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Screenshot of a breaking news alert e-mail from Q2 2017
Playtech PLC (LON:PTEC) has just published an update on the share placing announced earlier today.
The company said that the placing was successfully completed, with the entire amount of 29,050,000 new ordinary shares of no par value each having been placed at a price of 780p per placing share.
The placing has raised gross proceeds of approximately £227 million ($361 million) before expenses. The company had said earlier today that the funds raised via the share placing will be used to fund future acquisitions in the online trading space, including the planned deal with retail Forex and CFD broker Plus500 Ltd (LON:PLUS).
Whereas the decisive vote, which may see Playtech’s bid of 400p per Plus500’s share approved or rejected by the broker’s shareholders, is scheduled for July 16, 2015, Teddy Sagi’s company seems to be impatient regarding acquiring capital in the broker. This morning Playtech took its stake in Plus500 to 9.36% of the broker’s issued ordinary share capital via a series of purchases in the open market.
The move makes the case of Plus500’s shareholders accepting Playtech’s bid for the broker more likely, as the proposal already has the backing of Plus500’s founders and management, who hold a total of 35.6% of the voting rights.
The shares placed today represent approximately 9.9% of the issued ordinary share capital of Playtech ahead of the Placing.
Canaccord Genuity Limited acted as Sponsor and Joint Bookrunner and UBS Limited as Joint Bookrunner. Shore Capital Stockbrokers Limited has acted as Lead Manager to the Placing.
To view the official announcement by Playtech, click here.