Online gambling group targets August for switch
The GVC Holdings online gambling group has issued an advisory that it proposes to transfer the listing category of all of its ordinary shares from a standard listing on the Official List to a premium listing (commercial company) on the Official List on the London Stock Exchange.
It is anticipated that the transfer will take effect at 8.00 a.m. on , conditional upon the approval of the UK Listing Authority.
No shareholder vote is required in order to effect the transfer.
The company notes that it is headquartered in the Isle of Man and has licences in Austria, Belgium, Bulgaria, France, Italy, Denmark, Germany (Schleswig-Holstein), Gibraltar, Spain, Malta, Denmark, Romania, UK, South Africa, and the Dutch Caribbean.
In the year ended , GVC generated Net Gaming Revenue of Euro 247.7 million and Clean EBITDA of Euro 54.1 million. In the same year, subsidiary Bwin generated NGR of approximately Euro 576 million and Clean EBITDA of approximately Euro 109 million.
On an aggregated basis therefore, GVC and Bwin generated NGR of approximately Euro 824 million and clean EBITDA of approximately Euro 163 million in 2015.
The company's issued and to be issued ordinary share capital was admitted to the standard listing segment of the Official List of the UKLA and to trading on the Main Market of the London Stock Exchange on , following completion of the acquisition by GVC of Bwin.party on .
The board of directors believes that, given the enlarged size, and the enhanced profile of GVC following its acquisition of Bwin, a premium listing is the most appropriate listing category for the company, providing exposure to a wider investor base and enhancing the liquidity of its shares.
It is anticipated that, subject to the transfer becoming effective and other conditions being met, GVC will be considered for inclusion into the FTSE UK Index Series.' an eventuality that the board believes would further enhance the GVC profile and allow access to a wider potential investor base.
Accordingly, the board has concluded that it is in the best interests of the GVC and its shareholders as a whole to affect the transfer.
Online Casino News Courtesy of Infopowa