TIDMNPT
RNS Number : 3845V
Netplay TV PLC
09 July 2009
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| Date: | 9 July 2009 |
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| On behalf of: | NetPlay TV plc ('the Company' or 'NetPlay TV') |
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| For immediate | |
| release | |
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NetPlay TV plc
* GBP12.8m Placing to Fund Future Growth
* Five year strategic agreement with Playtech
NetPlay TV Plc (AIM: NPT), the 'live' interactive TV gambling specialist, today
announces that it has conditionally placed 58,352,476 new ordinary shares
("Placing Shares") of 5p each at a price of 22 pence per share, raising gross
proceeds of GBP12,837,545 (the "Placing"). The proceeds will strengthen the
Company's balance sheet and provide capital for future growth.
In addition, the Company has entered into a memorandum of understanding with
Playtech Limited ("Playtech") that has set the term of the agreement for the
supply of 'live' interactive games to the Playtech network to five years.
Playtech is the world's largest publicly traded online gaming software
supplier. Distribution will be via both Playtech's online customers and retail
clients. NetPlay TV will supply a number of 'live' games including: Live
Roulette, Live Blackjack, Live Bingo and a Live Fixed odds draw. As part of the
agreement, NetPlay TV will migrate all of its services onto the Playtech
technology platform, this agreement will also run for a period of five years.
The New Shares, which will be placed with investment company Directforce Trading
Limited ("Directforce"), will represent approximately 29.9 per cent. of the
Company's Enlarged Share Capital. The beneficiary of Directforce also has a
beneficial interest in a significant shareholder of Playtech Limited.
The Placing is subject to the approval of the Company's shareholders at a
General Meeting. A circular convening the General Meeting will be sent to
shareholders shortly.
The Company has received irrevocable commitments from certain shareholders
representing 43.4 per cent. of the Company's current issued share capital to
vote in favour of the resolutions to be proposed at the General Meeting.
Martin Higginson, CEO of NetPlay TV plc, said:
"This agreement will take NetPlay TV to new heights. The investment of GBP12.8m
into our business, along with the strategic relationship, both in terms of
distribution and technology with Playtech, will enable us to drive the
development of our converged gaming solutions.
"'Live' gaming is being demanded by more and more customers and this agreement
will allow us to deliver our products to a much wider audience."
Mor Weizer, CEO of Playtech Limited, said:
"We have been looking for a partner in the 'live' interactive gaming market for
some time. Our clients and their customers are demanding 'live' products and
therefore it is logical we offer them the best services available. This
agreement enables us to offer our licencees unique TV quality gaming shows, this
will also enrich their offering to gamers, and will also boost Playtech's Bingo
offering, increasing Playtech's bingo network liquidity significantly.
"We are extremely happy to partner with NetPlay TV Plc who are the clear leader
in 'live' interactive gaming. We see this agreement as a natural step in
Playtech's business strategy of entering into the interactive TV gaming market
and further supplements the acquisition last year of interactive
mass-multiplayer live gaming assets.
"We believe 'live' gaming is going to be very big in the coming years and, as
such, a significant investment in this business makes perfect sense."
Shareholder approval
A circular will be sent to shareholders in the Company. The issue of the Placing
Shares is conditional, inter alia, upon the Company obtaining approval from its
Shareholders to grant the Board authority to allot the Placing Shares and to
disapply statutory pre-emption rights which would otherwise apply to the
allotment of the Placing Shares. The Placing is further conditional upon
Admission of the Placing Shares to AIM. A General Meeting will be announced in
due course.
Application will be made to the London Stock Exchange for the New Shares to be
admitted to trading on AIM.
Enquiries:
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| NetPlay TV plc | www.netplaytv.plc.uk |
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| Martin Higginson, | Via Redleaf |
| Chief Executive Officer | |
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| | |
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| Redleaf Communications | Tel: 020 7566 6700 |
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| Emma Kane / Mike Ward | netplay@redleafpr.com |
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| | |
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| Panmure Gordon | |
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| Katherine Roe | Tel: 020 7459 3600 |
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| | |
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| Playtech Limited | Tel: 020 7861 3232 |
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| Mor Weizer | |
| Chief Executive Officer | |
| c/o Bell Pottinger Corporate & | |
| Financial | |
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Notes to Editors:
* Publication photographs are available from Redleaf Communications or
www.redleafpr.com
About NetPlay TV plc
NetPlay TV plc is listed on the AIM market of the London Stock Exchange (NPT).
NetPlay TV operates a number of interactive gaming services under a UK, and
Malta gaming license, including Supercasino.com, Bingos.com and
EuroTeleMillions.com. These services can also be viewed live on television on
Sky Channel 866 - 24 hours a day, Freeview Channel 48 from 9pm - 5am and FreeSat
Channel 851. The Company recently took over the production of the 'Challenge
Jackpot' brand on behalf of Virgin Media Television which airs 24/7 on Virgin
Media, Sky and three hours per day on Bravo 2 and Virgin 1.
The Company is focused on the delivery of a converged interactive gaming
experience allowing its customers to interact with its games on a variety of
platforms, TV, Internet and mobile from a common integrated wallet.
This information is provided by RNS
The company news service from the London Stock Exchange
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