LONDON (Alliance News) - Investment company Papillon Holdings PLC on Tuesday said it has executed a formal agreement for its reverse takeover of MyClubBetting.com Ltd, first announced in September.
Papillon, which floated in London in June, said in September it had signed a non-binding heads of terms to buy MyClubBetting.com, a betting and gaming company.
MyClubBetting allows fans of smaller sports clubs to set up their own betting services to help raise funds for the club's development.
No further details were provided on the agreement, but Papillon confirmed the deal will constitute a reverse takeover under AIM rules.
Shares in the company remains suspended.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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