Jane Morgan Management
Highlights
- Sportech has received shareholder approval for the divestment of its Racing and Digital assets to BetMakers for total consideration of £30.9 million
- Settlement of Betmakers' A$50 million Placement to fund the Acquisition (in conjunction with existing cash) will occur on 31 December 2020, with allotment and normal trading of new shares issued under the Placement to occur on 4 January 2021
- The Acquisition of Sportech's Racing and Digital assets enables Betmakers to accelerate its international growth plans and strategically positions the Company to capitalise on emerging opportunities in the U.S. market
The Board of BetMakers Technology Group Limited (ASX:BET) ("BetMakers" or "the
Company") is pleased to announce that the acquisition of the Racing and Digital
assets of leading international online sports betting company, Sportech PLC
("Sportech"), for £30.9 million ("Acquisition") has been approved by Sportech
shareholders. This was the only condition precedent to completion of the Acquisition
that was for Sportech's benefit.
Betmakers will now make a non-refundable initial payment of £6.2 million, with the
balance of £24.7 million payable upon completion of the Acquisition, which will occur
following satisfaction of certain customary conditions that only BetMakers can waive
(at its discretion), including transfer of licences.
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