Better Collective sanctions 4m share sale to fund M&A options

Issuing a corporate filing, the governance of Stockholm-listed Better Collective AS has confirmed its intention to sanction a direct issue of 4 million shares (9% of corporate equity) to secure funds for further M&A activity.

Authorisation of the intended share sale was granted by Better Collective investors at the firm’s AGM on 25 April 2019, with the transaction made available to private investors.

Sanctioning the transaction on 4 December 2019, Better Collective governance targets a sale price of SEK78 (€7.40), per-share seeking to raise total funds of SEK312 million (€30m) in working capital.

Better Collective details the following note on its transaction briefing: “The Company believes that using the flexibility provided by a directed placing is the most appropriate and optimal transaction structure at this time in order to raise capital for the continued growth strategy through acquisitions in a time and cost-effective manner. Moreover, the Company will further diversify the investor base.”

The Stockholm-listed enterprise carried out its last corporate acquisition in May 2019, acquiring a 60% majority stake in Rical LLC – the operating company of US Sports and DFS authority RotoGrinders Network for $21 million.

Nordea Bank and Citigroup will act as lead bookrunners for Better Collective’s transaction, in partnership with Setterwalls Advokatbyrå AB and Bruun & Hjejle serving as Better Collective legal advisors.

Check Also

William Hill pumps up the volume on its daily ‘Acca Freedom’

William Hill has launched its brand-new nationwide marketing campaign promoting its exclusive football betting offer …

Heritage Fund provides £50m in direct relief to UK heritage projects  

The National Lottery has revealed that its ‘Heritage Emergency Fund’ has provided £50 million in …

Aspire Global gains sportsbook platform by acquiring BtoBet for €20m

Aspire Global has announced a €20m cash agreement to acquire all shares of sportsbook and …