Regulatory Release 5 /2018
Not for release, distribution or publication, directly or indirectly, in or into the United States of America, Australia, Canada, Japan or any other, jurisdiction in which the release, distribution or publication would be unlawful or require registration or any other measures.
Nordea Bank AB (publ) and Skandinaviska Enskilda Banken AB (publ) (the "Joint Global Coordinators") have today notified Better Collective A/S ("Better Collective" or the "Company") that the over-allotment option has been exercised in full in respect of 1,826,172 new shares in Better Collective and that the stabilisation period has ended.
In connection with the initial public offering of Better Collective (the "Offering"), the Company granted the Join Global Coordinators an option to request that the Company issues up to additionally 1,826,172 shares at the price in the Offering (i.e. SEK 54 per share), corresponding to maximum 15 percent of the total number of shares in the Offering. The Joint Global Coordinators have today exercised the over-allotment option in full and Better Collective will receive issue proceeds of approximately SEK 99 million before issue costs. No stabilisation activities have been carried out since the Offering, and due to the Company's share price development, the Joint Global Coordinators have decided to end the stabilisation period.
Following exercise of the over-allotment option and registration of the additional new shares, the total number of shares in Better Collective will amount to 40,487,111 shares. The Offering, including the over-allotment option, have comprised 14,000,657 shares, whereof 12,937,283 new shares, which corresponds to a dilution of 35 percent of the previous number of shares in Better Collective, and 1,063,374 existing shares.
About Better Collective
Better Collective is one of the leading affiliates on the European iGaming affiliate market. The Company is primarily focused on sports betting, which represented 69 percent of revenue during 2017, while it also has a strong presence within casino, which represented 25 percent of revenue during the same period. Better Collective is a Danish registered company headquartered in Copenhagen. The Company was founded in 2002 by Jesper Søgaard and Christian Kirk Rasmussen, both of whom remain part of the executive management team as CEO and COO, respectively.
The business model is based on referring users to iGaming operators. Revenue is generated from iGaming operators and is based on a revenue share model ("revenue share"), cost per acquisition model ("CPA"), or a combination of the two. Revenue share and CPA represented 89 percent and 11 percent of revenue respectively in 2017 (revenue share includes hybrid models). Approximately 367,000 new depositing customers ("NDCs") were referred to iGaming operators during the period 2015 through 2017.
The Company reported revenue of EUR 26.3 million in 2017, which represented an annual growth rate of 51 percent. The average annual organic growth rate between 2015 and 2017 amounted to 44 percent. Reported EBITA amounted to EUR 10.5 million in 2017, which represented an EBITA margin of 40 percent. The EBITA margin has increased by 7 percentage points between 2015 and 2017. Better Collective believes, that the Company is well-positioned to continue to grow faster than the iGaming market through organic growth as well as through acquisitive growth.
Advisors
Nordea Bank AB (publ) and Skandinaviska Enskilda Banken AB (publ) act as Joint Global Coordinators and Joint Bookrunners in connection to the Offering. Setterwalls Advokatbyrå AB and Bruun&Hjejle Advokatpartnerselskab are legal advisors to Better Collective and Advokatfirman Vinge KB is legal adviser to the Joint Global Coordinators and Joint Bookrunners.
This information is such information as Better Collective A/S is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 8.30 a.m. CET on June 15, 2018.
Important information
This announcement is not an offer to sell or a solicitation of any offer to buy any securities issued by Better Collective A/S in any jurisdiction where such offer or sale would be unlawful.
Copies of this announcement are not being made and may not be distributed or sent into the United States, Australia, Canada, Japan or any other jurisdiction in which such distribution would be unlawful or would require registration or other measures. The securities referred to in this announcement have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and accordingly may not be offered or sold in the United States absent registration or an exemption from the registration requirements of the Securities Act and in accordance with applicable U.S. state securities laws. The Company does not intend to register any offering in the United States or to conduct a public offering of securities in the United States.
This announcement is not a prospectus for the purposes of Directive 2003/71/EC (together with any applicable implementing measures in any Member State, the "Prospectus Directive"). A prospectus prepared pursuant to the Prospectus Directive has been published and can be obtained from the Company. Investors should not invest in any securities referred to in this announcement except on the basis of information contained in the aforementioned prospectus.
In any EEA Member State other than Sweden that has implemented the Prospectus Directive, this communication is only addressed to and is only directed at qualified investors in that Member State within the meaning of the Prospectus Directive, i.e., only to investors who can receive the offer without an approved prospectus in such EEA Member State.
This communication is only being distributed to and is only directed at persons in the United Kingdom that are (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order") or (ii) high net worth entities, and other persons to whom this announcement may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "Relevant Persons"). This communication must not be acted on or relied on by persons who are not Relevant Persons. Any investment or investment activity to which this communication relates is available only to Relevant Persons and will be engaged in only with Relevant Persons. Persons distributing this communication must satisfy themselves that it is lawful to do so.
Matters discussed in this announcement may constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as "believe", "expect", "anticipate", "intends", "estimate", "will", "may", "continue", "should" and similar expressions. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. The information, opinions and forward-looking statements contained in this announcement speak only as at its date, and are subject to change without notice.
In connection with the offer or sale of securities referred to herein, the Managers may over-allot securities/conduct stabilization or effect transactions with a view to supporting the market price of the securities at a level higher than that which might otherwise prevail. Any stabilisation action or over-allotment will be conducted by the Managers in accordance with all applicable laws and rules.
Flemming Pedersen
CFO of Better Collective
Contacts
CFO: Flemming Pedersen +45 2148 0118
Investor Relations: Christina Bastius Thomsen +45 2363 8844
e-mail: investor@bettercollective.com
About Better Collective
Better Collective'svision is to empower iGamers through transparency and technology - this is what has made them the world's leading developer of digital platforms for betting tips, bookmaker information and iGaming communities. Better Collective's portfolio includes more than 2,000+ websites and products. This includes bettingexpert.com, the trusted home of tips from expert tipsters and in depth betting theory, and SmartBets, the odds comparison platform made personal.
Attachment
- BC regulatory release no. 5_2018_Exercise_of_over-allotment_option_15-06-2018 (https://prlibrary-eu.nasdaq.com/Resource/Download/fdbd8019-9802-4ebd-9298-6a68378b5e50)
