Last checked at 18 Jul 2012 12:59
18 July 2012
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 £1.3m to fund upfront commitments required on certain contracts, plus working capital up to a maximum of a further £1.2m 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 £25,000 (250,000) of warrants exercisable at 10 pence per share, £25,000 (125,000) of warrants exercisable at 20 pence per share, £25,000 (83,333) of warrants exercisable at 30 pence per share and £25,000 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.
Andrew Ellis added "I am extremely pleased to be involved in Worldlink Sport. Worldlink are bringing amazing new technology to the betting and gaming sector which is going to provide sports fans a superior betting experience. We are confident that Worldlink Sport will become one of the leading companies in the sports and gaming sector with the rights that we are in the process of acquiring"
About Worldlink
Worldlink is one of the UK's leading real-time mobile applications companies with patented technology that allows information held on the mobile device to be updated automatically without the need for a manual refresh. Information is delivered via a mobile telecommunications network in real time, whilst intelligently minimising the bandwidth required to transmit the data. The technology is patent protected in the US and UK and is patent pending in Europe. Worldlink has already licensed its patents to leading institutions in the financial and technology sectors and is furthering this process in the UK, US and Europe.
Contact
For further information please contact:Neil Riches 01737 221 078Managing DirectorWorldlink Group Plc
About Andrew Ellis
Andrew Ellis is a London-based football and property entrepreneur. The founder and director of successful commercial and residential estate agency Wilton Estates with successful developments in Zanzibar and Portugal, among others, Andrew is a former Director of Queens Park Rangers and was formerly Chairman of Northampton Town.
Contact
Andrew Ellis
Wilton Estates
50 Beauchamp Place, London SW3 1NG
Tel: 020 7589 4116
XCAP Securities Plc
Contact
Jon Belliss 020 7101 7070XCAP Securities plc.Broker