According to a regulatory filing, the shareholders of Playtech PLC voted unanimously on the acquisition of AvaTrade in a vote held today. A total of 249,482,733 shares were cast for the acquisition, representing about 99.99 percent of the total count.
A meager 6,323 shares were cast against the deal, comprising of only 0.01 percent of the shareholders who have a say in the matter. The results of the vote were expected and constituted a mere formality for the company.
The acquisition of AvaTrade could be to Playtech’s advantage as it will gain access to the lucrative Japanese retail online trading market. The target company holds an authorization by the Japanese Financial Services Authority (JFSA) permitting it to operate legally in the country with the most retail trading volumes.
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Playtech could leverage the license that AvaTrade holds for its other brands – FXTrade and Plus 500, should it choose to use those in the country.
The Japanese retail foreign exchange market has been an appetizing target for a number of Western brokers, however the most successful companies in the region remain domestic. Japanese traders marked the first monthly increase in trading volumes last month after the Japanese yen carry trade got somewhat unwound.
Trading volumes for the month of June were reported substantially higher when compared to May, with the total figure rising 25 percent to ¥529 trillion ($4.28 trillion). The bulk of the gains were due to increased activity in trading the EUR/JPY and the USD/JPY currency pairs.