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Thursday, November 24, 2011

Playtech to raise 100 mln stg in placing

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* Placed 46.5 mln shares at 215 pence

* Placing at a 2.5 pct discount to the stock's Tuesday close

Nov 23 - Playtech Ltd, the world's biggest provider of online gambling software, said it would raise 100 million pounds in a discounted offering to finance acquisition opportunities and investments in new joint ventures.

The placement of about 46.5 million shares would be priced at 215 pence each, representing a 2.5 percent discount to the stock's closing market price on Tuesday, Playtech said.

The company, in which its billionaire Israeli founder Teddy Sagi continues to hold a 40 percent stake, said it had identified a number of acquisition opportunities that would complement or expand its existing technology or product offering.

The cost of the opportunities currently under review vary in size up to about 40 million pounds.

Playtech is an Estonia-based company, which operates a joint venture with Britain's biggest bookmaker William Hill and provides software to Bwin.Party Digital Entertainment, Paddy Power and Gala Coral.

Shares of the company, which have lost a quarter of their value in the last three months, closed at 220.5 pence on Tuesday on the London Stock Exchange.

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