STOCKHOLM, Sweden--(BUSINESS WIRE)--Regulatory News:
Betsson AB’s Board of Directors has resolved to propose that the annual general meeting of shareholders decide on the distribution of all of the shares in the wholly-owned subsidiary, Angler Gaming plc (“Angler”), to Betsson’s shareholders, dependent on Angler being listed on AktieTorget. The transfer of value to the shareholders amounts to MSEK 28.0, which is approximately SEK 0.66 per share (or MEUR 3.1, which is equivalent to approximately EUR 0.07 per share).
The distribution of shares in Angler is in line with Betsson’s technical and market-based focus. Angler’s operations will be based on technical solutions for which Betsson has decided to discontinue development work and on geographical markets lying outside Betsson’s core areas.
The company Angler, based in Malta, owns a gaming company which has a gaming license in Curaçao. This company will, initially, target approximately 30 markets in South America, Africa and Europe, based on client bases and technological platforms acquired from Betsson. The revenues for Betsson in these markets comprise less than 0.1% of Betsson’s total revenues, whilst the number of registered clients comprises approximately 5% of Betsson’s total number of registered clients. In conjunction with the distribution, the value of an independent Angler will be made apparent, which will benefit the shareholders. At the same time, Betsson will now be able to commit more development in finalizing a group-wide technological platform, and also to concentrate on its chosen focus markets.
Against the background of the above, Betsson’s Board of Directors proposes that the annual general meeting of shareholders in Betsson resolves, on 11 May 2012, that all shares in Angler be distributed to the shareholders in Betsson on the basis of a so-called Lex Asea distribution, whereby one (1) share in Betsson (regardless of the class of share) entitles the holder to one (1) share in Angler. The Board of Directors’ proposal is dependent on the shares in Angler being listed on AktieTorget on the date of distribution or shortly thereafter. Angler has applied for listening on AktieTorget and trading is expected to be initiated on or near to 1 July 2012. Furthermore, preparations are also underway to allow for shareholders with a holding amounting to a maximum of 200 shares to sell such shares, or to purchase shares up to a total of 200 shares, without incurring a commission fee, for a limited period of time after the initiation of trading.
In addition to the technological platforms and client bases mentioned above, Angler has an amount of cash totaling MEUR 2.5, which is expected to be sufficient to cover costs until the company has a positive cash flow, which is expected to take place during 2014. Michael Bennett has been appointed CEO of Angler. Michael was born in 1945, resides in Malta and has extensive experience within the gaming industry.
For further information, refer to the Investment Memorandum for Angler on www.betssonab.com.
Öhrlings PricewaterhouseCoopers is serving as tax advisor and Gernandt & Danielsson Advokatbyrå, together with the Maltese firm WH Partners, are serving as legal advisors to Betsson in conjunction with the transaction.
Betsson AB’s Core Business consists of investing and administering shareholding in companies, which through partners or by themselves, offers games to the end users via the internet. Betsson AB owns Betsson Malta which operates games through partnerships and the websites www.betsson.com, www.betsafe.com, www.casinoeuro.com and www.cherrycasino.com. Betsson Malta offers Poker, Casino, Sports betting, Scratch Cards, Bingo and Games. The customers mainly originate from the Scandinavian countries and other parts of Europe. Betsson AB is listed on NASDAQ OMX Nordic Mid Cap List, (BETS).
The information in this press release has been approved for publication on 12 April 2012, 08:00 CET by Betsson AB (publ), in accordance with the Securities Market Act (2007:528) and/or the Financial Instruments Trading Act (1991:980).
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