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GVC Holdings cancels contingent value rights after UK enacts betting changes

GVC Holdings PLC said Jan. 7 it canceled its contingent value rights, or CVRs, following the U.K. government's approval of a law to lower the maximum staking levels of fixed-odds betting machines to £2.

The online gambling company agreed with holders of the option that CVRs and loan notes they may have had a right to now have zero value after a consultation was held following the law's approval Dec. 18, 2018.

GVC added that it will not issue loan notes nor enter into a loan note instrument since the amended and restated CVR instrument, dated March 28, 2018, has terminated.