GVC Holdings moves towards premium listing

GVC Holdings secured approval for a premium listing on the London Stock Exchange, according to the Financial Times, giving its shares a boost.

The multinational sports betting and gaming group said in a statement that the transfer from its standard listing to the new premium listing would take place on 1 August 2016.

As a result, management expected to now be eligible for inclusion into the FTSE UK Index Series beginning on 19 September 2016.

In accordance with its new status, the group would also be required to comply with all relevant provisions of the UK Corporate Governance Code as well as meeting other obligations such as announcing certain transactions with "related parties" or following certain restrictions in relation to the Company dealing in its own securities and treasury shares.

GVC joined the Main Market of the LSe on 2 February following the acquisition of bwin.party on 1 February.

The company also indicated that it had sufficient working capital available so as to fulfill its requirements for at least the next 12 months after its announcement.

It had also decided to extend the maturity date of its existing €400m credit facility with Cerberus Business Finance LLC.

As of 09:49 BST shares in GVC were up by 4.09% to 586p, giving it a market capitalisation of £1,718.3m.