Amendments to Appendix 4C estimated cash outflows for June 2019 quarter:
- Estimated outgoing cash for Acquisitions will be $3.4million (previously stated as $8.4million)
- Reduction due to:
o $4million of Deferred Payments
o $1million conversion of Outstanding Payments to equity, subject to shareholder approval
With respect to Section 9 on page 4 of the Appendix 4C, the Company noted that the "Total estimated cash outflows" for the next quarter are estimated to be $10,726,000. In addition, with respect to item 9.8, the Company noted that the "Final Instalment for Dynamic Odds & Global Betting Services" is estimated at $8,400,000.
However, the amount of $8,400,000 is overstated and incorrect as it does not take into account that $4,000,000 of the payments to DynamicOdds Pty Ltd, C.D.K Software Limited (CDK) & Global Betting Services Pty Ltd have been deferred until 30 June 2024 (as per announcement made to the market on 30 April 2019). It also does not take into account that, subject to shareholder approval, 33,333,333 fully paid ordinary shares in the Company will be issued to the vendor of CDK in lieu of $1,000,000 (representing a deemed share price of $0.03 cents per share) as per announcement made on 30 April 2019.
Accordingly, item 9.8 should be $3,400,000. Similarly, the "Total estimated cash outflows" for the quarter should only be $5,726,000.
Further details regarding the Company's cash position will be included in the prospectus that the Company is expecting to release in relation to the recently announced non-renounceable pro-rata entitlement offer.
To view the restated Appendix 4C, please visit:
About The Betmakers Holdings Limited
The Betmakers Holdings Limited (ASX:TBH)(OTCMKTS:TPBTF)(FRA:T07), formerly TopBetta Holdings Limited, is an ASX-listed holding company and a global provider of online wagering products and services to both wholesale and retail markets through its various wholly owned subsidiaries. The Company operates a retail wagering business, offering consumers wagering, fantasy tournament and content products and services. Global Tote Australia Pty Ltd conducts TBH's Wholesale Business, which includes operating and licensing its wholesale tote product which enables licensed wagering operators, including corporate bookmakers and tote operators from all over the world, to participate in global pools. The Wholesale Business is conducted under a B2B licence granted by the UK Gambling Commission to Global Tote Limited, a company incorporated in Alderney, UK.
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The Betmakers Holdings Limited (ASX:TBH) Payments Made for the Acquisitions of Global Betting Services, DynamicOdds and CDK Software