Mobile gambling firm raises GBP 2.8 million

Mobile gambling technology provider Probability plc announced Tuesday that it has conditionally raised GBP 2.8 million through the placing of 4,421,875 new Ordinary Shares with both new and existing institutional shareholders at a price of 64 pence per Ordinary Share.

The Placing Price is at a discount of 5.2 per cent to the closing middle market price of 67.5 pence per Ordinary Share on 28 January 2013.

The placing shares will represent 13.1 per cent of the company’s enlarged issued ordinary share capital immediately following completion.

The net proceeds of the issue are expected to be approximately GBP 2.6 million and will primarily enable Probability to pursue further growth in its B2C business, targeting UK consumers through investing in additional marketing expenditure. It will additionally help the company to pursue opportunities in its B2B business in the UK and Italy.

Charles Cohen, CEO of Probability, commented: “We are delighted to have achieved strong institutional support for this placing, which was oversubscribed. The proceeds will enable us to accelerate marketing investment in our UK B2C business, and build upon the momentum which we have achieved to date. We will continue to maintain our disciplined approach to marketing investment, with a focus on payback period and return on investment. Our B2B business is also entering an exciting stage in the UK and Italy, and the proceeds will also provide additional resources to pursue opportunities in this area.”