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In addition, NetPlay said in a July 9 release that it has entered into a memorandum of understanding with Playtech Limited that has set the term of the agreement for the supply of 'live' interactive games to the Playtech network to five years.
Distribution will be via both Playtech's online customers and retail clients. NetPlay TV will supply a number of 'live' games including: Live Roulette, Live Blackjack, Live Bingo and a Live Fixed odds draw. As part of the agreement, NetPlay TV said it will migrate all of its services onto the Playtech technology platform, this agreement will also run for a period of five years.
The New Shares, which will be placed with investment company Directforce Trading Limited, will represent approximately 29.9 per cent. of the company's Enlarged Share Capital. The beneficiary of Directforce also has a beneficial interest in a significant shareholder of Playtech Limited.
The Placing is subject to the approval of the company's shareholders at a General Meeting. A circular convening the General Meeting will be sent to shareholders shortly. The company has received irrevocable commitments from certain shareholders representing 43.4 per cent of the company's current issued share capital to vote in favour of the resolutions to be proposed at the General Meeting.
((Comments on this story may be sent to newsdesk@closeupmedia.com))
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