Sportingbet Shareholders O.k. Turkish Deal

SPORTINGBET SHAREHOLDERS O.K. TURKISH DEAL

10th November, 2011 at 15:42:40
Source: http://www.azonlinecasinos.com

72.6% support for motion to dispose of legally troublesome Turkish operation

The main hurdle facing the sale of Sportingbet plc's legally troublesome Turkish operations to GVC (see previous reports) was overcome Thursday following a company general meeting at which the deal was overwhelmingly approved by 72.6 of shareholders.

Last month Sportingbet said it would dispose of its Turkish operations for at least Euros 143 million ($196 million) in cash as it moved to exit activities in unregulated territories.

The Turkish assets were bought alongside associated offshore interests by East Pioneer Corporation B.V., a company backed by European online gaming firm GVC.

The proceeds from the sale are to be used to grow Sportingbet's business in regulated markets or for fill-in acquisitions, Sportingbet said in a statement at the time.

"Following this disposal, Sportingbet will derive the large majority of its earnings from regulated territories," chief executive Andrew McIver said.

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