Regulatory red tape taking longer than anticipated
Playtech plc has issued an update on its proposed acquisitions of contracts-for-difference firms Plus500 Ltd. and Ava Trade Ltd, advising that due to the high profile nature of the initiative, receipt of all regulatory approvals is taking longer than the Boards of Playtech and Plus500 had originally anticipated.
However, the company points out that the program remains within the relevant regulatory and statutory timetables.
"Playtech already holds a number of licences from financial regulatory bodies and the Board of Playtech is currently not aware of any issues which would give rise to the required regulatory approvals not being granted in due course, having already obtained the approval of the Cyprus Securities and Exchange Commission," the update advises.
"The statutorily required regulatory assessment of the proposed acquisition should be completed by the end of November 2015 but Playtech remains hopeful for an October 2015 completion.
"Playtech still expects the acquisition of Ava Trade Ltd. to complete around the end of September or early October 2015, broadly in line with its original timetable."
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