1st Jun 2018 13:06
LONDON (Alliance News) - Veltyco Group PLC, an online gaming marketer, said Friday that it has repaid a EUR2.5 million loan taken out by unit Bet 90 Sports Ltd.
Veltyco has a 51% interest in Bet 90 Sports, which used the loan from Winslet Enterprises Ltd to fund the launch of its sports book website. The loan agreement was initially for EUR1.5 million in July 2017 but was increased to EUR2.5 million.
Veltyco settled the full EUR2.5 million loan against trade recievables from its operators in May.
Winslet Enterprises also made payments to Veltyco's suppliers in 2017, totalling EUR105,000, which Veltyco has also repaid.
Winslet Enterprises is wholly owned by Uwe Lenhoff, who served as a director of Veltyco when the loan was taken out. He resigned from the company's board in March.
Shares in Veltyco Group were up 7.4% at 78.90 pence on Friday afternoon.
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