Jaxx Issuing Bonds
By Staff
German lottery and betting platform provider Jaxx AG has announced that it is hoping to raise over five million dollars in order to fund future growth by issuing convertible bonds to its shareholders.

The Altenholz-based parent of Sportwetten.de would like to reduce its dependance on the German lottery market and is set to issue 161,830 debentures with an initial value of $29.84 each. Individual debentures can be converted into ten ordinary shares with full voting rights and are set to go on sale at a set price of $36.95 beginning Thursday.

The convertible bonds will bear interest at 6.66 percent a year and current Jaxx shareholders are to be granted indirect subscription rights, which means that they may purchase one debenture for each 99 shares they hold until September 26. Following this date, the remaining shares are to be sold to insititutional investors with market trading not envisaged.

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