Better Collective has successfully completed the acquisition of Playmaker Capital, a Toronto-based sports media group that owns several sports media brands in America.
In connection with this decision, the board of directors increased the company’s share capital to EUR 17,554.29 by issuing 1,755,429 new ordinary shares of EUR 0.01 each, pledged against the ordinary shares of Playmaker Capital.
In addition, Better Collective has revised its long-term financial goals for 2027 following the completion of the acquisition.
“Under the terms of the transaction, Better Collective acquired all of the issued and outstanding shares of Playmaker Capital for a consideration of 0.70 CAD per Playmaker Capital Share. The consideration comprises cash and shares of Better Collective,” the company confirmed.
Upon completion of the transaction, Playmaker Capital’s common shares are expected to be delisted from the TSX Venture Exchange shortly after the agreement is signed. In addition, Playmaker Capital will apply to cease its activities as a reporting issuer in accordance with applicable Canadian securities laws. It is important to note that Better Collective’s financial statements will include Playmaker Capital from February 6, 2024.
Jesper Søgaard, Co-founder & CEO of Better Collective, commented: “I am truly excited for the completion of the acquisition of Playmaker Capital which marks a significant step towards our vision of becoming the leading digital sports media group. Over the last few months, we have had great discussions with the management team of Playmaker and these have reinforced my confidence in the combined future of our organizations.I look forward to welcoming the entire Playmaker team and its leading sports media brands to the Better Collective group and to realize the many synergies that lie ahead for our business.”
Jordan Gnat, Co-Founder and CEO of Playmaker Capital, added: “Today the Playmaker family begins the next phase of our journey by joining the Better Collective family. As the teams have gotten to know each other over the past few months I have been inspired by the cultural fit and the excitement for this opportunity going forward by both teams. A special thank you to Jesper, Christian and the Better Collective team for the confidence you have shown in our team. We are as excited as ever to continue this journey with all of you. I would also like to thank all the Playmaker shareholders for their support of Playmaker and look forward to their continued support of Better Collective as together we become the leading digital sports media group.”
The company shared with investors that its long-term financial goals, announced in March 2023 at the group’s Capital Markets Day, “include both organic growth and M&A growth financed solely by cash and debt. The acquisition of Playmaker Capital comes with slight share price dilution of around 3%, which has prompted Better Collective to revise its targets”.
Better Collective issued 1,755,429 new shares as a result of an increase in share capital of €17,554.29. According to the firm, the new shares were subscribed at 260,020.79 (in Danish “tegningskurs”), equivalent to €26.002079 per share. The total subscription amount was EUR 45,644,804, covering 230,322,189 ordinary shares of Playmaker Capital.
The new shares will be issued through Euronext Securities Copenhagen with the usual ISIN DK0060952240 Better Collective and, following registration with the Danish Business Authority, will be offered for trading and listing on Nasdaq Copenhagen and Nasdaq Stockholm. The first day of trading for the new shares on Nasdaq Copenhagen and Nasdaq Stockholm is expected to be February 8, 2024.
In a statement, Better Collective notes: “Pursuant to section 32 of the Danish Capital Markets Act, it is hereby announced that the total nominal value of Better Collective’s share capital after the capital increase will be EUR 571,228.47 which will be made up of 57,122,847 shares of nominally EUR 0.01 each, corresponding to 57,122,847 votes”.
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