SportsHero Limited (ASX: SHO) had come forward and issued a press release which contained information that the company has plans to roll out Pay-to-Play app in the Australian region. As per the press release dated January 10, 2019, the company and Cross Bet Holdings Pty Limited had entered Heads of Agreement or HoA (non-binding). This agreement had been entered so that the SportsHero can roll out the pay-to-play sports prediction platform in the Australian region. Cross Bet Holdings happens to be a company which is based out in Australia and its subsidiary (wholly-owned) got the conditional approval. This approval was given by Department of the Attorney General and Justice Licensing. The approval is related to granting of Sports Bookmaker License which happens to be under the regulation of NTRC (or Northern Territory Racing Commission).
The release given by SportsHero Limited also stated that, with respect to HoA’s terms as well as on the fulfilment of the certain conditions related to granting of License to the subsidiary of CBH, the companies will be subject to the definitive agreements on the 50-50 equity basis so that the new Australian company can be formed for the operations of Pay-to-Play Venture. The issued also contained information that in the span of the next three to four months, the companies need to document terms with regards to a definitive agreement. They need to share the present resources and that the platform would, initially, be launched in the markets of Australia with the potential of the expansion to other markets like New Zealand. Other terms would be like SHO disbursing $200,000 to the new Australian company with regards to a specific purpose related to the payment of License bond and providing the irrevocable call as well as put options with respect to the SHO acquiring the fifty percent shareholding of the Cross Bet Holdings Pty Limited in the new company.
We would now be having a look at the past news which relates to the Director appointment. As per the press release dated November 28, 2018, SHO’s directors had made an announcement that Mr Wayne Johnson had been placed as Non-Executive Director. The company had reflected favourable views with regards to this appointment. The issued release also stated that Mr. Wayne Johnson is having the strong track record as well as he also possesses abilities, reach and corporate connections which would be beneficial for the company.
Let us now have a look at how SportsHero had been performing from the last few months. The last traded price of the company’s stock was A$0.115 per share. The market capitalisation of SportsHero was $29.38 million. Talking about the past performance of the stock, SHO had delivered the return of -8.00% in the span of previous six months while in the period of previous 3 months, the SHO’s return was -14.81%.
However, the return of SportsHero Limited in the period of previous one month was -4.17%.
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