EGM Resolution Passed
The Board of betinternet.com plc, (‘betinternet’ or ‘the Company’) the global on-line gaming group, confirms that the resolution proposed at today’s Extraordinary General Meeting (‘EGM’) has been passed.
As a result of this the Company is now pleased to be able to proceed with the placing of 20 million new Ordinary Shares with Burnbrae Limited (‘Burnbrae’) at a price of 4p per share to raise a total of £800,000 for the Company before costs. In addition, the Burnbrae 6% convertible loan of £200,000 will convert to 5 million new Ordinary Shares in the Company. The placing and loan note conversion will increase the holding of Burnbrae and its connected parties to 34.72 per cent of the issued ordinary share capital.
The Board believes that the raising of this additional financing will enable the Company to move ahead with exciting developments in the Euro Off-Track, pari-mutuel wagering business, as well as supporting the Sports Book division.
The Annual General Meeting of betinternet will take place at 2.00pm on Thursday 6 January 2005 at which the Company will provide a trading update.