Playtech plc: Posting of Circular and convening of General Meeting in relation to the proposed acquisition of Ava Trade Ltd. 

On 1 July 2015,  Playtech  announced that its subsidiary, TradeFX, had entered into a share purchase agreement under the terms of which it will acquire the entire issued share capital of Ava Trade Ltd., an online B2C CFD broker over which TradeFX had secured an option to purchase prior to the acquisition of TradeFX by the Playtech Group (the “Acquisition”).

The Company is pleased to announce that a circular to shareholders (the “Circular”) and a form of proxy (the “Form of Proxy”) in relation to a general meeting of the Company (the “General Meeting”) to be convened in connection with the Acquisition have today been posted to shareholders. The Circular contains notice of the General Meeting, which is to be held at 11:00 a.m. on 28 July 2015 at The Claremont Hotel, 18-22 Loch Promenade, Douglas, Isle of Man IM1 2LX.

The Listing Rules require that transactions entered into within a 12 month period and which lead to substantial involvement in a business activity which did not previously form a significant part of a company’s principal activities to be aggregated. As previously announced, Dowie Investments Limited, a wholly owned subsidiary of the Company, completed the acquisition of the TradeFX Group on 7 May 2015. Accordingly, the aggregation of the TradeFX Group acquisition with the proposed acquisition of the Ava Group causes the Acquisition to be classified as a Class 1 transaction for the purposes of the Listing Rules and therefore such an acquisition requires the approval of the shareholders of the Company.

Completion of the Acquisition is also subject to certain other conditions, including: (i) change of control approval having been received from the Central Bank of Ireland and the British Virgin Islands’ Financial Services Commission; and (ii) prior to 1 September 2015 there having been no material adverse change to the business or results of operations of the Ava Group.

Source: Playtech plc

 

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