Business
Potential Bet90 Acquisition & Issue of Equity
Potential Bet90 Acquisition & Issue of Equity.
About this update from B90 Holdings Plc
[{"type":"text","content":"\n \nRNS Number : 3974X Veltyco Group PLC 19 December 2019 \n\n19 December 2019\n \nVeltyco Group plc\n(\"Veltyco\", the \"Company\" and, together with its subsidiaries, the \"Group\")\n \nConvertible Loans\nPotential Acquisition of Bet90\nDirectors' Loan Conversion\nIssue of Equity\n \nVeltyco Group plc (AIM:VLTY), the online marketing and operating company for the gaming industry, is pleased to announce that it has raised £500,000 (approximately €593,000) pursuant to a subscription for convertible loan notes (the \"December Convertible Loan\") by Mr Peter Paul Westerterp (the \"Investor\"). The Investor owns approximately 5.1% of the Company's issued share capital and is the holder of the, in aggregate, €300,000 convertible loan notes issued in September 2019 (the \"September Convertible Loan\") (further details of which are set out in the Company's announcement of 16 September 2019). The terms of the September Convertible Loan have been amended to match those of the December Convertible Loan (together, the \"Convertible Loans\"), as set out below.\n \nThe Convertible Loans have a three-year term and a 5% annual coupon, payable in arrears on 30 June and 31 December, with the first instalment due to be paid on 30 June 2020. The Convertible Loans are convertible at any time by the Investor at a price of 5p per new ordinary share of no par value in the Company (\"Ordinary Share\"). The Convertible Loans will automatically convert into Ordinary Shares if the closing mid-market price of an Ordinary Share is 10p or more for 25 consecutive business days. The Convertible Loans are unsecured.\n \nUnder the Convertible Loans, the Company has £669,000 (approximately €793,000) outstanding as at the date of this announcement, which is held by the Investor. The September Convertible Loan and the December Convertible Loan are due for repayment in September 2022 and December 2022 respectively.\n \nPotential Acquisition of Bet90\nThe Company is pleased to announce that it has also entered into a non-binding heads of terms (the \"Heads of Terms\") with Binbar GmbH to acquire the 49% of Quasar Holdings Ltd (\"Quasar\") not currently held by the Company (the \"Potential Acquisition\"). Quasar wholly owns Bet90 Sports Ltd (\"Bet90\"), an online sportsbook and casino gaming company. ...