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Last edited 4 years ago
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#Capital Raise
stale
Added 4 years ago

PBH Capital Raise Entitlement Offer

Eligible shareholders under the Entitlement Offer will be able to subscribe for 1 New Share for every 6.5 shares held (Entitlements) at 7:00pm (AEST) on Wednesday, 9 September 2020 (Record Date) at the Entitlement Offer Price of A$6.50 per New Share.  

The Entitlement Offer Price represents a 48.9% discount to the theoretical ex-entitlement price (TERP - excludes New Shares issued via the Placement) of A$12.731 based on the  A$13.69 closing price of PointsBet shares on ASX on Wednesday, 2 September 2020. 

For every 2 New Shares that are issued pursuant to the Entitlement Offer, Eligible Shareholders will also be issued one New Option at no further cost. Each New Option will be  exercisable into one New Share at an exercise price of A$13.00 at any time until expiry of  the New Options on 30 September 2022. 

The Company will apply to ASX for quotation of the New Options, which is expected to commence on completion of the Retail Entitlement Offer. 

The Entitlement Offer comprises:

• An Institutional Entitlement Offer: Eligible institutional shareholders will be entitled  to participate in the Institutional Entitlement Offer which will take place from Monday,  7 September 2020 to Tuesday, 8 September 2020. Eligible institutional shareholders  can choose to take up all, part or none of their Entitlements. Entitlements that eligible  institutional shareholders do not take up by the close of the Institutional Entitlement  Offer, and Entitlements that would otherwise have been offered to ineligible  institutional shareholders, will be sold through an institutional shortfall bookbuild on  Tuesday, 8 September 2020 and any proceeds in excess of the Entitlement Offer  Price will be paid to the relevant PointsBet shareholders (net of any withholding tax  and expenses). 

• A Retail Entitlement Offer: Eligible retail shareholders in Australia and New Zealand will be entitled to participate in the Retail Entitlement Offer at the same price as the  Institutional Entitlement Offer (A$6.50 per New Share). Eligible retail shareholders  have a number of options under the Retail Entitlement Offer: 

- elect to take up all or part of their Entitlements by the Retail Entitlement Offer closing date of 5:00pm (AEST) on Tuesday, 22 September 2020; 

- sell some or all of their Entitlements on ASX between Wednesday, 9  September 2020 and Tuesday, 15 September 2020; or 

- do nothing and let their Entitlements be offered for sale through the retail shortfall bookbuild process managed by the Underwriter, with any proceeds in  excess of the Entitlement Offer Price paid to the relevant PointsBet  shareholders (net of any withholding tax and expenses).

Entitlements that would otherwise be offered to ineligible retail shareholders will be sold through a retail shortfall bookbuild on Friday, 25 September 2020 and any proceeds in excess of the Entitlement Offer Price will be paid to the relevant PointsBet shareholders (net of any withholding tax and expenses). A Prospectus containing information in respect of the Retail Entitlement Offer and the New 
Options, together with a personalised Entitlement and Acceptance Form, will be made available to eligible retail shareholders on Friday, 11 September 2020. The Prospectus will also be lodged with ASX on Monday, 7 September 2020. Eligible retail shareholders should read the Prospectus in full before deciding whether to subscribe for New Shares and New Options, sell their Entitlements or do nothing.

Disclosure: I hold PBH 

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