Business
Completion of Acquisition
Completion of Acquisition.
About this update from B90 Holdings Plc
[{"type":"text","content":"\n \nRNS Number : 0959A Veltyco Group PLC 17 January 2020 \n\n17 January 2020\n \nVeltyco Group plc\n(\"Veltyco\", the \"Company\" and, together with its subsidiaries, the \"Group\")\n \nCompletion of Acquisition\nProposed change of name\nIssue of equity\n \nFurther to the Company's announcement of 19 December 2019, Veltyco is pleased to announce that it has acquired the 49% of Quasar Holdings Ltd (\"Quasar\") not owned by the Company (the \"Acquisition\") from Binbar GmbH (\"Binbar\"). Quasar wholly owns Bet90 Sports Limited (\"Bet90\"), an online sportsbook and casino gaming company. \n \nThe Board of Veltyco (the \"Board\") believes that the Acquisition is an important step in the Group being able to deliver its new strategy, which is focused on regulated online sportsbook and casino operations and, subject to funding, expanding these operations in additional territories. The Company is aiming to partner with external experts and expand its online operations, with a view to increasing marketing efforts in order to increase brand recognition and drive additional traffic to Bet90.\n \nThe consideration payable to Binbar is as follows:\n· the issue of 5,000,000 new ordinary shares of no par value in the Company (\"Ordinary Shares\") (the \"Consideration Shares\");\n· an initial cash consideration of €200,000 (the \"Cash Consideration\"); and\n· ten monthly cash instalments of €30,000 (the \"Monthly Instalments\").\n \nThe Cash Consideration will be satisfied from the proceeds of the £500,000 convertible loan announced on 19 December 2019 and the Board intends, subject to continued management of the Group's creditor balance as previously announced, that the Monthly Instalments will be paid out of the Group's operating cash flow, with the first Monthly Instalment due on 1 March 2020. The Consideration Shares, once issued, will represent approximately 5.2% of the Company's enlarged issued share capital. Binbar is wholly owned by Mr. N. Bingöl.\n \nIn the event that any amounts owing pursuant to the Monthly Instalments are outstanding as at 1 January 2021 (\"Outstanding Balance\"), Binbar has the option, in its sole discretion, by serving written noti...