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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Betbrokers | LSE:BETB | London | Ordinary Share | GB00B1C4T436 | ORD 0.25P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.25 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:6642E Betbrokers PLC 27 September 2007 Press Release 27 September 2007 Betbrokers plc ("Betbrokers" or "the Company") Betbrokers completes acquisition of Winning Edge in the USA for US$6.5 million (the "Acquisition") and Issues New Shares The following announcement replaces the announcement made by the Company entitled "Betbrokers completes acquisition of Winning Edge in the USA for US$6.5 million (the "Acquisition") and Issues New Shares" released today at 07:00 under RNS number 5703E. In addition to the Consideration Shares Betbrokers has also issued 21,723,614 new shares, 6,250,000 were issued at 4 pence per share and 15,473,614 were issued at 4.5 pence per share for cash proceeds of #810,000.09 which will provide the company with additional working capital. The total number of Ordinary Shares in issue following the acquisition will be 297,166,317. The full amended release appears below: Betbrokers plc, (AIM:BETB), the UK's first retail and wholesale brokerage and clearing house for the sports betting industry, announces that it has now completed the purchase, originally announced on 24 May 2007, of the assets of Winning Edge International, Inc. ("Winning Edge"), and has issued additional shares as consideration for the Acquisition, for working capital purposes and in lieu of payment to its ambassadors and consultants. Under the terms of the Acquisition, Betbrokers will acquire all of the operating assets of Winning Edge for a consideration of US$6.5 million satisfied through the issue of 64,356,436 new Betbrokers' shares at 5 pence per share (" Consideration Shares"). Betbrokers has also issued 21,723,614 new shares (together with the Consideration shares the "New Shares"). 6,250,000 were issued at 4 pence per share and 15,473,614 were issued at 4.5 pence per share for cash proceeds of #810,000.09 which will provide the company with additional working capital, and 3,029,168 were issued, at a deemed consideration of 4.5 pence, in lieu of payment to its ambassadors and consultants. The New Shares will be issued and allotted and rank pari passu with the existing Ordinary Shares of 0.25 pence each in the Company. Trading of the New Shares on AIM is expected to commence on Wednesday 3 October 2007. The total number of Ordinary Shares in issue following the acquisition will be 297,166,317. Under the terms of the Agreement the Consideration Shares are subject to a lock-in period whereby all of the Consideration Shares will be locked-in for a period of 12 months from completion. Las Vegas-based Winning Edge is America's only publicly traded sports information and tipping service, known as handicapping in the US. Winning Edge specialises in developing and marketing sports handicapping advice and information via television, radio and the Internet. The company also produces high quality sports, television and radio programming and sells advertising as well as sponsorship and marketing opportunities to its exclusive database of more than one million sports and gaming fans. Following the acquisition, Winning Edge's television show is now available through the Betbrokers' website, offering Betbrokers' clients access to this highly regarded information service on US sports. Winning Edge will also be in a position to create a sports handicapping business which provides advice on UK sports based on the US model, which will be executed through an online site, as well as television shows. For the financial year to 31 July 2006 Winning Edge reported a turnover of US$5.601 million and a loss after tax of US$1.205 million. Approximately US$0.8 million of costs in the financial year ended 31 July 2006 were associated with US regulatory costs associated with Winning Edge's US public listing. For the six months ended 31 January 2007 Winning Edge reported turnover of US$4.021 million and a loss after tax of US$0.358 million. It is expected that the acquisition of the business of Winning Edge will make a positive contribution to Betbrokers' earnings as the business will no longer be subject to the costs associated with being listed on the US public markets. The acquisition is line with the Company's stated strategy of providing and selling data. This acquisition will complement and significantly enhance Betbrokers' service offering as it allows the Company to provide customers outside the US detailed information on US sports. In addition, this also offers longer trading hours. The provision of television and radio content covering US sports and information services will be sold by Betbrokers to counterparties worldwide where betting is legal. Wayne Lochner, Chairman and Chief Executive of Betbrokers, commented: "With the acquisition of Winning Edge now completed, we can focus on expanding the business and driving earnings in this exciting new division. Our initial focus is to increase demand for Winning Edge's respected sports handicapping service in the US and Europe and also offer Winning Edge's customers, who are located in countries where sports betting is legal, the opportunity to place bets through Betbrokers' dedicated dealing facility in London. "I am optimistic that the opportunities and synergies created following the acquisition of Winning Edge will deliver meaningful revenues and profits for the Group." Wayne Allyn Root, Chief Executive of Winning Edge, added: "Since its inception in 2000, Winning Edge has become a strong brand name in American sports handicapping by creating America's premier sports handicapping television pregame show, which has allowed us to build a database of over one million serious sports gamblers. This partnership will put us in a position to expand globally, building on our proven existing model, and will have significant benefits for both Betbrokers' and Winning Edge customers. Adding our talents, experiences, resources and know-how will allow Betbrokers to become a significant player the global sports handicapping business." - Ends - For further information, please contact: Betbrokers plc Wayne Lochner, Chairman and Chief Executive Tel: +44 (0) 8448552100 wlochner@betbrokers.com www.betbrokers.com Hanson Westhouse Limited Tim Metcalfe / Matthew Johnson Tel: +44(0) 20 7601 6100 tim.metcalfe@hansonwesthouse.com www.hansonwesthouse.com Media enquiries: Abchurch Communications Chris Lane / Franziska Bohnke Tel: +44 (0) 20 7398 7716 franziska.boehnke@abchurch-group.com www.abchurch-group.com About Betbrokers plc Betbrokers is the UK's first independent betting brokerage. The Company facilitates transactional business between both retail gamblers and wholesale clients. The Company's operations were formally launched in 2005. Betbrokers provides services, from its dedicated dealing room in London's Canary Wharf, to two groups of participants within the gambling industry: * The Company provides its retail customers with the advantage of best price execution together with the ability to deal 'in size' in a majority of sporting events. Retail customers will soon be able to access advanced data-sales and trading analysis platforms, which feed from aggregated internal price mechanisms. * Betbrokers already has agreements with over 100 bookmakers, providing them with the opportunity to take on additional bets from retail customers. Importantly, the Company also offers bookmakers a facility to effectively manage their risk exposure by hedging positions anomalously using Betbrokers as an intermediary to deal with the other bookmakers. Betbrokers floated on the AIM market of the London Stock Exchange in November 2006. Further information is available on the Company at: www.betbrokers.com This information is provided by RNS The company news service from the London Stock Exchange END ACQFGGZLVNZGNZM
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