Appleby has acted as British Virgin Islands ("BVI") and Isle of Man counsel to Playtech Limited in its redomiciliation from the BVI to the Isle of Man and subsequent move from AIM to a Premium Listing on the London Stock Exchange plc's Main Market.
Playtech is the world's largest publicly-traded online gaming software and services supplier with a market capitalisation of over £1 billion. The group was established in 1999 and the company was initially floated on AIM in 2006 where it has grown consistently.
In the build up to the move to the Main Market, Playtech redomicilled from the British Virgin Islands to the Isle of Man, where the company's head office is already based.
The Isle of Man team was led by Partner, Nick Verardi, with support from Senior Associate, Kyle Sutherland, both of whom are qualified to advise on the laws of the BVI and Isle of Man. In the BVI the team was led by Managing Partner, Michael Burns.
Additional parties involved on the transaction were Berwin Leighton Paisner and DLA Piper UK LLP (UK legal advisers to the company), Canaccord Genuity Limited (Sponsor, financial adviser and broker to the company), BDO LLP (auditors and reporting accountants) and Appleby Trust (Isle of Man) Limited (Isle of Man registered agent to the company).
Nick Verardi commented, "We were pleased to be involved in this important strategic development for Playtech Limited. It marks a significant milestone in the continued growth of the Company which hopefully will be moving into the FTSE 250 in the near future."
He continues, "Working closely with our colleagues in Appleby's BVI office, we are pleased to be able to extend the BVI offering from the Isle of Man to our clients who often find this time zone more convenient."
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