13 May 2022
B90 Holdings plc
("B90", the "Company" or "Group")
Oddsen Acquisition Update
Issue of equity in relation to deferred consideration
The Company announced on 30 September 2021 that it had acquired the domain, business IP and 100% of the operations of Oddsen.nu ("Oddsen"), a Norwegian sports-bet affiliate site (the "Acquisition"). As part of the terms of the Acquisition a payment of €1.05 million was due on or before 31 March 2022, (the "Deferred Consideration") which, at the discretion of the Company, could be satisfied either in cash or by the allotment and issue of new ordinary shares of no par value in the capital of the Company ("Ordinary Shares"), with such number of new Ordinary Shares to be calculated by reference to the volume weighted average closing price per Ordinary Share over the five business days immediately preceding the date of allotment.
Accordingly, the Company is pleased to announce that the Deferred Consideration has been satisfied by the issuance of 13,452,632 new Ordinary Shares at a price of 6.65p pence per share.
These new Ordinary Shares will rank pari passu with the existing Ordinary Shares and application is being made to the London Stock Exchange plc for admission of the 13,452,632 new Ordinary Shares to trading on AIM ("Admission") which is expected to take effect at 08.00 am on or around 20 May 2022.
Total voting rights
On Admission, the Company's total issued share capital will consist of 251,859,215 Ordinary Shares with voting rights. The Company does not hold any Ordinary Shares in treasury and accordingly there are no voting rights in respect of any treasury shares. On Admission, the abovementioned figure of 251,859,215 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, B90 under the Financial Conduct Authority's Disclosure and Transparency Rules.
Commenting on the performance of Oddsen, Karim Peer, Non-Executive Chairman, said:
"The integration of Oddsen into our business has progressed very well, and since the acquisition was announced, it has traded in line with management's expectations."
"We have added a valuable new domain to our online real estate; have increased our affiliate marketing capability; and we have taken our operations into Norway, an attractive, stable and well-established market for sports betting. It also provides a platform for us to enter new markets, and we look forward to making further announcements in due course."
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018 (as amended).
For further information please contact:
B90 Holdings plc +44 (0)1624 605 764
Karim Peer, Non-Executive Chairman
Marcel Noordeloos, Chief Financial Officer
Strand Hanson Limited (Nominated Adviser) +44 (0)20 7409 3494
James Harris / Richard Johnson / Rob Patrick
Whitman Howard Ltd (Broker)
Belvedere (Financial PR & IR) +44 (0)20 3687 2754
John West / Llewellyn Angus
About B90 Holdings plc
B90 Holdings plc is a group of companies focused on the operation of its own online Sportsbook and Casino product as well as marketing activities for other online gaming companies.