17th Jan 2020 10:14
(Alliance News) - Gaming industry marketing firm Veltyco Group PLC on Friday proposed a name change and took sole ownership of an internet bookmaker as it shifts its trading focus to online sportsbook and casino operations.
Veltyco said it completed a deal to acquire the remaining 49% stake in Bet90 Sports Ltd, an online sportsbook company in which it already had a 51% interest in.
Veltyco will pay sellers Binbar GmbH an initial EUR200,000, 10 monthly installments of EUR30,000 and issue the German firm 5.0 million new Veltyco shares, representing a 5.2% stake in the London-listed company.
Veltyco has also entered into a licence agreement with Binbar, which will see the latter use the Bet90 brand name in Belgium, in exchange for a "nominal consideration". Veltyco does not have a licence in Belgium and is not looking to apply for one, it added.
The company may also not be called Veltyco for much longer, as it has proposed changing its name to B90 Holdings PLC.
Executive Chair Paul Duffen said: "Having 100% ownership of Bet90 represents significant progress towards our stated objective to refocus the business on the core activity of online sportsbook and casino operations. Subject to additional funding, the next phase will be to expand the geographic footprint and invest in marketing to drive revenue.
"We will also be seeking to form strategic relationships with other brands in the same vertical to expand our online offer. The proposed change of company name to B90 Holdings PLC, along with the change of ticker symbol to B90, will reflect this new focus and strategy."
Shares in the company were 8.7% lower at 4.75 pence each in London on Friday morning.
By Eric Cunha; [email protected]
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