Clarendons advises PointsBet on $122 million capital raise

Clarendon Lawyers is delighted to have acted for PointsBet Holdings Limited on its successful $122.1 million capital raising. The capital raising comprised a $60 million institutional placement and a 1 for 6 accelerated pro rata renounceable entitlement offer with retail entitlements trading that raised $62.1 million.

The capital raising was fully underwritten by Bell Potter Securities Limited.

PointsBet is a corporate bookmaker, offering innovative sports and racing betting products and services directly to clients via its scalable, cloud-based technology platform.

Proceeds from the capital raising will be used to support marketing and client acquisition, technology and product development and business development in the United States.

The Clarendons team comprised Director, Nick Golding, Rachel Morris (Lawyer) and Millie Clayton (Graduate).

Nick Golding said: “The capital raising is a fantastic result for the PointsBet team and represents a strong endorsement of the Company’s business model. Since listing on ASX in June 2019, PointsBet has announced a number of significant achievements: a strategic partnership with Penn National Gaming, the naming of Double Eagle as the Company’s partner in Colorado and Hawthorne Race Course as its partner in Illinois, taking of first bets in Iowa and the recent appointment of Becky Harris as Director.”

“We have loved working with the talented PointsBet team and look forward to the next phase of the Company’s growth.”

Andrew Hensher, PointsBet Group General Counsel and Company Secretary, said: “Following our successful IPO in June this year, it was great to work with the Clarendon team again, headed up by Nick Golding. While the structure of the raise was aimed at looking after all our supportive shareholders, it was not a common structure and the team at Clarendons provided timely and professional advice to ensure it went smoothly. The oversubscribed Placement, institutional take up and the 99.65% acceptance rate under the Retail Offer is a credit to all involved.”