Unibet shareholders to benefit from Kambi shedding
News on 11 Apr 2014
News on 11 Apr 2014
Unibet shareholders could be in for a dividend boost around mid-year as the online gambling group moves to dispose of its 95 percent interest in the sportsbetting Kambi Group by way of a dividend to shareholders.
The company’s agm agenda details some of the arrangements, noting that the branding will be changed soon to Kambi Group plc.
This unusual dividend distribution is conditional on the approval by NASDAQ OMX of the listing of the shares in Kambi on NASDAQ OMX First North in Stockholm later this year. If that doesn’t go through, the dividend plan is off the table.
“Kambi Group Limited will apply for its shares to be listed on the First North exchange in Stockholm
with the intention of having 100 percent of Kambi’s shares in free float on the market,” the agenda advises investors. “If the distribution takes place, for each share/SDR in Unibet the holder will receive one share in Kambi Group plc.
“The transfer of value to the shareholders is equivalent to GBP 2.00255 per share/SDR based on an independent valuation of Kambi performed by KPMG in connection with a recapitalisation of Kambi prior to the distribution to shareholders.”
Kambi Group plc is 95 percent owned by Unibet Group plc, with the remaining 5 percent owned by certain Kambi management employees.
The shares that will, subject to listing and approval by the AGM, be distributed to Unibet shareholders, therefore represent 95 percent of the equity in Kambi.
Unibet will distribute all of its shareholding with the result that Unibet will not have any shareholding in Kambi after the separation.
If the AGM approves, the shares in Kambi are expected to be distributed by Euroclear
Sweden AB on 28 May 2014.
In separate statements, Kambi management indicated that the company is seeking partnerships with national lottery operators as it looks to expand its client base as a separate listed entity, following the spin-off from Unibet.
Kambi chief executive Kristian Nylèn told a press conference Friday that Kambi has not yet signed any agreements, and that the course that has been chosen is the most likely to creative growth.
