Edition:
United Kingdom

GVC Says Does Not Intend To Seek Judicial Review Of Triennial Review Decision


Thursday, 17 May 2018 

May 17 (Reuters) - Gvc Holdings Plc ::NOTES ANNOUNCEMENT MADE TODAY BY UK GOVERNMENT REGARDING TRIENNIAL REVIEW..SIGNIFICANT RE-ENGINEERING OF MACHINES AND GAMING SOFTWARE WILL ALSO BE REQUIRED TO EFFECT THESE CHANGES."DISAPPOINTED WITH OUTCOME, PARTICULARLY GIVEN INDEPENDENT EVIDENCE ON STAKE CUTS PUBLISHED BY GAMBLING COMMISSION,RESPONSIBLE GAMBLING STRATEGY BOARD".GVC CONFIRMS THAT IT DOES NOT INTEND TO SEEK A JUDICIAL REVIEW OF TRIENNIAL REVIEW DECISION.TODAY'S GOVERNMENT ANNOUNCEMENT MARKS END OF UNCERTAINTY ON FOBT STAKING LIMITS.EXPECT TO RETAIN A PROFITABLE AND HIGHLY CASH GENERATIVE UK RETAIL ESTATE.IN FIRST FULL YEAR IMPACT ON GROUP, EBITDA IS ANTICIPATED TO BE IN REGION OF £160M.ANNOUNCEMENT HAS NO IMPACT ON MINIMUM TARGETED SYNERGIES OF AT LEAST £100M PER ANNUM FROM LADBROKES DEAL.EXPECT TO BE ABLE TO REPOSITION BUSINESS WITHIN TWO YEARS FOLLOWING IMPLEMENTATION, WITH MITIGATED IMPACT OF C£120M ON EBITDA SECURED BY END OF PERIOD. 

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