Betbull Holding SE: Betbull to replace ADCs with direct equity interest

Betbull Plc / Miscellaneous

Release of a Corporate News, transmitted by DGAP - a company of EquityStory
AG.
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announcement.
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Betbull to replace ADCs with direct equity interest

  - Reorganization of Betbull Plc. into a Societas Europaea (SE) already
    registered

  - Transfer of registered offices from London to Vienna to be proposed in
    an extraordinary shareholders’ meeting in January 2009

  - Exchange of ADCs for (direct) Betbull bearer shares at a ratio of 1:1
    is planned for February 2009, i.e. owners of ADCs are to receive one
    (direct) ordinary bearer share  of Betbull for each ADC

Betbull Holding SE (formerly Betbull plc), whose 'Austrian Depositary
Certificates' (ADCs, ISIN AT0000615331) have been listed on the Vienna
Stock Exchange in the 'Other Securities' segment since 2004, is committed
to making the previous shareholder structure of ADC holders more
transparent in the future and to granting all its stakeholders a direct
participation in the company through bearer shares. Therefore, all
stakeholders are to receive one (direct) Betbull share for each ADC.

The first step in this direction was the decision during an extraordinary
shareholders' meeting held on 17 October 2008 for the reorganization of
Betbull Plc. into a Societas Europaea (SE) under the name 'Betbull Holding
SE' and the registration number SE12. This reorganization has been
registered in the British Companies Register on 31 October 2008.

Since, however, the exchange of ADCs for direct Betbull shares will deprive
the ADC agreement with the Oesterreichische Kontrollbank AG (OeKB) of its
basis, Betbull has rescinded this agreement on the date hereof in
compliance with a contractually agreed notice period of three months; it
has been guaranteed, however, that the terminated ADC agreement will not
expire until the ADCs have been exchanged for ordinary shares of Betbull
Holding SE. This ensures that there will be no interruption in
marketability for owners of ACDs.

Following the already adopted reorganization into an SE, the next step
planned is the transfer of the registered offices from London to Vienna and
an increase of share capital from corporate funds (capital adjustment) to
achieve a pro rata amount in the share capital of at least EUR 1.00 per
share (as required by the Austrian Stock Corporation Act). Instead of the
previous registered shares with a par value of GBP 0.05 each, the company
now intends to issue no-par bearer share units. These changes are to be
adopted in an extraordinary shareholders’ meeting which is expected to take
place in early 2009.

The ADCs are to be exchanged for ordinary shares after the approval of the
shareholders’ meeting and the registration of Betbull Holding SE in the
Companies Register of the Vienna Commercial Court (expected by the company
to take place in early to mid-February 2009). The exchange ratio will be 1
(ADC) to 1 (share). The exchange will take place automatically and free of
charge for those ADC holders who kept their ADCs in collective deposit
accounts. Further details will be announced in another press release and a
publication in the Official Gazette attached to the Wiener Zeitung
following the registration of the transfer of registered offices.

The transfer of the registered offices to Vienna represents another step
toward transparency for stakeholders. The aim is to create the possibility
of issuing bearer shares that can be traded on the Vienna Stock Exchange,
thus eliminating the need for ADCs. Moreover - since Betbull’s ADCs were
publicly offered and placed in Austria during the IPO in 2004 – the
exchange of ADCs for (direct) Betbull shares will significantly facilitate
the participation of owners of free-floating shares in the shareholder’s
meetings of Betbull, which will then take place in Austria.
11.11.2008  Financial News transmitted by DGAP
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Language:     English
Issuer:       Betbull Plc
              15 Fetter Lane, (Bird & Bird)
              EC4A 1JP London
              Großbritannien
Phone:        +356 21480131
Fax:          +356 21480132
E-mail:       info@betbull.com
Internet:     www.betbullplc.com
ISIN:         AT0000615331
WKN:          A0DKM0
Listed:       Freiverkehr in Berlin, Stuttgart; Open Market in Frankfurt;
              Foreign Exchange(s) Wien
 
End of News                                     DGAP News-Service
 
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