by Renee Israel
Sportingbet, a leading London-listed sportsbook and casino gaming provider,
has confirmed the finalisation of a deal to acquire two top Denmark's top
bookmakers, Danbook Ltd. and Scandic Bookmakers Ltd.
The acquisition of these two Danish bookmakers will complement Sportingbet's
already strong presence in the Danish gambling market through its local
Sportingbet and Centrebet brands.
According to Sportingbet, the "combination of these businesses with Danbook
and Scanbook" would give the group a strong platform in the regulated Danish
gaming market.
Both Danbook and Scandic offering players in Denmark a full range of gambling
options, including casino, poker as well as fixed odds sports betting.
£8.5 Million Maximum Consideration Payable
According to a press release regarding Sportingbet's purchase
of the Danish bookmakers, the UK company will take ownership of the entire
issued share capital of Danbook Ltd. and Scandic Bookmakers Ltd.
"The aggregate maximum consideration payable for both Danbook
and Scandic is £8.5 million, comprising the cash sum of £4 million and £0.5
million of Sportingbet shares at completion, with a further sum of £4 million
subject to the satisfaction of certain performance conditions," stated the
release.
It was confirmed by Sportingbet that the acquisition has been
funded by a new three year £8 million facility with Barclays Bank PLC, with the
loan repayable in annual installments, beginning January 2013.
Sportingbet also said in its press release that in order to
satisfy the group's share component of the consideration, it issued just over
1.4 million new ordinary shares of 0.1 p each to the shareholders of Danbook and
Scandic in aggregate, which represent approximately 0.2% of the total issued
share capital.
It went on to say that: "As a result, as at the date of the
announcement, Sportingbet's issued share capital consists of 666,837,517
ordinary shares with voting rights. Sportingbet holds no ordinary shares in
treasury."
Sportingbet is Licensed by Alderney
Sportingbet, which is listed on the London Stock Exchange, was
founded in 1997 by Mark Blandford. The group focuses on online sports betting,
poker and casino gaming and boasts over 2.5 million registered customers in more
than 200 countries.
There are a number of websites associated with Sportingbet, and
the group has offices and call centers in numerous locations around the world,
including Costa Rica, Ireland and Australia.
Sportingbet is also the official sponsors of Premier League
football team Wolverhampton Wanderers, in a sponsorship deal that will run until
2013.
