20th of July 2012 Author: Glo Wood
Across the Line acquires 51 percent
This week came an announcement that Worldlink Group has sold a 51-percent stake in its sports and gaming division, Worldlink Sport to Across the Line, a company funded by London-based property and football entrepreneur Andrew Ellis.
In return, Across the Line Limited will provide GBP 1.3 million for upfront commitments required on certain contracts, plus working capital up to a maximum of a further GBP 1.2 million for the funding of future deals.
In addition, Worldlink, which will receive a revenue stream of 15 percent of Worldlink Sport's future net revenues, has issued GBP 25,000 (250,000) of warrants exercisable at 10p per share, GBP 25,000 (125,000) of warrants exercisable at 20p apiece, GBP 25,000 (83,333) of warrants exercisable at 30p each and GBP 25,000 worth of warrants exercisable at the price at which the company's shares are trading following lifting of its suspension from trading.
It has been specified that all warrants are exercisable for a period of 12 months from 11 July 2012; and also, that both Worldlink and Across the Line Limited have an option to acquire the other's shares in Worldlink Sport at its fair value following the signing of Worldlink Sport's accounts to 31 December 2013 and 31 December 2014.
Should this happen, the party which offers the highest price will be deemed to have exercised the option.
It was stated by Ellis regarding the deal: 'Worldlink is bringing amazing new technology to the betting and gaming sector which is going to provide sports fans a superior betting experience. We are confident that Worldlink Sport will become one of the leading companies in the sports and gaming sector with the rights that we are in the process of acquiring.'
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