Banach Technology Limited, PointsBet Holdings Limited - M&A Call Transcript
Good morning, and thank you for all joining us at short notice for this important investor update.
This is Sam Swanell, Group CEO, and I'm joined on the call today by Group CFO, Andrew Mellor; and President of Technology and Product, Manjit Singh.
Turning to Slide 3.
As announced earlier today, PointsBet has entered into a binding share purchase agreement to acquire Banach Technology Limited for USD 43 million on a cash and debt-free basis. The purchase price will be paid 55% in cash, and the remainder in scrip, 31.75 million company shares, calculated using the 20-day VWAP immediately prior to the date of the agreement. These shares will be issued under the company's listing Rule 7.1 placement capacity.
Turning to Slide 4.
Established in 2015, Banach Technology is a Dublin-based B2B provider of proprietary risk management platforms and quantitative-driven trading models that support complex betting products across numerous sports, including the 4 major American sports and
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