Sportingbet completes Centrebet acquisition

UK-listed gaming operator Sportingbet plc said Wednesday that it has completed the acquisition of Australia’s Centrebet International Limited following the implementation of two separate inter-conditional schemes of arrangement between Centrebet and its shareholders and performance right-holders.

Under the terms of the schemes, Centrebet shareholders and performance right-holders will receive a cash consideration of $2.00 per Centrebet security, valuing Centrebet equity at approximately $183m.

In addition to the cash consideration, Centrebet security-holders will receive a litigation claim right and a litigation claim unit which will entitle them to 90 per cent of the potential net proceeds of the company’s proposed GST litigation claim.

Following the approval of the schemes by Centrebet shareholders and performance right-holders earlier this month, and by the Federal Court of Australia last week, Sportingbet confirmed this morning that the schemes have been implemented and Centrebet is now a wholly-owned subsidiary of Sbet Australia Pty Limited.

Shares in Centrebet were suspended from quotation on the Australian Securities Exchange last week and an application to remove Centrebet from the official list of the Australian Securities Exchange has been made today.

“We are delighted to have completed the acquisition of Centrebet which means we are now the leading bookmaker in Australia, a fast growing, regulated market,” said Sportingbet CEO Andrew McIver. “This transaction highlights the Sportingbet Group's strategy of increasing its proportion of revenue generated from regulated markets and of geographic diversification.”

Centrebet confirmed that in accordance with Listing Rule 3.16.1, the company has announced the resignations of Graham Kelly, Con Kafataris, Michael McRitchie, Max Donnelly and George Kafataris as directors of Centrebet and Mal Lucas-Smith as the company secretary of Centrebet with effect from today
.
McRitchie’s resignation as director of Centrebet is separate to his employment as managing director of Centrebet which will continue on the terms and conditions of his employment contract.

The company has today appointed Michael Sullivan, Anthony Waller, Jim Wilkinson and Andrew McIver as directors of Centrebet and Lawrence Chartres as the company secretary of Centrebet.