The iconic software developer, Playtech , has announced that it would be placing 21.6 million new shares on the London Stock Exchange in order to raise £112 million it is seeking for a special acquisitions fund.
The shares, which will be made available for around 5% less than their current trading price, will be placed next week. The money raised will be used to purchase several companies that have been identified as potential acquisitions.
Mor Weizer, CEO of Playtech said: "Playtech made strong progress in 2007 with all key performance indicators exceeding targets. This progress has continued into 2008 with the Company registering impressive month on month revenue growth. This performance has put the Group in an ideal position to continue its growth strategy both organically and by acquisition. We have demonstrated our ability to leverage acquisitions and believe this Placing will provide the Group with an extremely strong balance sheet that will allow it to take advantage of further opportunities that the current market offers."