Playtech ready for acquisitions

This week, for new acquisitions through the completion of a placing 21,620,946 new ordinary shares of nil par values each placed with institutions at a price of 520p per Placing Share, Online gambling software developer and London-listed firm Playtech plc raised GBP 112 million.
About 9.9 percent of the company’s issued share capital was included before the Placing. When it is issued, the Placing Shares will be credited and will rank pari passu with the existing ordinary shares of Playtech Limited.

For the Placing Shares to be admitted to trading on AIM, application will be set to the London Stock Exchange. According to Admission, it is expected that dealings in the Placing Shares will commence on 23 June 2008.

Playtech is focusing on taking advantage of the rise in its share price. The firm's market cap is up 40 percent since January, and is more than double its IPO value in the spring of 2006.

"Playtech made strong progress in 2007 with all key performance indicators exceeding targets. This progress has continued into 2008 with the company registering impressive month on month revenue growth. This performance has put the group in an ideal position to continue its growth strategy both organically and by acquisition. We have demonstrated our ability to leverage acquisitions and believe this placing will provide the group with an extremely strong balance sheet that will allow it to take advantage of further opportunities that the current market offers." Playtech CEO Mor Weizer commented.

$86.5 million is available in Playtech for acquisitions. The company added nine new licensees in 2008 and launched two licensees at the end of the first quarter. The new licensees include Betsson and Vista Global Limited. The total number of Playtech’s licensees will add up to 59.

Casino News: Playtech ready for acquisitions

Playtech ready for acquisitions