Playtech PLC Playtech BGT Sports internal re-organisation (8531Z)
20 December 2017 - 6:00PM
UK Regulatory
TIDMPTEC
RNS Number : 8531Z
Playtech PLC
20 December 2017
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 EUR95
million, an incremental increase of EUR35 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.
- Ends -
For further information contact:
Playtech plc
Mor Weizer, Chief Executive
Officer
Andrew Smith, Chief +44 (0) 2074 665000
Financial Officer
c/o Buchanan Communications
James Newman, Head of
Investor Relations +44 (0)1624 645954
Buchanan Communications
David Rydell,
Stephanie Watson
Jamie Hooper +44 (0) 2074 665000
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
The company news service from the London Stock Exchange
END
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