Lottoland is “Disappointed” with the outcome of today’s meeting of Zeal Network Shareholders, at which the deal to buy Lotto24 was approved, and has reiterated its view that the transaction is “Value Destorying.”
Nigel Birrell, CEO of Lottoland said:” We are disappointed with the result of today’s general meeting.
“With resolution number two, turning out to be very close with 51 percent votes in favour and 49 percent voting against, we do not believe that outcomes provide a clear mandate from the shareholders of Zeal to take the transaction forward. Especially given the fact that without the votes of the Lotto24 shareholders this would not have been approved.
“This highlights what we have expressed all along,” said the CEO, “that the Lotto24 shareholders are the only ones that will benefit from this transaction and that the transaction is value destroying from Zeal Shareholders.”