gala coral group statement - Ladbrokes Coral [PDF]

5 downloads 152 Views 164KB Size Report
Jun 22, 2015 - financial position, business and acquisition strategy, plans and objectives of ... of an offer to buy any security in the United States of America, Canada, Australia, ... Retail and Gala Coral's Online businesses (the “Coral Group”).
GALA CORAL GROUP STATEMENT Monday 22nd June 2015 Further to today’s announcement by Ladbrokes plc (“Ladbrokes”), we confirm that the board of Gala Coral Group Limited (together with its subsidiaries, “Gala Coral Group” or the “Company”) is in discussions with Ladbrokes regarding a possible merger between Ladbrokes and Coral Retail, Eurobet Retail and Gala Coral’s Online businesses (the “Coral Group”). Gala Coral Group believes that a merger with Ladbrokes has the potential to be strongly value accretive for both companies’ shareholders. Under the leadership of the current management team, Gala Coral Group has executed a successful turnaround which has delivered continuing strong growth. The Company and its shareholders are evaluating all strategic options, including a possible initial public offering. There can be no certainty that the discussions between Ladbrokes and Gala Coral Group will lead to any agreement and Gala Coral Group remains confident in its future as a standalone business with highly attractive future potential. Ends Notes to editors: Gala Coral Group is one of Europe's largest betting and gaming groups, with an established presence in the United Kingdom and Italy. It comprises four main operating divisions: UK Retail betting (“Coral Retail”), Italian Retail betting (“Eurobet Retail”), Online (including Coral, Gala and Eurobet branded websites) and UK bingo clubs (“Gala Retail”). For the avoidance of doubt, neither Gala Retail nor the Gala Coral PropCo companies are part of the Coral Group. Coral Group is one of the fastest growing online operators in Europe with its success being driven by its leading online technology platform, innovative and exclusive content and leading multichannel capability. Key highlights of Coral Group are as follows: - Cash generative UK retail bookmaker with over 1,840 shops and a consistent track record of outperforming UK-listed competitors; - Market leading online growth in the UK with net revenue increasing 51% in the 2014 calendar year, ahead of all major competitors; - Over 200k sign-ups to Coral Connect, with multi-channel customers spending over twice singlechannel customers online; and - Continued market share gains in Italy driving strong underlying growth with Eurobet Retail now one of the country’s largest betting shop operators and now the second largest online operator. At the end of the last financial year (as at 27 September 2014), net external debt totalled c. £1.1bn. This amount will reduce further in the period between 28 September 2014 and any expected transaction date due to operational cash inflows and, potentially, the sale of Gala Retail. For further information please contact: Jonathan Glass/Sarah West at Brunswick on 020 7404 5959 or [email protected]

Forward Looking Statements This press release may include forward looking statements. All statements other than statements of historical facts included in this presentation, including those regarding Gala Coral’s financial position, business and acquisition strategy, plans and objectives of management for future operations are forward looking statements. Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Gala Coral, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. Such forward looking statements are based on numerous assumptions regarding Gala Coral’s present and future business strategies and the environment in which Gala Coral will operate in the future. Many factors could cause Gala Coral’s actual results, performance or achievements to differ materially from those in the forward looking statements. Forward looking statements should, therefore, be construed in light of such risk factors and undue reliance should not be placed on forward looking statements. These forward-looking statements speak only as of the date of this press release. Gala Coral expressly disclaims any obligations or undertaking, except as required by applicable law and applicable regulations to release publicly any updates or revisions to any forward looking statement contained herein to reflect any change in Gala Coral’s expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based.

Cautionary Statement This press release is not for publication, release or distribution in or into the United States of America, Canada, Australia, Japan or South Africa. It is for information purposes only and does not constitute a prospectus or any offer to sell or the solicitation of an offer to buy any security in the United States of America, Canada, Australia, Japan, South Africa or in any other jurisdiction. Securities may not be offered or sold in the United States of America absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended (the “Securities Act”). The securities of the company have not been and will not be registered under the Securities Act.