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Online wagering software developer Playtech is preparing itself for the company's move to a premium listing on the London Stock Exchange by signing a non-binding Memorandum of Understanding in regards to its acquisition of certain assets.
The three Memorandum of Understandings that were finalized were:
Playtech's intention to acquire social gaming business-to-business assets and businesses in addition to significant assets for real money B2B online and mobile gaming, and an equity stake in a related B2C venture.
Playtech's intention to acquire office space currently occupied by subsidiary Gaming Technology Solutions in London, ahead of the intended move to a Premium Listing.
The appointment of Playtech director and major shareholder Teddy Sagi as an adviser to the company ahead of the intended Premium Listing.
Playtech released a statement about the different MoUs that the company signed, saying that the company is interested in acquiring certain B2B real money and social media assets and businesses. The company also commented about its participation in a B2C venture with various enterprises in which Teddy Sagi is beneficially interested through Brickington Trading Limited, the company's largest shareholder.
"This acquisition and related arrangements would constitute a related party transaction under the AIM Rules for Companies," the statement reads.
"Playtech's Board has concluded that such acquisition and related arrangements should be made subject to independent shareholder approval (as would be required for a company with a Premium Listing) whether or not completion occurs before or after the intended Premium Listing. Further details on the transaction will be provided in due course."