Unibet to propose distribution of Kambi
The Board of Directors of Unibet Group plc has resolved to propose to the AGM on 20 May 2014 that all of the shares owned by Unibet in its subsidiary, Kambi Group Limited (to be renamed Kambi Group plc) be distributed to Unibet shareholders during June 2014.
The notice to the AGM will be published on 11 April 2014 and will contain further information regarding the proposed distribution of Kambi. Subject to shareholder approval at the AGM, Kambi will apply for its shares to be listed on the NASDAQ OMX First North exchange in Stockholm during June 2014.
Unibet will distribute all of its shareholding with the result that Unibet will not have any shareholding in Kambi after the separation. The distribution of shares in Kambi is intended to be made under the so called “Lex Asea” provisions and should therefore not result in any immediate tax consequences for Swedish resident taxpayers.
“The proposal to distribute Kambi to Unibet shareholders is the logical conclusion of the separation process that has been developed over the last couple of years. In that period, Unibet has focused its business on excellence in customer relationship management, while Kambi has been able to concentrate on development of its market-leading sports betting services. While Kambi has an excellent offering, its opportunity to maximise the value of those services is limited while it is under the ownership of Unibet. Separation will make it easier for Kambi to access wider markets,” says Henrik Tjärnström CEO of Unibet.
The decision to develop Kambi as a separate B2B business within the Group was taken in 2010, but not fully executed until 2011 because of the complexities of ensuring full separation. As part of the separation, Unibet’s Sportsbook operations and related intellectual property assets were transferred to Kambi and a fully separate corporate and operational structure was put in place. Kambi provides a premium fully-managed sports betting service to Unibet and to eight other B2B clients across Europe and internationally. .
Kambi is 95 per cent owned by Unibet, with the remaining 5 per cent owned by certain Kambi management employees. The shares that will, subject to approval by the AGM, be distributed to Unibet shareholders, therefore represent 95 per cent of the equity in Kambi.
Kambi holds B2B operating licences in Malta, Alderney and Spain and apart from Unibet its clients include 888, Paf, Napoleon Games, Naga World as well as a number of clients in the licensed Spanish market.
Kambi reports financial results in EUR and in 2013 total revenues were EUR 21.2 million with EBITDA of EUR -0.9 million. During the fourth quarter of 2013, Kambi revenues were EUR 6.2 million with EBITDA of EUR 0.3 million.
Kristian Nylen has been CEO of Kambi since its formation and was previously head of Sportsbook and member of the management team in Unibet since 2003.
Kambi intends to publish a full Company Description in accordance with rules of the First North market on 29 April 2014.
Unibet will publish its results for the first quarter 2014 on 29 April 2014. This report will include additional financial disclosure about Kambi, including its financial results for the first quarter 2014 and proforma information about Unibet showing the results for Unibet excluding Kambi.
Please visit www.kambi.com for more information about Kambi and its operations. A full Kambi investor relations site, www.kambigroupplc.com compliant with Swedish corporate governance standards, will be published on the day of listing.
Friday 11 April 2014, the Chairman of the Unibet Group plc Anders Ström, Unibet´s CEO Henrik Tjärnström and Kambi’s CEO Kristian Nylén will host a telephone conference.
The conference will start at 10.00 CEST (9.00 BST).
Please call in on +44 20 7660 2080 or US +1 8552 692 606.
We kindly ask participants to call in 5 to 10 minutes in advance.
For more information:
Krsitian Nylén, CEO Kambi, +44 7764 161 055
Inga Lundberg, Investor Relations Unibet, +44 788 799 6116
Unibet was founded in 1997 and is an online gambling company listed on NASDAQ OMX Stockholm. Unibet is one of the largest listed gambling operators in the European market and provides services in 22 languages through www.unibet.com, www.unibet.dk, www.unibet.fr, www.unibet.it, www.unibet.be, www.unibet.ee, www.unibet.com.au, www.maria.com, www.mariacasino.ee and www.mariacasino.dk. Unibet also offers Sportsbook B2B services through Kambi Sports Solutions, www.kambi.com. Today, Unibet has 8.6 million customers in over 100 countries. Unibet is a member of the EGBA, European Gaming and Betting Association, RGA, Remote Gambling Association in the UK and is audited and certified by eCOGRA in relation to responsible and fair gaming.
More information about Unibet Group plc can be found on www.unibetgroupplc.com