Home > Finance > BetMakers raises AUD$26.2m from oversubscribed share purchase plan

BetMakers raises AUD$26.2m from oversubscribed share purchase plan

| By Robert Fletcher
Australian supplier BetMakers has revealed that it has raised Aus$26.2m (£14.8m/US$20.2m) through an oversubscribed share purchase plan (SPP).

The supplier initially aimed to raise $10m via the purchase plan, which saw eligible shareholders given the opportunity to subscribe for up to $30,000 of new fully paid ordinary shares at an issue price of $0.60 per share.

Funds generated via the scheme will be used to support BetMakers’ proposed acquisition of Sportech’s Tote and Digital business, as well as to accelerate its global expansion plans.

Earlier this month, an overwhelming majority of Sportech shareholders voted in favour of the deal to sell its global tote business BetMakers for £30.9m.

“Through organic growth and acquisitions, we have rapidly added significant shareholder value which now positions BetMakers as a truly global supplier to the international wagering industry,” BetMakers chief executive and managing director Todd Buckingham said.

“The board and management are committed to continue adding value for shareholders and we’re looking forward to updating the market with our progress throughout 2021.”

In relation to the oversubscribed purchase plan, BetMakers has set out details of a scale back scheme.

This, BetMakers said, will ensure long-term retail supporters have a chance to increase their shareholdings and reward retail investors that hold a meaningful number of shares, as well as consider the high-level of demand for SPP shares.

BetMakers will issue approximately 16.66 million SPP shares on 27 January, with these to rank equally with existing shares from their issue date.

Eligible shareholders who held more than 50,000 shares on the record date will be allocated 62% of the amount of SPP shares they applied for.

Excess funds as a result of the scale back will be refunded to applicants without interest.

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