spreadbet blog18 Jul 2012 14:41
nice ramp but we are suspended!
LOOKS LIKE WORLDLINK DIRECTORS ARE EXPECTING A MATERIAL UPLIFT ON THEIR RE-LIST
POSTED ON WEDNESDAY, JULY 18, 2012 AT 1:20PM
An interesting RNS from Worldlink whose shares are still under suspension -
Andrew Ellis secures 51% of Worldlink’s Sports Division
Worldlink Group Plc (“Worldlink” or the “Company”), the UK listed Company with patents on providing changing data in real-time for mobile devices, today announce that Across the Line Limited, a company funded by London based property and football entrepreneur Mr. Andrew Ellis, has acquired a 51% controlling stake of its rapidly growing sports and gaming division Worldlink Sport Limited (“Worldlink Sport”).
In consideration for the investment in Worldlink Sport, Across the Line Limited will provide GBP1.3m to fund upfront commitments required on certain contracts, plus working capital up to a maximum of a further GBP1.2m to fund future deals (the “Ellis investment”). Worldlink will receive a revenue stream of 15% of Worldlink Sport’s future net revenues.
Additionally Worldlink has issued GBP25,000 (250,000) of warrants exercisable at 10 pence per share, GBP25,000 (125,000) of warrants exercisable at 20 pence per share, GBP25,000 (83,333) of warrants exercisable at 30 pence per share and GBP25,000 worth of warrants exercisable at the price at which the Company’s shares are trading following lifting of the Company’s suspension from trading. All warrants are exercisable for a period of 12 months from 11 July 2012.
The Company and Across the Line Limited each has an option to acquire the other shareholders’ shares in Worldlink Sport at its fair value following the signing of Worldlink Sport’s accounts to 31 December 2013 and 31 December 2014. If both parties choose to exercise the option, the party which offers the highest price will be deemed to have exercised the option.
Worldlink Sport has recently entered into Heads of Agreement with multiple high profile sports rights including Premier League teams Sunderland AFC and Newcastle United together with its licensed bookmaking partner, Betbutler as Official Betting and Gaming Partner. Worldlink Sport will now finance these agreements via the Ellis investment and hopes to be able to announce further significant high profile sports rights deals in the near future.
Neil Riches commented: “We are delighted with the agreement reached with Andrew Ellis and the investment into Worldlink Sport Limited. We have concluded many significant deals in the sports market that will mean Worldlink is now a major player in this sector and we look forward to announcing further deals shortly.