Probability announces successful share offers and plans of expansion

Probability, a specialist mobile gambling software company has revealed that it has conditionally made £2.8 million after the placing of just over 4.42 million new ordinary shares at a price of 64 pence each.

Proceeds from the new shares are expected to be about £2.6 million and will be utilised to help Probability ‘pursue further growth’ in its business-to-consumer enterprise via additional UK marketing expenditure.

The placement, which symbolizes 13.1 percent of the company’s enlarged share capital, will also give it with more resources to continue business-to-business opportunities in the UK and Italy.

Chief Executive Officer for Probability, Charles Cohen said “We are delighted to have achieved strong institutional support for this placing, which was over-subscribed,”

“The proceeds will enable us to accelerate marketing investment in our UK business-to-consumer business and build upon the momentum that we have achieved to date.”

“We will continue to maintain our disciplined approach to marketing investment with a focus on payback period and return on investment. Our business-to-business business is also entering an exciting stage in the UK and Italy and the proceeds will also provide additional resources to pursue opportunities in this area.”

“With our most intense core technology investment behind us, Probability is uniquely placed to take advantage of the growth in smartphones and mobile gambling.”