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Playtech share price falls after €315m bonds issue

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Playtech share price falls after €315m bonds issue

Post by jock2007 on Tue Nov 18, 2014 1:51 am

Playtech share price falls after €315m bonds issue

Shares in Playtech dived seven per cent this morning after it issued a €315m (£248m) convertible bond.

The online gambling software company issued the five-year unsecured convertible bond to fund acquisitions and “organic opportunities” which it believes will create significant value for shareholders.

The share conversion price is expected to be between 20 and 30 per cent of today's volume weighted average.

Playtech reported soaring profits, up 28 per cent for the first half of the year to June to €97.6m (£76m) and nine per cent ahead of forecast.

The FTSE 250 firm, which is behind online gambling sites for the likes of Ladbrokes and Trinity Mirror, has seen its shares hit by concerns over Malaysia’s gambling crackdown. While gambling is illegal in the country, this doesn’t cover online betting and the country is now looking to amend the laws.

Acquisition-hungry Playtech bought two video lottery machine companies in September for a total of €10.5m (£8.33m).

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