Update on completion of acquisition of Bet 90

RNS Number : 9714G

Veltyco Group PLC

02 June 2017

 

2 June 2017

Veltyco Group PLC

("Veltyco" or "the Company")

Update on completion of the proposed acquisition of Bet 90 ("Bet 90 Acquisition")

The announcement of 13 April 2017 of the proposed acquisition of a 51% interest in Quasar Holdings Limited, a newly incorporated holding company of Bet 90 Sports Limited ("Bet 90"), both of which are registered in Malta, set out that the Company had the option not to proceed to completion of the Bet90 Acquisition ("Completion") if either of the two conditions were not satisfied by 31 May 2017. Veltyco intends to proceed to Completion and has agreed to waive the first condition, relating to the Malta Gaming Authority approving the continuation of the MGA Licence following the change of control of Bet 90 as a result of the Bet 90 Acquisition and Bet 90 obtaining the unconditional use of the MGA Licence. Satisfaction of the second condition, relating to Veltyco obtaining a Maltese legal opinion in relation to Quasar Holdings Limited's ownership of Bet 90, is expected shortly and a further announcement will be made upon Completion. 

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.

For further information please contact:

Veltyco	[phone]
David Mathewson, Chairman     Marcel Noordeloos, CFO
Northland Capital Partners Ltd	[phone]
Tom Price Edward Hutton Margarita Mitropoulou
IFC Advisory (Financial PR)	[phone]
Graham Herring Tim Metcalfe Miles Nolan

About Veltyco

Veltyco is a group of companies primarily focused on generating marketing leads and entering into marketing contracts for the activities of various partners in the gaming industry.  Veltyco focuses on complementary activities under one umbrella, leveraging its historical cash generative activities of marketing online casinos and sports betting. The introduction of Bet 90 further augments the group's plans for expansion, particularly in new territories.

Website: http://www.veltyco.com

 

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