IGH operates a network of over 1000 websites offering betting content in over 30 countries. The company will fund the acquisition of Heathorns through the placing of 17,800,000 Ordinary Shares, which will be raising approximately £1.52 million.
The payment for the acquisition comprises £500,000 in cash, the issue of 2,000,000 Ordinary Shares (valued at £180,000) and £75,000 payable over 2 years.
Established in 1890, Heathorns is the world\’s oldest established bookmaker. Now primarily a telebetting operator, the business is licensed in Malta and has over 6,600 international clients in its database, of which 900 are regularly active, many of whom are high net worth individuals with extended lines of credit.
In 2004, Heathorns had a turnover of £7.02 million and a gross net win of £438,000.
“We are very pleased to have acquired such a high quality business as Heathorns and we look forward to developing the Heathorns brand, especially its online offer,” said Thomas Taule, Chairman and Chief Executive of IGH.
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