betbull Holding SE said Tuesday that it will be seeking to raise €1 million to finance the continued development of its Betbull Bwin Espana (BBE) retail betting business in Madrid, in which the company recently took over full ownership from bwin.
betbull said that it would effect a placing of 800,000 ordinary shares of €1 each at a placing price of €1.25 per share to raise €1 million, adding that certain existing shareholders including members of the management team have agreed to subscribe for shares pursuant to the placing.
Earlier this month betbull announced that it had taken over full ownership of the BBE Spanish venture from bwin (more), finishing the quarter with six premises open, of which four were its own shops and two were agencies.
The proceeds of the placing will be used to finance the development of Betbull Bwin Espana’s retail betting business in Madrid.
Meanwhile betbull has implemented the first step in forming an Executive Board of the company, with both Simon Bold and Alexander Leip appointed as Managing Directors of betbull. The Board will become fully effective after the company’s relocation to Vienna.
betbull is continuing to proceed with the steps necessary to relocate its registered office to Austria, with consent being obtained from the Her Majesty’s Revenue and Customs in the UK to the change in tax residency following the relocation. betbull hopes to have all remaining matters resolved in order to enable the relocation to be effected before the end of the first quarter of 2010.
“We are happy to have reached agreement on further funding for our Spanish operations, clearly demonstrating the company’s commitment and confidence in this area,” said Simon Bold, Director of betbull.
“Relocation of the company from London to Vienna is in the final stages and we will benefit in the coming year from cost savings associated with this move.”
Shares in betbull Holding SE (Co. Profile) (BETB.VI) are currently trading at €1.40 per share in Vienna this morning.