Online Casino Developer Playtech's IPO Launched
Published: Tuesday, March 28, 2006 Online-Casinos.com
ONLINE CASINO SOFTWARE DEVELOPER PLAYTECH'S LONDON IPO LAUNCHED
The speculation is over - Playtech is going for it
The speculation on when turnkey provider Playtech will launch an Initial Public Offering (IPO) and where it will be has been intense for several months, but this week it came to an end with the company's successful admission to the London AIM exchange and the start of dealing in its shares.
Company announcements said that dealings in its ordinary shares would commence at 8.00 am Tuesday 28 March, and gave the following performance highlights:
• The placing has raised approximately GBP 265.2 million gross through a placing of 103 142 466 ordinary shares (the 'Placing Shares') at 257 pence per ordinary share. The company has raised net proceeds of approximately GBP 31.8 million. The ordinary shares, subject to the placing, represent approximately 48 per cent of Playtech's total issued ordinary shares.
•The shares will trade under the ticker symbol PTEC.L.
•Collins Stewart acted as sole bookrunner, nominated advisor and joint broker. Seymour Pierce acted as joint broker.
•The placing values Playtech at approximately GBP 548 million, reflecting the total number of ordinary shares in issue of 213 333 333.
•The Placing Shares have been placed with a broad range of international institutional investors.
•In the two year period ended 31 December 2005, Playtech recorded a 268 percent increase in revenues to US$47.6 million. In the same period, post tax profit increased from approximately US$8.3 million in 2003 to US$35.6 million in 2005.
Roger Withers, who has over 30 years of experience in the leisure and gaming industries, has been appointed non-Executive Chairman with effect from Admission.
Commenting on the launch, Avigur Zmora, Chief Executive Officer of Playtech, said: "The outstanding interest in Playtech's shares from both US and UK investors is a clear endorsement of the company's offering, business model and prospects. We look forward to life as a plc and to continuing the growth of the business."
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