Playtech issues update on Ava Trade
Tuesday December 8,2015 : DID CENTRAL BANK OF IRELAND GET AVA TRADE DECISION WRONG?
Playtech issues update on appeal in respect of Ava Trade Ltd… but it's all water under the bridge now.
Playtech has issued a statement updating the public and investors on its failed bid to acquire CFD firm Ava Trade Limited , detailing the legal moves that followed the Central Bank of Ireland's opposition to the deal.
In its statement, Playtech says that its appeal through the Irish Financial Services Appeals Tribunal against the Central Bank of Ireland's decision is now concluded.
"The appeal was allowed by the Irish Financial Services Appeals Tribunal, with the consent of the CBI, on the grounds of error in the CBI's decision-making process," Playtech explains. "The appeal therefore succeeded. In these circumstances, the matter was remitted to the CBI for reconsideration and a new decision.
"However, although the application was referred back to the CBI for further consideration, as the proposed acquisition of Ava Trade was terminated by the sellers on 23 November 2015, Playtech has withdrawn its application, bringing this process to a conclusion."