Payments Made for the Acquisitions of Global Betting Services, DynamicOdds and CDK Software
- $1.9million in respect of the acquisition of Global Betting Services Pty Ltd ("GBS"); and
- $1.5million in respect of the acquisition of DynamicOdds Pty Ltd ("DO") and C.D.K Software Limited ("CDK").
CEO of the Company, Todd Buckingham, said: "It is a significant milestone to finalise this tranche of the Company's post-completion payment obligations for these two important companies. While we have been working together for some time now, this completion will enable the total integration of the businesses and we can now focus on executing the growth plans for the Company."
"The Board and I would like to thank the vendors of DO, CDK and GBS for their support during the postcompletion phase to date and we are excited to continue this journey together to help the business reach its full potential."
As previously announced on 30 April 2019, the following payments were restructured in respect of the acquisitions of GBS and CDK:
- subject to the Company obtaining shareholder approval at the general meeting to be held on 21 June 2019, 33,333,333 fully paid ordinary shares in the Company will be issued to the vendor of CDK in lieu of $1million of the payment due by 30 June 2019 in respect of the acquisition of CDK; and
- $2million in respect of the acquisition of CDK deferred until 30 June 2024; and
- $2million in respect of the acquisition of GBS deferred until 30 June 2024.
Issue of Shares to Underwriter
Further to the announcement released on 7 May 2019, the Company advises that the Company and Spenceley Management Pty Ltd ACN 127 151 437
Under the Variation, the Company has agreed:
- to issue 500,000 fully paid ordinary shares in the Company ("Shares") (at a deemed issue price of $0.03 per Share) in lieu of the $15,000 fee that was to be paid to the Underwriter to part-underwrite the Offer; and
- that the Underwriter must not sell the Shares until the earlier of (i) the date on which the Company issues a cleansing prospectus in accordance with section 708A(11) of the Corporations Act ("Cleansing Prospectus"); and (ii) 30 June 2019 (to allow the Company sufficient time to issue a Cleansing Prospectus).
All other terms of the underwriting agreement between the Company and the Underwriter remain unchanged.
The Shares have been issued today without disclosure under Chapter 6D of the Corporations Act and under the Company's 15% placement capacity under ASX Listing Rule 7.1.
An Appendix 3B is attached(see link below).
To view the release with Appendix 3B, please visit:
About Betmakers Technology Group Ltd
Betmakers Technology Group Ltd (ASX:BET) (FRA:T07) 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.
Betmakers Technology Group Ltd