Better Collective’s New Direct Share Offering and Purchases
Thanks to the high demand from investors, Better Collective AS from Copenhagen has started offering more cash options.
Betting platform developer and content provider Better Collective’s net working capital increased by 150mln EUR after transferring a total of shares of 6.9mln shares costing 21EUR each.
The company has already announced that during the second quarter they will start direct share offering for investors, investing money for clients and members. The placement follows the Action Network Inc’s purchase deal that costed Better Collective AS.
Better Collective has informed that the new share placement policy was adopted because the demand for the shares highly exceeded supply. The goal of bookbuild is to improve cash flows between all participants of the transactions.
Better Collective will increase its shareholding by min 46mln and max 53mln thus the company’s capital stock will reach 540mln EUR.
Mr. Jesper Søgaard, the Chief Executive Officer of Better Collective AS commented on the new policy saying that
The partners and investors are excited about the company’s direct share offering and purchase of Action Network. The latest acquisition will assist Better Collective AS in becoming an established sports betting content and data provider in the USA.
Mr. Søgaard also noted that entry and strengthening in the US market is an exceptional opportunity that would be seized. The income from transactions will be used for the company’s growth and increase capital structure flexibility.