Sarossa to subscribe to £2m worth of GVC shares

LONDON (ShareCast) - (ShareCast News) - Investing company Sarossa (Other OTC: AIOAF - news) has agreed to subscribe to £2m of new shares being issued by GVC Holdings (Other OTC: GMVHF - news) to back its acquisition of online gaming group Bwin.Party Digital Entertainment, announced on 4 September. Sarossa said on Tuesday that it has entered into an agreement with GVC to subscribe for 473,934 new GVC shares at 422p per share, with GVC looking to raise up to £150m from the share issue.

Sarossa has an existing holding of 343,053 GVC shares equal to 0.56% of GVC's existing issued ordinary share capital, meaning it would hold a total of 816,987 GVC shares assuming full acceptance of the offer, representing around 0.28% of GVC's enlarged group issued ordinary share capital.

At 1536 BST, Sarossa shares were down 6.1% at 1.77p.