Online gambling group Playtech plc no longer holds ordinary shares in the GVC Holdings online and land gambling group following its sale of 19.6 million GVC shares (about 3.4 percent of the total) which it received as a result of its previous holding Ladbrokes Coral, acquired earlier this year by GVC.
In a stock exchange advisory Playtech plc noted:
“Playtech plc has held a stake of approximately 3.4 percent of GVC Holdings plc’s issued share capital which it received as a result of its previous holding in Ladbrokes Coral Group plc (previously Ladbrokes plc).
“Following a placing conducted through Goodbody, UBS Limited and Shore Capital, Playtech has sold its entire holding of c.19.6 million ordinary shares in GVC at a price of 1010 pence per ordinary share. The Placing is expected to settle on a T+2 basis, on 11 June 2018.
“Following completion of the Placing, Playtech will no longer hold any interest in GVC’s ordinary shares.
“The proceeds from the Placing will be used for general corporate purposes which may include M&A or to reduce the amount of debt to be raised as part of the acquisition of Snaitech.”