Completes Oversubscribed Share Purchase Plan
Sydney, Jan 20, 2021 AEST (ABN Newswire) - BetMakers Technology Group Limited (
ASX:BET) (T07:FRA) announces the completion of its Share Purchase Plan ("SPP") which closed at 5:00pm (AEDT) on 15 January 2021. In accordance with the SPP Offer Booklet, the SPP provided Eligible Shareholders with the opportunity to subscribe for up to A$30,000 of new fully paid ordinary shares ("SPP Shares") in the Company at the Issue Price of A$0.60 per SPP Share, subject to scale back. Under the SPP, the Company will raise A$10 million.
The SPP was oversubscribed with the Company receiving applications from Eligible Shareholders totalling approximately A$26.29 million at the Issue Price of A$0.60 per share being the same issue price as the Institutional Placement announced to ASX on 2 December 2020.
BetMakers CEO and Managing Director, Todd Buckingham, said: "It is extremely pleasing to see the overwhelming support from shareholders for our SPP and we thank them for their confidence in the Company."
"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. 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."
As foreshadowed in the SPP Offer Booklet, the intention of the SPP was to reward BET's loyal Eligible Shareholders by giving them the opportunity to increase their shareholdings at the same issue price offered under the Placement.
Scale Back
In applying the scale back, the Board took into consideration several matters, including:
- ensuring that long-term retail supporters of the Company have a chance to increase their shareholdings;
- rewarding the loyalty and support of retail investors who continue to hold a meaningful number of shares;
- the high-level of demand from investors for SPP Shares; and
- the relative number of shares the applicant held on the Record Date and the Closing Date.
In particular, Eligible Shareholders who held 50,000 shares or less on the Record Date will be allocated SPP Shares equal to the lower of (i) 62% of the number of Shares they held on the Record Date; and (ii) 62% of the amount of SPP Shares they validly applied for. 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.
Regardless of the number of shares held on the Record Date, Eligible Shareholders who sold Shares after the Record Date and held 1 or less shares on the Closing Date were allocated one SPP Share.
The Company will issue approximately 16.66 million SPP Shares on 27 January 2021, with quotation on 27 January 2021. The SPP Shares will rank equally with existing Shares in the Company from their Issue Date.
Excess funds as a result of the scale back will be refunded to applicants without interest in accordance with the terms and conditions set out in the SPP Offer Booklet. To enable shareholders to receive their refund as quickly as possible by EFT, shareholders are strongly encouraged to update their bank details on the Computershare Investor Centre.
To view details on updating details, please visit:
https://abnnewswire.net/lnk/8Y3SDG07
Unless otherwise defined, capitalised words in this announcement have the same meaning given to them in the SPP Offer Booklet.
About Betmakers Technology Group Ltd
Betmakers Technology Group Ltd (ASX:BET) (OTCMKTS:TPBTF) 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.
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