Latest news with #UlrikBengtsson
IOL News
02-07-2025
- Business
- IOL News
Sun International, Peermont scupper R7. 3bn acquisition due to regulatory delays
Data from the Gambling Board indicating the growth in revenue from gambling and the growth of online gambling since 2022. Image: Supplied Sun International's R7.3 billion acquisition of Peermont has been terminated after the Competition Tribunal scheduled a long-awaited hearing too late for the deal to legally proceed, while 'deal fatigue' had set in among the parties. In an extraordinary event, the Competition Tribunal had scheduled hearings for the Sun International and Peermont deal to be heard on October 2, 2025. The Competition Tribunal is a condition precedent to the transaction, which currently has a longstop date of September 15, 2025. 'Accordingly, as the hearing date is after the regulatory longstop date, the parties have mutually agreed to the immediate termination of the Proposed Transaction,' Sun International said. However, the Competition Commission denied it was the cause of delays in the hearing, and disputes between the parties on discovery evidence had caused delays. The Commission said for instance, that earlier dates for the hearing, such as on 19-30 May 2025, were not utilised due to ongoing discovery disputes between the parties. On further questions from BR, Sun International CEO Ulrik Bengtsson said said 'deal fatigue' had set in due to the time delay, and considering the impact this was having on both groups, it was one the factors for the termination, aside from the Tribunal being unable to hold the hearings and closing arguments before the long-stop date. There has been increasing concern expressed about the delays in decision by the competition authorities, particularly the Competition Tribunal, which, for example, most recently faced criticism for deals such as Vodacom's acquisition of Maziv, and Blue Label Telecom's control of Cell C - the decision in this matter by the Competition Authorities took nine months. The Tribunal has claimed however that 99% of the mergers filed between April and December 2024 were heard within the required timeframe. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad loading Nevertheless, Bengtsson said 'multiple approaches' were made to the Tribunal 'to bring forward the hearing date and closing arguments prior to the longstop date,' but given the busy workload of the Tribunal, it was not feasible or possible for them to do so. Notice of the deal's termination comes a full 18 months after the acquisition proposal was first announced. The circular to shareholders was first distributed to shareholders on February 5, 2024. The transaction was first referred to the Competition Tribunal in October, 2024, meaning the hearing would only have taken place 12 months later. The Tribunal retained the power to approve the deal. This was even though the Competition Commission had recommended to the Tribunal that the transaction be prohibited under sections of the Competition Act, that typically address risks of reduced competition in the market, and negative impact on public interest, such as job losses, reduced consumer choice, harm to local suppliers, or lack of black economic empowerment. Peermont operates 11 properties that include hospitality, more than 1 600 hotel rooms, gaming and casino facilities. JSE-listed Sun International operates hospitality and casinos across the country including Sun City, The Table Bay Hotel and Time Square. Sources said the initial concerns and relevance of the competitive aspects of the transaction appeared to have waned considerably given the rapid growth in online gaming during and since the Covid-19 pandemic.
Yahoo
20-05-2025
- Business
- Yahoo
Summary From the Annual General Meeting 2025 of Raketech Group Holding Plc.
TRIQ I-IMSIDA IL-GZIRA, MALTA / / May 20, 2025 / The shareholders of Raketech Group Holding Plc (STO:RAKE) gathered in Malta on 20 May 2025 to hold an annual general meeting. The following resolutions were made. It was resolved to approve the Consolidated Financial Statements of the company, the Director's Report and the Auditor's Report for the financial year ending 31 December 2024. No dividends were declared for the financial year ending 31 December 2024, in accordance with the directors' recommendation. Ulrik Bengtsson was elected as board member and Chairman of the Board of Directors, Erik Skarp, Clare Boynton, Patrick Jonker and Marina Andersson were re-elected as members of the Board of Directors. All directors were elected for the period until the end of the next annual general meeting, except for Ulrik Bengtsson, who was elected until 30 July 2025, everything in accordance with the Nomination Committee's proposal. The meeting resolved that the fees to be paid to the members of the Board of Directors shall be allocated as follows: EUR 50,000 to the Chairman of the Board of Directors and EUR 30,000 to each of the other members of the Board of Directors. No Director holding an operational role in the Company or its subsidiaries under which the Director receives a salary, or a consultancy fee shall receive any additional compensation for the work conducted in the Board of Directors and any committees. The meeting further resolved that the Chairs of the Audit Committee and of the Remuneration Committee shall respectively be entitled to a remuneration of EUR 10,000 each, while any other member of the aforesaid committees (excluding the Chairs) shall each be paid EUR 3,000 each. PricewaterhouseCoopers Malta was re-elected as the company's auditor for the time until the end of the next annual general meeting in accordance with the Nomination Committee's proposal and Audit Committee's recommendation. The meeting resolved that the auditor's fees shall be payable in accordance with any invoice approved by the Remuneration Committee. The meeting resolved to approve the Nomination Committee's proposal on the principles for appointing the Nomination Committee of the company until the annual general meeting of 2026. The meeting resolved to adopt the Board of Director's proposal for guidelines for remuneration to senior management. The meeting further resolved to adopt an incentive program in accordance with the proposal from the Board of Directors. The program comprises of share options which the participants are entitled to exercise to subscribe for shares in Raketech. The program included a maximum of 31 participants and a number of share options to be converted into an aggregate number of shares not exceeding 2.5% per cent of the share capital and votes of the company. The share options will vest for three years from the allocation to each participant, whereby 1/3 will vest after the first year, an additional 1/3 after the second year and the remaining 1/3 will vest after the third year. Given that the Board of Directors' proposals respectively (i) to amend the Memorandum and Articles of Association for the purpose of introducing provisions on squeeze-out rights, and (Ii) allow the Company to acquire its own shares (jointly, the " Extraordinary Resolutions") only obtained one of the two majorities required in terms of article 97 of the Articles of Association, said proposals were not adopted at the Meeting. The Board of Directors will, however, convene an Extraordinary General Meeting to pass the Extraordinary Resolutions. Complete information regarding the meeting's resolutions has been made available at the company's website, For more information, please contact: investor@ About Raketech Group Raketech is a leading online affiliate and content marketing company, with expertise in delivering comparison services for sports and gaming, online guides, communities, and social media products. Raketech guides sports and gaming enthusiasts to the best possible services, while also delivering high-quality traffic and leads to its partners. Raketech grows both organically and via acquisitions and operates its business in accordance with a clear framework for responsible affiliate marketing services. The company's shares are listed in Nasdaq First North Premier Growth Market with ticker RAKE. DNB Carnegie Investment Bank AB (publ) is the company's Certified Adviser. For more information, visit Attachments Summary from the annual general meeting 2025 of Raketech Group Holding Plc. SOURCE: Raketech View the original press release on ACCESS Newswire
