Playtech Cyprus Ltd. (AIM:PTEC) announced this morning that it plans to raise ₤100 million.
The company said that it will issue 46.5 million shares at a 2.5% discount on yesterday's closing price in London. Playtech is controlled by Israeli billionaire Teddy Sagi who holds a 40% stake in the company.
The placement is aimed at enabling Playtech to make new acquisitions and investments in line with the online gaming software company's strategy as published in the summer. The company also said that it will distribute a dividend amounting to 40% of profits in the fiscal year.
Playtech, which is currently traded on London's AIM expects to move up to the main London Stock Exchange in 2012. The company's shares have lost 25% of their value over the past three months, due to global market trends and ongoing tension in its joint venture with British bookmaker William Hill. Playtech also provides software to other major UK bookmakers including Paddy power, PartyGaming and Gala Coral.
Published by Globes, Israel business news - www.globes-online.com - on November 23, 2011
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