Playtech announces Remuneration Committee change

Maria Nikolova

Ian Penrose will succeed John Jackson as Chair of the Remuneration Committee.

Playtech PLC (LON:PTEC) is reshuffling its Remuneration Committee – this becomes clear from an announcement made by the company earlier today. Playtech says that Ian Penrose will succeed John Jackson as Chair of the Remuneration Committee. The change will be effective from November 1, 2018.

In addition, the company said that, ahead of its Investor & Analyst Day in Milan on November 14, 2018, Playtech expects to make a brief trading statement on November 12, 2018 (Monday).

Earlier in October, Playtech announced the successful pricing of €530 million 3.75 % senior secured notes due 2023. The Notes are expected to be assigned on issue a rating of BB by S&P Global Ratings Europe Limited, UK Branch and Ba2 by Moody’s Investors Service Ltd.

The company explained that the net proceeds of the issue of the Notes, along with Playtech’s existing cash resources, will be used to repay all amounts outstanding under the bridge facility utilised for the acquisition of Snaitech S.p.A., to fund the redemption of the outstanding high-yield bonds issued by Snaitech and to pay for other transaction-related costs and expenses.

About a month before that, Playtech announced the disposal of its entire holding in online trading firm Plus500 Ltd (LON:PLUS). On September 7th, Playtech said it had sold its entire holding of approximately 11.4 million ordinary shares in Plus500 at a price of 1,550 pence per ordinary share. Thus, Playtech realized gross proceeds of approximately £176 million (equivalent to approximately €196 million at the time the announcement was made).

Playtech explained back then it will use the proceeds for general corporate purposes and debt reduction.

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