PointsBet soars on $94m injection by financial trading giant SIG
PointsBet has secured a $94.16 million investment from SIG Sports, making the investment firm PointsBet’s largest shareholder.
SIG has agreed to buy 38.75 million shares at $2.43 each — a 15 per cent premium to PointsBet’s five-day volume-weighted average price.
Through the investment, SIG will nab a 12.8 per cent interest in PBH.
PointsBet Chairman Brett Paton said the company was “delighted” to partner with such a “visionary” investor.
“The cultural alignment between both organisations is strong, and this investment will assist with expanding and growing our North American operations as we seek to lead in in-play betting and enhancing the overall customer experience,” Mr Paton said.
Further extending this partnership, PointsBet Europe (PBE) has entered into an exploratory agreement with Nellie Analytics, an SIG affiliate.
The agreement will see Nellie Analytics provide exclusive sports and analytical services to PBE at no cost over a nine-month period.
Following this exploratory period, the companies intend to enter a definitive long-term agreement where consideration will consist of long-dated options for PBH shares or cash.
PBE said it believed the partnership would build on its operational capabilities and accelerate its company’s technology roadmap.
Further to today’s investment news, PointsBet has launched a pro-rata deferred bonus equity option (DBEO), giving it the option to raise up to $150 million over the next two years.
Eligible shareholders will receive one DBEO for every 20.2 shares held, free of charge.
Each DBEO exercised will allow shareholders to acquire $10 worth of shares at a 20 per cent discount to the ten-day volume-weighted average price. PointsBet can choose when to give shareholders the right to exercise their DBEOs.