TIDMPTEC
RNS Number : 4139S
Playtech PLC
14 July 2022
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART
IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A
VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT
JURISDICTION.
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY
THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER
THE UK VERSION OF THE MARKET ABUSE REGULATION (EU) NO. 596/2014 AS
IT FORMS PART OF UK LAW BY VIRTUE OF THE EUROPEAN UNION
(WITHDRAWAL) ACT 2018. WITH THE PUBLICATION OF THIS ANNOUNCEMENT
VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS
NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
FOR IMMEDIATE RELEASE
14 July 2022
Playtech plc
("Playtech" or "the Company")
Response to TTB no intention to bid statement
H1 2022 adjusted EBITDA expected to be more than EUR200m
Playtech notes the announcement released on 14 July 2022 by TTB
Partners Limited ("TTB") under Rule 2.8 of the City Code on
Takeovers and Mergers (the "Code") that it does not intend to make
an offer for the Company due to challenging underlying market
conditions. The Board of Directors (the "Board") notes that TTB
continues to be supportive of the Board and the executive
management team, their strategy for Playtech and the prospects for
the business.
The Board remains very confident about the positive long term
prospects for the Group. This is also evidenced in the recent
trading performance across both its core B2B and B2C
businesses.
Playtech had an excellent H1 2022 with Adjusted EBITDA expected
to be more than EUR200 million. The performance was driven by both
the B2B and B2C businesses. The B2B performance has been driven by
very strong momentum from the Americas, in addition to a strong
performance across the wider B2B operations, including Live Casino.
Snaitech had an excellent first half driven by its online business,
retail recovery and favourable sports results.
The excellent first half results and momentum in the business
gives the Board great confidence in the Company's prospects for FY
2022 and beyond, and the Company's ability to deliver material
value to its shareholders. Additionally, the Board continues to
consider options to maximise shareholder value.
On 11 July, Playtech completed the all-cash sale of Finalto,
representing a significant step in simplifying the Company.
Playtech is using the majority of the proceeds to repay its
revolving credit facility.
Mor Weizer, CEO of Playtech said, "Playtech carries strong
momentum going into H2 2022 and continues to perform very well
across its core B2B and B2C businesses. This performance reflects
the quality of our market-leading technology offering and the hard
work and commitment of our talented team. We remain confident in
our long-term growth prospects and, in particular, our ability to
benefit from the structured agreements that are already allowing
Playtech to access newly opened gambling markets."
Brian Mattingley, Chairman of Playtech said, "This process has
shone a spotlight on the fundamental premium value of Playtech's
businesses and the Board will continue to consider options to
maximise value for all shareholders. Playtech is the leading
technology company in the gambling industry, with an unrivalled
quality and breadth of products. The Group's B2B business continues
to go from strength to strength while Snai is the number one sports
brand across retail and online betting in the Italian market. We
are confident that we have the right strategy and the right team in
place to build on this strong start to the year and deliver for all
our stakeholders."
This announcement has been made with the prior consent of
TTB.
As a result of TTB's Rule 2.8 announcement, Playtech is no
longer in an offer period as defined by the Code.
The person responsible for making this announcement is Chris
McGinnis, Director of Investor Relations & Strategic
Analysis.
Enquiries:
Playtech
Chris McGinnis, Director of Investor Relations & Strategic
Analysis
+44 (0)16 2464 5954
Wells Fargo Securities (Lead Financial Adviser and Rule 3
Adviser to Playtech)
Brian Maier, Vice Chairman
Sam Small
Chris Tucker
+44 (0)20 3942 9625
Goodbody (Financial Adviser and Joint Broker to Playtech)
Piers Coombs
Charlotte Craigie
Stephen Kane
+353 1 667 0400
Jefferies International Limited (Financial Adviser and Joint
Broker to Playtech)
Tim Lloyd Hughes
Max Jones
Philip Noblet
James Thomlinson
+44 (0)20 7029 8000
Headland (PR Adviser to Playtech)
Lucy Legh
Stephen Malthouse
Tom James
Jack Gault
+44 (0)20 3805 4822
Playtech@headlandconsultancy.com
Important Notice
This announcement is not intended to, and does not, constitute
or form part of any offer, invitation or solicitation of any offer
to purchase, otherwise acquire, subscribe for, sell or otherwise
dispose of, any securities or the solicitation of any vote or
approval in any jurisdiction, whether pursuant to this announcement
or otherwise.
The release, distribution or publication of this announcement in
jurisdictions outside the United Kingdom may be restricted by laws
of the relevant jurisdictions and therefore persons into whose
possession this announcement comes should inform themselves about,
and observe, any such restrictions. Any failure to comply with the
restrictions may constitute a violation of the securities law of
any such jurisdiction.
Notices Related to the Financial Advisers
Wells Fargo Securities International Limited, a subsidiary of
Wells Fargo & Company trading as "Wells Fargo Securities", is
authorised and regulated by the Financial Conduct Authority ("FCA")
in the United Kingdom. Wells Fargo Securities is acting exclusively
as financial adviser to Playtech and will not be responsible to
anyone other than Playtech for providing the protections afforded
to its client, or for providing advice in relation to the matters
set out in this announcement.
Goodbody Stockbrokers UC is authorised and regulated by the
Central Bank of Ireland and is also subject to regulation by the
FCA. Goodbody Stockbrokers UC are acting exclusively for the
Company and will not be responsible to any person other than the
Company for providing the protections afforded to their clients or
for providing advice in relation to the contents of this
document.
Jefferies International Limited, which is authorised and
regulated in the UK by the Financial Conduct Authority, is acting
exclusively for Playtech and no one else in connection with the
Acquisition and shall not be responsible to anyone other than
Playtech for providing the protections afforded to clients of
Jefferies International Limited, nor for providing advice in
connection with the Acquisition or any matter referred to herein.
Neither Jefferies International Limited nor any of its
subsidiaries, affiliates or branches owes or accepts any duty,
liability or responsibility whatsoever (whether direct, indirect,
consequential, whether in contract, in tort, under statute or
otherwise) to any person who is not a client of Jefferies
International Limited in connection with the Acquisition, this
announcement, any statement contained herein or otherwise.
Publication of this Announcement
In accordance with Rule 26.1 of the Code, a copy of this
announcement will be made available on the Company's website
(www.Playtech.com) by no later than 12 noon (London time) on 15
July 2022. The content of the website referred to in this
announcement is not incorporated into and does not form part of
this announcement.
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END
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