Updating the market Frankfurt Xetra-listed mybet Holdings SE has confirmed that it has sold its stake in German horse racing firm pferdewetten.de for a sum of €9.9 million.
Seeking to raise new funds for its internal operations, mybet detailed last week that it had agreed to sell its +1.8 million unlisted shares in pferdewetten.de to a number of private investors.
mybet governance decided to sell its profitable asset in order to meet investment terms for its €5 million convertible bond issued in December 2015. As a result, the company will free up liquid funds of €3.5 million after the closing of all transactions in connection with the sale.
Updating its investors, mybet governance would detail that the company had revised its full-year revenue forecast, adjusting 2016 revenues from €63 million to €59 -62 million range.
Mybet management will now work towards the delivery of its new operational platform which has faced a number of delays, missing its scheduled launch for H1 2016.