantial shareholder in the subsidiary. Accordingly, the proposed amended put and call option arrangements described above are classified as a smaller related party transaction under the definition of Listing Rule 11.1.10R.
The proposed re-organisation and the associated revised put and call option arrangements are subject to certain conditions including court approvals, and are not expected to become effective until next year. A further announcement will be made in due course.
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For further information contact:
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Playtech plc Mor Weizer, Chief Executive Officer Andrew Smith, Chief Financial Officer c/o Buchanan Communications
James Newman, Head of Investor Relations
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+44 (0) 2074 665000
+44 (0)1624 645954 |
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Buchanan Communications David Rydell, Stephanie Watson Jamie Hooper |
+44 (0) 2074 665000
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About Playtech
Playtech is a market leader in the gambling and financial trading industries. Founded in 1999 and listed on the Main Market of the London Stock Exchange (LEI code: 21380068TTB6Z9ZEU548), Playtech has c. 5,000 employees in 17 countries.
Playtech is the gambling industry's leading software and services supplier with more than 130 licensees globally, including many of the world's leading regulated online, retail and mobile operators, land-based casino groups, government sponsored entities such as lotteries, and new entrants opening operations in newly-regulated markets. Its business intelligence-driven gambling software offering includes casino, live casino, bingo, poker and sports betting.
It is the pioneer of omni-channel gambling which, through Playtech ONE, offers operators and their customers, a seamless, anytime, anywhere experience across any product, any channel (online, mobile, retail) and any device using a single account and single wallet. It provides marketing expertise, sophisticated CRM solutions and other services for operators seeking a full turnkey solution. Playtech's Financials division operates both on a B2C and B2B basis. Its B2C focused offering is an established and growing online CFDs broker, operating the brand markets.com. Its B2B offering includes the division's proprietary trading platform, CRM and back-office systems, as well as its liquidity technology platform which provides retail brokers with multi-asset execution, prime brokerage services, liquidity and complementary risk management tools.
This information is provided by RNS
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