News blog

Antisoma / GVC

• BY: Andrew Hore |
• POSTED: 20/12/2012 |

Cash shell Antisoma has committed to subscribe for £4m worth of new shares in AIM-quoted online gambling business GVC Holdings to help finance the cash alternative of the bid for Sportingbet.

Antisoma is paying 233.5p per GVC share, which was the suspension price on 16 October. Antisoma also has subscription options over 343,053 shares, exercisable at 233.5p each for up to three years.

The bid for Sportingbet is 44.8p in cash and 0.0435 of a GVC share for each Sportingbet share. Sportingbet shareholders will also receive the 1.1p a share interim dividend. This values Sportingbet at 56.1p a share. The fully diluted bid is worth £485m - Sportingbet was valued at more than £1bn at its peak.

Sportingbet shareholders can choose to take fewer or more shares in GVC, although Sportingbet shareholders can only obtain the extra cash for a maximum of 3.1m GVC shares (net). 

GVC will acquire Sportingbet and sell the Australian business and some other assets to William Hill.

GVC is currently valued at £73.8m.

At 1.81p a share, Antisoma is valued at £11.5m. There was £12.9m in the bank at the end of June 2012. There is also a £1.04m investment in an AIM-quoted care sector support services business. The NAV was £12.9m.

Antisoma recently changes its nominated adviser from Altium to WH Ireland, which is also broker.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFDecember2012_39.pdf