Webis Holdings PLC Webis agrees further Term Loan for USA Bonds (4760X)
April 30 2019 - 1:01AM
UK Regulatory
TIDMWEB
RNS Number : 4760X
Webis Holdings PLC
30 April 2019
For Immediate Release
30 April 2019
WEBIS HOLDINGS PLC
("Webis")
Webis agrees further Term Loan for USA Bonds ("Loan")
The Board of Webis, the Group specializing in pool wagering and
the operators of Cal Expo, the Californian harness track, as part
of the on-going strategy to protect its USA operating licenses, has
agreed a Term Loan on behalf of its wholly owned subsidiary, Watch
& Wager Inc ("W&W") for the sum of US$350,000 from Galloway
Limited ("Loan").
At present, W&W is licenced in the following US states:
California, New York, North Dakota, Maryland, Minnesota, Kentucky
and Washington, as well as additional wagering licences in the USA,
Canada, Hong Kong, United Kingdom, Ireland, France, South Africa,
and India amongst other jurisdictions. The majority of these
licences are supported by cash-backed Bonding Agreements and,
together with the proceeds of the Loan, Webis holds approximately
US$ 1 million cash deposits for this purpose.
The Board of Webis considers the expansion of key US licenses to
be central to the development of the W&W strategy, namely the
acceptance of wagers via its principal website watchandwager.com,
mobile product and its high-volume direct wagering protocol in
approved licensed jurisdictions. The Loan will allow W&W to
pursue new licenses as required.
The Loan carries a coupon 7.0% for a term of five years and is
secured against all the unencumbered assets of Webis.
Denham Eke, the non-executive Chairman of Webis, is a director
of Galloway Limited and both he and Nigel Caine, a non-Executive
Director, are directors of Burnbrae Group Limited of which Galloway
Limited is a wholly owned subsidiary and which is an indirect 63.1
per cent. shareholder in Webis. Accordingly, as a Related Party
Transaction under AIM Rules, the independent Directors (being Ed
Comins and Sir James Mellon), having consulted with the Company's
Nominated Adviser, consider the terms of the Loan are fair and
reasonable in so far as Webis's shareholders are concerned.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation No. 596/2014 on market abuse. Upon
the publication of this announcement via a Regulatory Information
Service, this inside information is now considered to be in the
public domain.
For further information please select an appropriate contact
from our Media Contacts Page.
For further information:
Webis Holdings plc Tel: 01624 639396
Denham Eke
Beaumont Cornish Limited Tel: 020 7628 3396
Roland Cornish/James Biddle
End
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END
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