Better Collective considers a directed share issue

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Regulatory release no. 35/2019

Better Collective A/S (“Better Collective” or the “Company”), the world’s leading sports betting affiliate with a growing presence in the US, today announces its intention to carry out a directed share issue of approximately 4 million shares (the “Issue”) to a number of institutional investors.

In connection with the Issue, the Company has agreed to a lock-up undertaking on future share issuances for a period of 180 days. The Company’s lock-up undertaking is subject to certain specific exceptions, e.g. that the Company can carry out future share issuances if done so in the context of and as an integral part of an industrial acquisition pursuant to its announced growth strategy.

The business model is based on referring users to iGaming operators. Revenue is generated from iGaming operators and is based on a revenue share model (“revenue share”), cost per acquisition model (“CPA”), or a combination of the two, and US subscription revenue. In the first nine months of 2019, revenue share accounted for 71% of the revenue (79% of player-related revenue) with 16% coming from CPA, 4% from subscription revenue, and 9% from other income. The number of New Depositing Customers (NDCs) was more than 313,000, which amounts to 74% compared to the same period last year.

The Company reported revenue of 48 mEUR for the first nine months of 2019, which represented an annual growth rate of 69 percent. Organic revenue growth was 27%. Reported EBITA amounted to 20 mEUR in the first nine months of 2019, which represented an EBITA margin of 42 percent. Better Collective believes that the Company is well-positioned to continue to grow faster than the iGaming market through organic growth as well as through acquisitive growth. 

This information is such information as Better Collective A/S is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 17:50 p.m. CET on December 3, 2019.

This announcement does not identify or suggest, or purport to identify or suggest, the risks (direct or indirect) that may be associated with an investment in the new shares. Any investment decision in connection with the Issue must be made on the basis of all publicly available information relating to the Company and the Company’s shares. Such information has not been independently verified by the Global Coordinators and Bookrunners. The information contained in this announcement is for background purposes only and does not purport to be full or complete. No reliance may be placed for any purpose on the information contained in this announcement or its accuracy or completeness. The Global Coordinators and Bookrunners are acting for the Company in connection with the transaction and no one else and will not be responsible to anyone other than the Company for providing the protections afforded to its clients nor for giving advice in relation to the transaction or any other matter referred to herein.

This announcement does not constitute a recommendation concerning any investor’s option with respect to the Issue. Each investor or prospective investor should conduct his, her or its own investigation, analysis and evaluation of the business and data described in this announcement and publicly available information. The price and value of securities can go down as well as up. Past performance is not a guide to future performance.

This announcement does not constitute or form part of an offer or solicitation to purchase or subscribe for securities in the United States. The securities referred to herein may not be sold in the United States absent registration or an exemption from registration under the US Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold within the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. There is no intention to register any securities referred to herein in the United States or to make a public offering of the securities in the United States. The information in this press release may not be announced, published, copied or distributed, directly or indirectly, in whole or in part, within or into the United States of America, Australia, Canada, Japan or in any other jurisdiction where the announcement, publication or distribution of the information would not comply with applicable laws and regulations or would require prospectuses, registration or any other measures than those required by Swedish law. Actions taken in violation of this instruction may constitute a crime against applicable securities laws and regulations.

This announcement is not a prospectus for the purposes of Regulation (EU) 2017/1129 (the “Prospectus Regulation”) and has not been approved by any regulatory authority in any jurisdiction. The Company has not authorized any offer to the public of shares or rights in any member state of the EEA and no prospectus has been or will be prepared in connection with the Issue. In any EEA Member State, this communication is only addressed to and is only directed at qualified investors in that Member State within the meaning of the Prospectus Regulation.

This announcement is only being distributed to and is only directed at persons in the United Kingdom that are (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the “Order”) or (ii) high net worth entities, and other persons to whom this announcement may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “Relevant Persons”). This communication must not be acted on or relied on by persons who are not Relevant Persons. Any investment or investment activity to which this communication relates is available only to Relevant Persons and will be engaged in only with Relevant Persons. Persons distributing this communication must satisfy themselves that it is lawful to do so.

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Globe Newswire: 16:50 GMT Tuesday 3rd December 2019

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