Better Collective, an affiliate marketing giant, raised the SEK312 million for the future M&A business by issuing 4 m shares to the company (£ 25.1 million/€29.5 million/$32.7 millions).
The shares were each priced at SEK78, and certain transaction costs are covered by the SEK 312 m collective raised by the Offering. This is 9% of the total shares and votes in the company.
In the light of the high demand from Nordic and international institutional investors, the subscription to the issue was oversubscribed, according to the Better Collective. The shares will be issued to those investors who subscribed to shares on 6 December
“I am very pleased to see the broad-based interest from both current and new shareholders wanting to invest in our further growth,” Better Collective chief executive Jesper Søgaard (pictured) said. “Better Collective has completed seven acquisitions at a total value of over €125m since the IPO in June 2018.
“The proceeds from the transaction allow us to continue the growth path including M&A, which we believe has contributed significantly in placing Better Collective as the leading company within sports betting affiliation.”
In relation to the issue, Better Collective agreed, subject to certain exceptions, to a lockout undertaking on future share issuances for 180 days.
The issue led us to agree to disclose its full direct shareholding to the two partners of Better Holding, which is a Joint Holding Corporation of CEO Søgaard and CEO Christian Kirk Rasmußen with around 4,528,786 shares of Better Collective.
J. Holding Søgaard and Chr. Dam Holding is 100% owned by the holding companies Søgaard and Rasmussen respectively, two shareholders of Better Holding 2012.
Better Collective noted that the restructuring did not lead to any final ownership changes to either or Søgaard and Rasmussen, each holding about 26.53% following the issue.
The biggest cause for the 53.9 percent year-on-year growth in sales in the third quarter to € 18.1 million was the acquisitions in the US and Sweden last month.
Better Collective’s latest acquisitions include purchasing a 19.99% stake in Mindway AI for DKK4 m, a provider of gambling intelligence solutions, in October.