21st Mar 2013 07:00
21 March 2013
Antisoma plc ("Antisoma")
Agreement with GVC Holdings plc ("GVC")
The Directors announced on 20 December 2012 that Antisoma had entered into an agreement with GVC to subscribe up to 1,713,062 new GVC ordinary shares at 233.5p per share in connection with GVC's recommended offer, together with William Hill Australia Pty Limited, for Sportingbet plc ("Sportingbet).
This represented a total potential commitment by Antisoma of £4.0 million to subscribe for new GVC ordinary shares if required by GVC to underpin any cash consideration elected for by Sportingbet shareholders. Antisoma deposited £4.0 million in to a client escrow account with its legal adviser CMS Cameron McKenna LLP in support of this commitment.
As consideration for this commitment, Antisoma was granted subscription options over 343,053 new GVC ordinary shares, which are exercisable at 233.5p per share until 20 December 2015.
GVC announced on 19 March 2013 that it had completed the acquisition of Sportingbet and has confirmed to Antisoma that it will not be issuing any new GVC ordinary shares to the Company and that Antisoma's £4m commitment has expired. CMS Cameron McKenna LLP is therefore, now in the process of returning the £4.0 million cash deposit to Antisoma.
Contacts:
Antisoma plc
Mike Bretherton, Chairman 020 7099 7268
WH Ireland Limited (Nominated adviser)
Chris Fielding, Head of Corporate Finance 020 7220 1650
Related Shares:
SARS.L