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SINGAPORE - Media OutReach - 1 November 2022 - Singapore-based Lightnet Group ("Lightnet") announced today the completion of Raffles Family Office's ("Raffles FO") strategic investment. The funding will support Lightnet's ongoing operations and help enhance the development of Lightnet products and solutions. As part of the transaction, Lightnet will secure a strategic stake in Raffles FO's digital asset wealth management platform, Revo. The partnership will provide valuable technical support and payment infrastructure to drive and deliver success for both parties, by enabling Lightnet to expand its payment ecosystem to cover institutional funds transfer, a major component of Raffles FO's service offering to support ultra-high-net-worth (UHNW) families in the region through Revo. The partnership reaffirms Lightnet's vision to revolutionise the payments and remittance space with next generation infrastructure and services across the entire spectrum, from the unbanked or underbanked, to wealthy individuals and family offices. Raffles Family Office Group CEO Chi-man Kwan said: "We are delighted to participate in the strategic investment in Lightnet which focuses on the next generation financial infrastructure. At Raffles Family Office, we are committed to driving the development of a wealth management platform built for the digital future and synergies with like-minded innovators in a collaborative ecosystem to enable and optimize digitalization in finance. We will continue to play our part in revolutionizing the world of finance, working together with partners to unlock the potential of blockchain technology." Lightnet Co-Founder and Chairman, Chatchaval Jiaravanon, said: This agreement will see more adoption of Lightnet's next generation financial infrastructure. This is key to expanding our payments and remittance services. We are very excited to be able to join forces with Raffles Family Office and hope this agreement will bring meaningful growth for our payments infrastructure and the asset-based platform. Lightnet's network will provide borderless and formless financial mobility infrastructure for Revo digital asset wealth management platform to move the fund anywhere in the world. Hashtag: #LightnetGroup The issuer is solely responsible for the content of this announcement.About Lightnet GroupLightnet Group is a Singapore-headquartered fintech group with the mission of promoting financial mobility and inclusivity. Lightnet Group empowers unbanked populations and SME trade finance with an inclusive international remittance ecosystem. The Lightnet Group's international remittance ecosystem adopts, in parallel to existing and traditional documentation and process, the Velo Protocol as its blockchain transaction documentation protocol and positions itself as the premiere clearing and settlement network for the Asia Pacific region by connecting existing financial systems with its network of cash agents and wallets. Lightnet is backed by CP Group Family members as well as major investors in the region including UOB Venture Management, Hanwha Investments & Securities, 7Bank, Unipresident, Hashkey, and many others. To learn more, please visit https:// www.lightnet.io. About Raffles Family Office Raffles Family Office (Raffles FO) is an award-winning multi-family office that offers a full suite of wealth management services for ultra-high net worth individuals. With an integrated platform that combines independence with advisory expertise across a broad range of asset classes and an expansive global partnership network built for seamless collaboration with the world's leading financial institutions, the firm is uniquely placed to provide comprehensive, lasting and highly bespoke wealth growth and preservation solutions. Raffles FO is headquartered in Hong Kong and has branch offices in multiple Asian financial centres, including Singapore, Shanghai, Beijing and Taipei. For additional information, visit https://www.rafflesgroup.co About Revo Digital Family OfficeRevo is Asia's first digital-assets-focused multi-family office and the platform of choice for ultra-high net worth individuals looking to join the most important investment revolution of our time. Purpose-built to perpetually evolve in line with the ongoing digitisation of assets and wealth management solutions, Revo's current offerings include digital asset and wallet aggregation, independent digital asset management, private wealth advice, and gatekeeper services that allow for succession planning with innovation in mind. Revo was co-founded by leading Asian multi-family office Raffles Family Office and internationally acclaimed digital asset technology firm Huobi Technology Holdings. For additional information, visit www.revogroup.co.
Highly commended for Valuation Team of the Year award Highly commended for Agency Team of the Year: Retail Team award HONG KONG SAR - Media OutReach - 31 October 2022 - Cushman & Wakefield, a leading global real estate services firm, has again been recognized for its leading service excellence and industry achievements at the Royal Institution of Chartered Surveyors (RICS) Awards in Hong Kong. The firm was cited as Highly Commended in the 2022 valuation team and agency team of the year. Highly Commended – Valuation Team of the Year: Hong Kong Valuation & Advisory Services team Highly Commended – Agency Team of the Year: Hong Kong Retail Team in partnership with Gaw Capital Highly Commended — Valuation Team of the Year Cushman & Wakefield’s Valuation and Advisory Services team again won credit for upholding the highest international standards and imbuing confidence to end-users for objectivity, independence and reliability. “From Zero to Hero”, we are the Visionary Pioneer among industry peers in fusing Sustainability & ESG considerations to our regular valuation workstreams. Andrew Chan, Managing Director & Head of Valuation & Advisory Services, Greater China, Cushman & Wakefield, said, “We are thrilled to receive such high recognition in the valuation services category award in Hong Kong this year. This commendation is the result of a year of notable achievement for the team here, marked by the full operational deployment of our pioneering Real Estate Sustainability Services Platform (RESSP). I am proud to say that RESSP is a true industry first, bringing sustainability and ESG considerations into the regular valuation workstream in a form that sets us apart from traditional professional consultancies. I congratulate the team on their commitment, passion and success, and together we envision a fully-upgraded valuation practice that will be a game-changer for the industry and contributes to a sustainable built environment towards the future.” Highly Commended — Agency Team of the Year: Retail Team in Partnership with Gaw Capital The firm’s Retail Services team continued the success generated at the RICS Hong Kong awards for the fifth consecutive years, with a Highly Commended award for trendsetting work in creating the all-new “Wellness Real Estate” concept, with the vision fully materialized at the H.A.N.D.S. shopping mall project in Tuen Mun, in close partnership with Gaw Capital Asset Management. Kevin Lam, Executive Director & Head of Retail Services, Hong Kong, Cushman & Wakefield, commented, “We are extremely proud to be recognized again as an industry leader, demonstrating our innovation and vision to bring a fresh new retail concept to life here in Hong Kong. It is always hard to kickstart a new trend, but in Wellness Real Estate we truly believe we are building a sustainable retail lifestyle, one that can transcend time and property types, and which is intended to endure as a post-pandemic new norm. The H.A.N.D.S. mall project has been highly successful, and again demonstrates our positioning and track record as a trusted partner and innovator to both landlords and tenants alike into the future.” K K Chiu, Chief Executive, Greater China, Cushman & Wakefield, said: “Congratulations to our professional teams on their stellar performances. These Highly Commended awards at the RICS Awards in Hong Kong again demonstrate the results of our joint commitment to client-centric service and innovation in the industry.” Cushman & Wakefield’s RICS Award 2022 success in Hong Kong has also been matched in mainland China, with the firm taking top honors across multiple service lines, including Best Deal of the Year (Leasing), Research Team of the Year, Professional Consultancy Service Team of the Year — Real Estate (Valuation and Advisory Services), and Real Estate Financing Innovation Achievement of the Year. This dual recognition in mainland China and Hong Kong markets is indicative of the firm’s expertise and collaborative synergies that underpin its market leadership across the Greater China region. John Siu, Managing Director, Hong Kong, Cushman & Wakefield, concluded, " We are proud of our tradition of success at the RICS Hong Kong Awards, and such recognition from highly regarded and impartial third parties remain a clear demonstration of our ability to meet and exceed client needs.” Please click HERE to download high-resolution photos. Hashtag: #Cushman&WakefieldAbout Cushman & Wakefield Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms in the world, with approximately 50,000 employees in over 400 offices and 60 countries. In Greater China, a network of 23 offices serves local markets across the region, earning recognition and winning multiple awards for industry-leading performance. In 2021, the firm had revenue of $9.4 billion across core services including valuation, consulting, project & development services, capital markets, project & occupier services, industrial & logistics, retail and others. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
CR Global Social Housing Fund, in its second series, will continue to invest in a portfolio of UK social housing to achieve social impactSINGAPORE - Media OutReach - 31 October 2022 - SDAX, a leading integrated investment and trading platform based in Singapore, will list CR Global UK Social Housing Fund II, a social housing fund-managed by FXHB Asset Management Pte Ltd, a Registered Fund Management Company in Singapore, to drive social impact in the UK. The second series of the GBP 200M fund will be tokenised and be made available for trading on SDAX's platform at the end of its fund-raising round, where the first series is being listed. (From Left to Right) Raymond Poh, CEO of SDAX & Dr Paul Inthaseni, President & CEO of Century R Pte Ltd A report from the UK government in December 2021 highlights that 8.5 million people in England are facing some form of unmet housing need, with approximately 1.6 million households on urgent need for social rented housing[1]. Overcrowding is also the largest problem in this statistic, with almost 2 million children living in such households. With the purpose of driving social impact in the UK, the fund will be channelling the investments towards real estate supporting the cause of meeting these social housing needs, with payments guaranteed by the local housing associations. CR Global UK Social Housing Fund II is structured as a sub-fund of CR Global Investments Variable Capital Company (VCC) as the investment vehicle. Introduced by the MAS, the VCC is a new corporate structure for investment funds that provides greater flexibility and improved operational and tax efficiency, thereby facilitating investment fund operations and addressing global investment funds' needs. CR Global Investments VCC works with a multitude of institutional stakeholders ranging from multi-family offices, asset management companies, securities companies, corporate clients, listed companies, and pension funds to banks. The first series of the CR Global UK Social Housing Fund was closed for subscription and has been listed on SDAX Exchange since July 2022 for trading. The second series of the fund will continue to focus on investing in UK social housing to serve urgent social needs. Adopting a core-plus strategy with capital preservation through an asset-backed structure, the fund has an investment tenure of two-plus-two years, providing up to 7% per annum coupons with the potential for capital appreciation up to 7% upon exit. SDAX partners with CR Global Investments VCC to raise funds in a fast, secure and cost-effective way through blockchain technology, tokenising the fund and making the investment accessible to investors through fractionalisation. With the partnership and the technology of tokenisation, investors from both the first and second series of the fund are able to trade their tokens on SDAX's trading platform. Fractionalisation allows for investors to access this investment from GBP 50,000. "Our partnership with SDAX helps to bring this investment opportunity to more investors in the market. The fund will address a social need and we believe in making a difference for those in need of it most in the UK. With the VCC, the economies of scale achieved will help in cost efficiencies and bridge capital channels to the UK," said Dr Paul Inthaseni, President & CEO of Century R Pte Ltd and cornerstone investor of the fund. The fund is managed by an experienced team of real estate professionals, and holds strong ESG credentials, including being a signatory of the Principles for Responsible Investment (PRI), the world's leading proponent of responsible investment. The fund had also undergone SDAX's proprietary ESG assessment framework to ensure the fund's adherence to internationally recognised ESG standards for driving social impact. "We are excited to be partnering with CR Global Investments VCC in this investment that drives tangible social impact, and bring this opportunity to our investors. With the increasing scrutiny of ESG investments in recent months, it becomes more of a necessity to exercise rigorous financial stewardship. Our ESG investments serve as a pillar of what we stand for at SDAX, and this is an excellent opportunity for us to further a social cause with rigor. We hope to work with more partners such as CR Global Investments VCC to finance towards more social causes, as well as initiatives towards net-zero (FTT)," said Raymond Poh, Chief Executive Officer, SDAX. For more information on SDAX's digital investment services and solutions, visit: SDAX.co [1] Source: National Housing Federation Hashtag: #realestate #socialhousing #ukThe issuer is solely responsible for the content of this announcement.About SDAXSDAX is a MAS-regulated investment and trading platform serving institutional, accredited and retail investors. We provide access to uniquely curated assets that until now have not been available to most investors, through asset tokenization. Our strength lies in real estate, ESG and impactful investment opportunities. SDAX partners with corporate and institutions to raise capital more efficiently to support their growth and expansion. In everything that we do, we commit our energy, technology and expertise to unlock innovative investment opportunities that drive sustainable, impactful growth. SDAX represents the merged entities of digital asset exchange Digiassets Exchange Singapore (SDAX) and fintech company Minterest Holdings. The merger and rebranding bring synergy for SDAX by combining capabilities to offer both a Digital Asset Exchange, regulated under its Recognized Market Operator (RMO) licence, and Capital Markets Services, regulated under its Capital Markets Services (CMS) licence. Find out more about us here
HONG KONG SAR - Media OutReach - 28 October 2022 - The Cyberport Venture Capital Forum (CVCF), Cyberport's premier annual venture capital event, commenced at Cyberport. This year's event lasts two days and runs in a hybrid format. With the theme of "Thriving in the Dynamic: Refocusing for Growth", CVCF 2022 gathered over 100 global venture experts and entrepreneurial leaders to discuss the latest situation of the global venture capital market, investors and start-up financing strategies, new opportunities in Hong Kong and the Greater Bay Area (GBA) markets, as well as the development of start-ups and venture capital prospects in the field of smart living. Cyberport Venture Capital Forum (CVCF) kicked off, discussing the new situation of the global venture capital market, investors and start-up financing strategies, new opportunities in Hong Kong and the Greater Bay Area (GBA) markets, as well as the development of start-ups and venture capital prospects in the field of smart living. The 5th Anniversary Celebration of the Cyberport Investors Network (CIN) is held on the same day. (From fourth right to third left) Simon Chan, Chairman of Cyberport, Cindy Chow, former Chairperson of CIN Steering Group, Hendrick Sin, new Chairperson of CIN Steering Group and Peter Yan, Chief Executive Officer of Cyberport. In addition, the 5th Anniversary Celebration of Cyberport Investors Network (CIN) was held and announced Hendrick Sin, Co-Founder, Executive Director and Vice Chairman of CMGE Technology Group Limited the new Chairperson of Cyberport Investors Network Steering Group. In this morning's opening session, Professor Sun Dong, Secretary for Innovation, Technology and Industry of the Hong Kong Special Administrative Region (HKSAR) Government, delivered opening remarks. Simon Chan, Chairman of Cyberport, delivered welcoming remarks, together with Peter Yan, Chief Executive Officer of Cyberport, Cindy Chow, former Chairperson of CIN Steering Group and Hendrick Sin, new Chairperson of CIN Steering Group co-hosted the opening ceremony and officially kicked off the event. Professor Sun Dong, Secretary for Innovation, Technology and Industry of the HKSAR Government said in his opening speech, "As announced by the Chief Executive in his Policy Address last Wednesday, we are promulgating the Hong Kong Innovation and Technology Development Blueprint which is going to lay out the future directions and major strategies for the I&T development in Hong Kong from the top-level perspective. The Government will also establish the Office for Attracting Strategic Enterprises to be led by the Financial Secretary for attracting strategic enterprises around the world. We will be working closely with this Office to attract top-notch I&T enterprises and talents to Hong Kong to strengthen the local I&T ecosystem and to power up the development of tech industry of Hong Kong. I trust that you share my excitement for the future of Hong Kong's I&T landscape." Simon Chan, Chairman of Cyberport, in his welcoming remarks said, "Technological innovation was one of the key focuses at the recent 20th Party Congress. The Central Government emphasises science and technology as our primary productive force, and innovation as our primary driver of growth. In Hong Kong, the latest Policy Address laid out forward-looking and targeted measures to boost I&T advancement, expand tech talent pipeline, and attract new enterprises which are representative and with high potential to set foot in Hong Kong. With these new blueprints in place, we are encouraged by the promising outlook for I&T entrepreneurship. Cyberport is fully committed to accelerating start-up growth by enhancing the critical capability of fundraising for entrepreneurs. As a tech investor, Cyberport strategically leverages Cyberport Macro Fund (CMF) and Cyberport Investors Network (CIN) to drive investment from the local and global arenas, empowering start-ups' expansion to the Mainland and overseas." Cyberport's start-up with good fundraising performance Despite the sluggish performance of the global venture capital market due to market uncertainties, the fundraising of Cyberport community companies has performed well over the past year. From October 2021 to September 2022, the Cyberport community companies have raised more than HK$15.5 billion, a significant increase of 176% compared to the same period last year, with a cumulative fund of HK$34.4 billion. Cyberport has been promoting and facilitating investment matching and supporting start-up fundraising through the Cyberport Macro Fund (CMF), with satisfactory performance during the same period. From October 2021 to September 2022, Cyberport injected capital through the CMF into three Cyberport start-ups, including GRWTH (EdTech), Wada Bento (FoodTech) and AVALON StreiTech (HealthTech). Since its establishment in 2016, CMF has approved a total of 25 projects, attracted co-investment of HK$1.55 billion, and raised a total of more than HK$1.725 billion, with an investment ratio of 1:9. CIN 5th anniversary with accumulated investments over HK$1.7 billion Cyberport Investors Network (CIN) has been helping the Cyberport start-up community to raise funds and provide investment insights and experience to promote the growth and development of start-ups. From October 2021 to September 2022, the CIN facilitated investment of around HK$580 million, with a year-on-year growth of around HK$80 million. Since its establishment five years ago, CIN has maintained more than 150 corporate members, including venture capital funds, private equity funds, angel funds, family offices, corporate venture capital, and more than 25 Greater Bay Area (GBA) investment members. The CIN gets encouraging results that has facilitated investments of over HK$1.7 billion in total, supporting 67 projects in the process. Cyberport is thankful for the excellent leadership of Cindy Chow, the Executive Director, of Alibaba Hong Kong Entrepreneurs Fund in the past two years, and announced at the forum that Hendrick Sin, Co-Founder, Executive Director and the Vice Chairman of CMGE Technology Group Limited will be the new Chairperson of Cyberport Investors Network Steering Group. Cindy Chow, former Chairperson of Cyberport Investors Networking Steering Group said, "My three years in this position have been very rewarding. Although tech investment has witnessed many ups and downs in recent years, I am proud to share that above all CIN has largely come out on top. We have further bolstered our partnership with the Cyberport Macro Fund to facilitate deal flow and provide more targeted matching. The macro-environment will remain challenging in the near term, and start-up fundraising will remain difficult. Nevertheless, CIN will continue to support the Cyberport ecosystem by bringing in more international investors. Meanwhile, we will carry on to engaging with our members based on their sector interests and stage appetite to help them identify the right investment opportunities, thereby enhancing Cyberport start-ups' fundraising and deal-making capabilities." Regarding CIN's future, Hendrick Sin, new Chairperson of Cyberport Investors Network Steering Group said, "It is indeed an honour and a pleasure for me to take up the baton and carry on the vital mission of CIN. We'll step up CIN's strategic collaboration with members and strengthen the link between industry organisations and Cyberport start-ups. We'll also organise more activities to help start-ups improve their fundraising and deal-making skills. We'll amplify our impact by continuing to expand and diversify CIN's membership, and align investors more closely with Hong Kong's current and upcoming I&T needs. This includes engaging more investors from the GBA and across the world to review investment opportunities from the Cyberport community." Analysis of I&T and investment hot topics This year focuses on revealing new drivers of market. There are three key panel discussions inviting guests including Rebecca Fannin, founder of Silicon Dragon, an internationally renowned venture capital platform, and representative from Quest Ventures, Hony Capital, etc. They featured the current macroeconomic trends and regional political landscape. Duncan Chiu, HKSAR Legislative Council Member (Technology and Innovation), together with industry leaders such as Cindy Chow, Executive Director of Alibaba Hong Kong Entrepreneurs Fund, reviewed Hong Kong's I&T ecosystem. Hendrick Sin, Co-Founder, Executive Director and the Vice Chairman of CMGE Technology Group Limited, and many experts gave their insights on the investment potential of the GBA. There were many sessions to explore a number of I&T hot aspects including Green Finance, HealthTech/ MediTech, Metaverse, BioTech, CleanTech, ConstructionTech and Artificial Intelligence (AI), etc. Dr Kai-Fu Lee, Chairman and CEO of Sinovation Ventures; President of Sinovation Ventures Artificial Intelligence Institute, shared his predictions on how our world will be reshaped by AI. Dr Finian Tan, Founder & Chairman of Vickers Venture Partners, analysed the latest development in emerging technologies such as CleanTech, BioTech and other energy aspects. Smart Living Venture Day and Start-up Workshop tomorrow Smart Living Venture Day, another notable event at this year's forum, will be held tomorrow (28 October) for the first time. Under hybrid format, the event brings together more than 20 industry leaders, scholars, investors and start-ups to discuss the development of EdTech, ArtTech, GeronTech and SocialTech. Star speakers include John Tsang, Founder of Esperanza, Dr Joseph Wong, Executive Director, Hong Kong Design Centre, Dr Carmen Ng, General Manager (Elderly Services) of the Hong Kong Housing Society, Francis Ngai, CEO of Social Ventures Hong Kong, etc. Start-up Workshop will be held in the afternoon, where business experts will provide free consultation services and financing strategies. There are also interactive sessions on the Start-up Clinic online platform. Experts will provide free one-to-one consulting services, covering topics such as marketing, law, accounting and financing strategies. The CVCF online platform will open for one month, providing a series of forums and seminars, and an online system to match start-ups and investors, as well as Innovator Showcase providing more than 20 onsite booths and over 100 online booths for start-ups to showcase their innovative technology solutions, submit project proposals and get an opportunity to match up with prospective investors, ensuring a comprehensive platform for business development and assist start-ups in securing opportunities for additional venture capital. For more details about the CVCF 2020 programme schedule and full speaker line-up, please visit: http://cvcf.cyberport.hk/ Hashtag: #CyberportAbout CyberportCyberport is an innovative digital community with over 1,800 members including over 800 onsite and 1,000 offsite start-ups and technology companies. It is managed by Hong Kong Cyberport Management Company Limited, wholly owned by the Hong Kong SAR Government. With a vision to be the hub for digital technology, thereby creating a new economic driver for Hong Kong, Cyberport is committed to nurturing a vibrant tech ecosystem by cultivating talent, promoting entrepreneurship among youth, supporting start-ups, fostering industry development by promoting strategic collaboration with local and international partners, and integrating new and traditional economies by accelerating digital transformation in the public and private sectors. For more information, please visit www.cyberport.hk
FanDuel also extends existing data relationship with Sportradar Mutual commitment to innovation through the development of new betting products and offerings at the heart of deal NEW YORK, Oct. 26, 2022 (GLOBE NEWSWIRE) -- Sportradar (NASDAQ: SRAD) and FanDuel Group (FanDuel), announced the signing of a new partnership for official NBA data through the end of the 2030-31 season. Under terms of the agreement, Sportradar will supply FanDuel with official NBA data and supplementary betting services for its sportsbook platform. In addition, FanDuel has also agreed to extend its original August 2021 main data agreement with Sportradar through September 2031, which continues Sportradar’s designation as the preferred data and odds supplier to FanDuel. Sportradar and FanDuel will collaborate to enhance the sports betting experience through innovative products and offerings including, for the first time, the use of certain player tracking data to create props and support the growth of same game parlays. Prop and parlay style wagering, which continue to increase in popularity, enable customers to bet in new and more creative ways. FanDuel becomes the first North American sports betting operator to utilize Sportradar’s official NBA data following the global technology company’s landmark partnership with the NBA announced in November 2021. Sportradar will provide the FanDuel Sportsbook with access to the industry’s most comprehensive portfolio of betting products and betting entertainment tools, such as live match trackers and betting widgets. Additionally, FanDuel’s U.S. teams will begin to utilize Sportradar’s proprietary Live Channel Trading (LCT) product. Sportradar LCT is the fastest solution on the market for in-play trading with all matches transmitted via Sportradar’s in-house, purpose-built Video Delivery Network (VDN), a back-end live video streaming system that provides audiovisual game feeds up to eight seconds faster than any TV broadcaster. “As the largest operator in North America, FanDuel is an exceptional partner, trusting in our products and services to help define their market differentiation,” said Carsten Koerl, CEO, Sportradar. “We are thrilled to further expand our relationship with FanDuel in a manner that will evolve and grow the skyrocketing market for sports betting in the U.S., while continuing to monetize our long-term partnership with the NBA. This deal demonstrates the value of our strategy in delivering products and services on top of data rights.” “FanDuel’s top priority is to provide a superior product experience to our customers. As we forged this deal, it was critically important that our commitment to NBA basketball and its official data be tied to substantial reinvestment in product innovation and enhancements that will ensure FanDuel retains a market leading NBA offering,” said Christian Genetski, President, FanDuel Group. “We’re excited to continue our long-term relationship with Sportradar, as their comprehensive data is a critical element to a successful customer experience, and one we now have long-term stability with moving forward.” Sportradar’s data rights partnership with the NBA makes it the exclusive worldwide provider of NBA, WNBA and NBA G League Data beginning with the 2023-24 season and running through the 2030-31 season. About Sportradar: Sportradar is the leading global sports technology company creating immersive experiences for sports fans and bettors. Established in 2001, the company is well-positioned at the intersection of the sports, media and betting industries, providing sports federations, news media, consumer platforms and sports betting operators with a range of solutions to help grow their business. Sportradar employs more than 3,500 full time employees in 20 countries, world-wide. It is our commitment to excellent service, quality and reliability that makes Sportradar the trusted partner of more than 1,700 customers in over 120 countries and an official partner of the NBA, NHL, MLB, NASCAR, UEFA, FIFA, ICC and ITF. Sportradar covers over 890,000 events annually across 92 sports. With deep industry relationships, Sportradar is not just redefining the sports fan experience; it also safeguards sports through its Integrity Services offerings across the world. www.sportradar.com About FanDuel Group: FanDuel Group is an innovative sports-tech entertainment company that is changing the way consumers engage with their favorite sports, teams, and leagues. The premier gaming destination in the United States, FanDuel Group consists of a portfolio of leading brands across gaming, sports betting, daily fantasy sports, advance-deposit wagering, and TV/media. FanDuel Group has a presence across all 50 states with approximately 17 million customers and nearly 30 retail locations. The company is based in New York with offices in California, New Jersey, Florida, Oregon, Georgia, Portugal, Romania and Scotland. Its network FanDuel TV and FanDuel+ are broadly distributed on linear cable television and through its relationships with leading direct-to-consumer OTT platforms. FanDuel Group is a subsidiary of Flutter Entertainment plc, the world's largest sports betting and gaming operator with a portfolio of globally recognized brands and a constituent of the FTSE 100 index of the London Stock Exchange. Media: Sandra Lee comms@sportradar.com Chris Jones Chris.Jones@FanDuel.com Investor Relations: Christin Armacost investor.relations@sportradar.com
Canopy Growth announces plans to consolidate all U.S. cannabis assets into a single entity, Canopy USA, creating a U.S. holding company and exchangeable share structure designed to enable Canopy USA to trigger full ownership of U.S. cannabis investments and capitalize on U.S. cannabis market opportunities Constellation Brands intends to transition existing common shares ownership interest in Canopy Growth into new exchangeable shares, protecting Constellation shareholder value while retaining an interest in Canopy Growth through non-voting and non-participating shares Share ownership transition and surrender of Canopy Growth warrants is aligned with Constellation’s focus on core Beer and Wine and Spirits businesses and capital allocation priorities, emphasizing a strong financial foundation, reinvestment in its core businesses, and return of value to its shareholders VICTOR, N.Y., Oct. 25, 2022 (GLOBE NEWSWIRE) -- Constellation Brands, Inc. (NYSE: STZ and STZ.B), a leading beverage alcohol company, announced today that its indirect, wholly-owned subsidiaries, Greenstar Canada Investment Limited Partnership (“Greenstar”) and CBG Holdings LLC (“CBG”), have entered into a consent agreement (the “Consent Agreement”) with Canopy Growth Corporation (“Canopy”), providing their consent in respect of a proposed corporate transaction (the “Transaction”) by Canopy to consolidate its U.S cannabis assets into a newly formed entity (“Canopy USA”). Canopy only holds non-voting and non-participating exchangeable shares of Canopy USA which are convertible into common shares of Canopy USA. Third-party investors will hold 100% of the common shares of Canopy USA. “We believe that the conversion of our ownership interest will maintain Constellation’s ability to realize the potential upside of our investment in Canopy,” said Bill Newlands, Constellation’s President and CEO. “At the same time, this Transaction and the surrender of our warrants are expected to eliminate the impact to our equity in earnings, mitigate risk to our organization, and further reinforce our intent to not deploy additional investment in Canopy aligned with Constellation’s previously stated capital allocation priorities.” In connection with the Transaction, Canopy has proposed to amend its share capital to (a) provide for the creation of a new class of non-voting and non-participating exchangeable shares which will be convertible into common shares of Canopy (“Exchangeable Shares”), and (b) restate the rights of Canopy’s common shares (“Common Shares”) to provide for the conversion of Common Shares into Exchangeable Shares on a one-for-one basis at any time and at the option of the holder of such shares (the “Amendment”). Canopy has stated its intention to hold a special meeting of shareholders to consider the Amendment. Greenstar and CBG have entered into a voting support agreement with Canopy to vote in favor of the Amendment. If the Transaction is completed and the Amendment is authorized by Canopy’s shareholders and adopted by Canopy, Greenstar and CBG intend, subject to a final decision in their sole discretion, to exercise their rights to convert their Common Shares into Exchangeable Shares. If Greenstar and CBG convert their Common Shares into Exchangeable Shares, (a) CBG intends to surrender its 139,745,453 warrants to purchase Common Shares (“Warrants”) to Canopy for cancellation; and (b) the parties intend to terminate the investor rights agreement, administrative services agreement, co-development agreement, and all other commercial arrangements between them and their subsidiaries, excluding the Consent Agreement and certain termination agreements. As such, Constellation would have no further governance rights in relation to Canopy, including rights to nominate members to the Board of Directors of Canopy, or approval rights related to certain transactions, and all nominees of Constellation will resign from Canopy’s Board of Directors. If the Amendment is authorized by Canopy’s shareholders, Greenstar and Canopy also intend to negotiate an exchange of up to C$100 million aggregate principal amount of outstanding senior notes of Canopy due July 2023 (the “Notes”) held by Greenstar for Exchangeable Shares. Additional details of the Transaction are more particularly set forth in Canopy’s press release issued on October 25, 2022. In addition, Canopy has announced that it will host an audio webcast with David Klein, Canopy’s CEO, and Judy Hong, Canopy’s CFO, to be held today, October 25, 2022, at 8:30 a.m. EDT, which will be available at https://app.webinar.net/ANk8lRx2rwL. Greenstar and CBG currently hold an aggregate of 171,499,258 Common Shares (representing approximately 35.7% of the currently issued and outstanding Common Shares), 139,745,453 Warrants and C$100 million aggregate principal amount of Notes. Assuming full exercise of the Warrants, Greenstar and CBG would hold an aggregate of 311,244,711 Common Shares, representing approximately 50.2% of the then issued and outstanding Common Shares, assuming no other changes in Canopy’s issued and outstanding Common Shares. Assuming (a) the completion of the Transaction and the transactions contemplated by the Consent Agreement and (b) that Greenstar and CBG elect to convert their Common Shares into Exchangeable Shares and complete the other matters contemplated by the Consent Agreement, Greenstar and CBG would hold an aggregate of 171,499,258 Exchangeable Shares, C$100 million aggregate principal amount of Notes and no Common Shares or Warrants. As the Amendment will result in all Common Shares becoming convertible into Exchangeable Shares and it is uncertain how many Canopy shareholders may exercise their conversion rights, it is uncertain what percentage of Exchangeable Shares that Greenstar and CBG will hold following completion of these proposed transactions. At that time, Constellation would only have an interest in the non-voting and non-participating Exchangeable Shares and the Notes. Pursuant to their terms, the Exchangeable Shares will be convertible into Common Shares at the election of Greenstar and CBG, provided that Greenstar and CBG will not convert any of their outstanding Exchangeable Shares for Common Shares or own any Common Shares, in each case until such time as the U.S. domestic sale of marijuana could not reasonably be expected to violate the Controlled Substances Act, the Civil Asset Forfeiture Reform Act (as it relates to violation of the Controlled Substances Act) and all related applicable anti-money laundering laws. Accordingly, for early warning reporting purposes, Constellation will be deemed to beneficially own the Common Shares issuable on conversion of the Exchangeable Shares. Based on the assumptions noted above and assuming no further issuances of Common Shares or Exchangeable Shares, if Constellation were to convert all such Exchangeable Shares it would hold an aggregate of 171,499,258 Common Shares (representing approximately 35.7% of the currently issued and outstanding Common Shares). If Greenstar and CBG do not convert their Common Shares into Exchangeable Shares, Canopy and its subsidiaries will not be permitted to exercise any rights to acquire shares and interests in entities carrying on cannabis-related business in the U.S., Canopy USA will be required to exercise its repurchase rights to acquire the interests in Canopy USA held by third-party investors, and Greenstar and CBG will continue to have all existing rights under their agreements with Canopy that predate the Consent Agreement, including governance rights in respect of Canopy (such as board nomination rights and approval rights in respect of certain transactions). Other Financial Reporting Implications For Constellation Brands If the Transaction is completed and the Amendment is authorized by Canopy’s shareholders and adopted by Canopy, and Greenstar and CBG exercise their rights to convert their Common Shares into Exchangeable Shares, Constellation Brands will no longer: apply the equity method to its investment in Canopy, which will instead be accounted for at fair value with changes reported in income (loss) from unconsolidated investments within Constellation’s consolidated results; and have a stand-alone Canopy operating segment and Canopy’s financial results will no longer be provided to, or reviewed by, Constellation’s Chief Operating Decision Maker and will not be used to make strategic decisions, allocate resources, or assess performance. IMPORTANT ADDITIONAL INFORMATION Except as set out above, Constellation has no other present plans or future intentions that relate to Canopy. Constellation may from time to time dispose of Common Shares, Exchangeable Shares, Notes or other securities of Canopy, convert its Common Shares into Exchangeable Shares, or convert its Exchangeable Shares into Common Shares (when permissible within all applicable regulations as described above), exchange Notes for Exchangeable Shares, or conduct other transactions, in the future, either on the open market or in private transactions, in each case, depending on a number of factors, including general market and economic conditions, other available investment opportunities, regulatory developments or other factors determined by Constellation. Depending on market conditions, general economic and industry conditions, Canopy’s business and financial condition and/or other relevant factors, Constellation may develop other plans or intentions in the future. A copy of the early warning report filed in connection with this press release will be available on Canopy’s profile on SEDAR at www.sedar.com or may be obtained by contacting Constellation’s Investor Center at 1-888-922-2150. FORWARD-LOOKING STATEMENTS This news release contains forward-looking statements. All statements other than statements of historical fact are forward-looking statements. The words “expect,” “intend,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These statements may relate to business strategy, future operations, prospects, plans and objectives of management, as well as information concerning expected actions of third parties, including statements related to the Transaction, the transactions contemplated by the Consent Agreement, the treatment of the Notes, and potential results of such transactions. All forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those set forth in, or implied by, such forward-looking statements. The forward-looking statements are based on management's current expectations and should not be construed in any manner as a guarantee that such actions will in fact occur or will occur on the timetable contemplated hereby. The Transaction and the transactions contemplated by the Consent Agreement are subject to the satisfaction of certain conditions. No assurances can be given that the Transaction, the transactions contemplated by the Consent Agreement, or a transaction regarding the Notes will occur or will occur on the contemplated terms or timetable. All forward-looking statements speak only as of the date of this news release and Constellation undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In addition to risks and uncertainties associated with ordinary business operations, the forward-looking statements contained in this news release are subject to other risks and uncertainties, including the terms and conditions associated with the Transaction and the Consent Agreement, that the Transaction, the transactions contemplated by the Consent Agreement, and a transaction regarding the Notes may not be completed at all, including because Canopy may not receive the required approval of its shareholders, that the Transaction and the transactions contemplated by the Consent Agreement, if completed, may significantly alter Constellation’s relationship with and investment in Canopy; risks related to the value of Common Shares; and other factors and uncertainties disclosed from time-to-time in Constellation’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended February 28, 2022 and its Quarterly Report on Form 10-Q for the fiscal quarter ended August 31, 2022, which could cause actual future performance to differ from current expectations. Constellation disclaims any responsibility for all disclosure issued by Canopy and any commentary made by Canopy on its webcast. ABOUT CONSTELLATION BRANDS At Constellation Brands (NYSE: STZ and STZ.B), our mission is to build brands that people love because we believe sharing a toast, unwinding after a day, celebrating milestones, and helping people connect, are Worth Reaching For. It’s worth our dedication, hard work, and the bold calculated risks we take to deliver more for our consumers, trade partners, shareholders, and communities in which we live and work. It’s what has made us one of the fastest-growing large CPG companies in the U.S. at retail, and it drives our pursuit to deliver what’s next. Today, we are a leading international producer and marketer of beer, wine, and spirits with operations in the U.S., Mexico, New Zealand, and Italy. Every day, people reach for our high-end, iconic imported beer brands such as Corona Extra, Corona Light, Corona Premier, Modelo Especial, Modelo Negra, and Pacifico, our fine wine and craft spirits brands, including The Prisoner Wine Company, Robert Mondavi Winery, Casa Noble Tequila, and High West Whiskey, and our premium wine brands such as Meiomi, and Kim Crawford. But we won’t stop here. Our visionary leadership team and passionate employees from barrel room to boardroom are reaching for the next level, to explore the boundaries of the beverage alcohol industry and beyond. Join us in discovering what’s Worth Reaching For. To learn more, visit www.cbrands.com and follow us on Twitter, Instagram, and LinkedIn. MEDIA CONTACTS INVESTOR RELATIONS CONTACTS Mike McGrew 773-251-4934 / michael.mcgrew@cbrands.com Joseph Suarez 773-551-4397 / joseph.suarez@cbrands.com Amy Martin 585-678-7141 / amy.martin@cbrands.com David Paccapaniccia 585-282-7227 / david.paccapaniccia@cbrands.com A downloadable PDF copy of this news release can be found here: http://ml.globenewswire.com/Resource/Download/b80b2319-655b-4f62-82b1-f44eff85fd0c
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