Playtech PLC Further re Squeeze Out of Snaitech S.p.A. (7722W)
03 August 2018 - 8:10PM
UK Regulatory
TIDMPTEC
RNS Number : 7722W
Playtech PLC
03 August 2018
Playtech PLC
("Playtech" or the "Group")
Snaitech update
3 August 2018
Further to the announcement on 25 July relating to the launch by
Pluto (Italia) S.p.A. ("Pluto"), a wholly-owned subsidiary of
Playtech, of the squeeze out process over the remaining minority
shareholdings in Snaitech S.p.A. ("Snaitech") under article 111 of
Italian Financial Services Act (the "Squeeze Out"), Playtech is
pleased to announce that the Squeeze Out has completed resulting in
Snaitech becoming a wholly-owned subsidiary within the Playtech
Group and the shares in Snaitech have today been successfully
de-listed from Mercato Telematico Azionario, organised and managed
by Borsa Italiana.
Playtech is also pleased to announce that Snaitech has today
released its interim results as of 30 June 2018, highlights
include:
-- Improved profitability (EBITDA up by 33.4% to approx. EUR74
million)
-- Net profit of EUR15.4 million and reduced leverage ratio
(2.4x)
-- Continued strong growth of online business (+22.2%)
Snaitech has also today launched an offer to redeem its "6.375%
Senior Secured Notes due 2021" and "Senior Secured Floating Rate
Notes due 2021" (the "Notes") following the change of control of
Snaitech which occurred on 5 June 2018 when Pluto originally
acquired a controlling stake in Snaitech by completing the purchase
of 70.561% of the share capital of Snaitech from Global Games and
OI Games S.A (the "Acquisition").
Today's full Snaitech announcement of its interims results which
also includes information on the offer to redeem the Notes can be
found at
http://snaitech.it/en/investors/financial-press-releases
Playtech will announce its interim results for the six months
ended 30 June 2018 on 23 August 2018. Snaitech's results will be
included in Playtech's consolidated financial statements from 5
June 2018, the date of completion of the Acquisition.
-ENDS-
For further information please contact:
Playtech plc +44 (0) 16 2464 5954
James Newman, Head of Investor
Relations
& Corporate Communications
Headland (PR adviser to Playtech) +44 (0) 20 3805 4822
Lucy Legh
Stephen Malthouse
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END
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