William Hill PLC VAT Refund Update (4063N)
20 Mayo 2020 - 1:00AM
UK Regulatory
TIDMWMH
RNS Number : 4063N
William Hill PLC
20 May 2020
20 May 2020
VAT Refund Update
William Hill PLC (LSE: WMH) (William Hill or the Group)
acknowledges that HMRC has confirmed it will not appeal the Upper
Tier Tribunal ruling in the Rank/Done Brothers (Betfred) claim that
VAT was incorrectly applied to revenues earned from certain gaming
machines prior to 2013 (the 'VAT challenge').
The Group has submitted claims which are substantially similar
to those provided in the VAT challenge. Those claims have not yet
been subject to the detailed evidential and accounting reviews that
will need to take place before entitlement to the refund can be
settled.
Whilst William Hill currently expects the net cash recovery to
be material, its precise quantum remains uncertain. Nevertheless,
the Board has considered a number of scenarios which suggest a
potential net cash recovery of between GBP125m and GBP150m.
As a result of this announcement, we will now engage with HMRC
to agree the support for, quantum and timing of the refund.
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse regulation EU 596/2016. The person
responsible for arranging the release of this announcement on
behalf of William Hill is Simon Callander, General Counsel and
Company Secretary.
OAM: Additional Regulated Information
William Hill LEI: 213800MDW41W5UZQIX82
Enquiries
=============================================================================
William Hill Louise Turner-Smith, Director of Tel: +44 (0) 20 7612
Investor Relations 3251
Alison Cole, Director of Corporate Tel: +44 (0) 20 7612
Communications 3233
Brunswick Andrew Porter / Samantha Chiene Tel: +44 (0) 20 7404
5959
About William Hill
===============================================================================
William Hill PLC is one of the world's leading betting and
gaming companies, employing c.12,000 people. Its origins are in the
UK where it was founded in 1934, and where it is listed on the
London Stock Exchange. The majority of its GBP1.6bn annual revenues
are still derived from the UK, where it has a national presence of
licensed betting offices and one of the leading online betting and
gaming services. William Hill's European Online business is
headquartered in Gibraltar and Malta, and is licensed online in 10
countries following the acquisition of Mr Green & Co AB in
January 2019. In 2012, it established William Hill US with a focus
on retail and mobile operations in Nevada and became the largest
sports betting business in the US. Following the ruling in May 2018
by the Supreme Court that the federal ban on state sponsored sports
betting was unconstitutional, William Hill US has expanded and
continues to expand as new states regulate sports betting. It is
now operating in nine states: Delaware, Indiana, Iowa, Mississippi,
Nevada, New Mexico, New Jersey, Rhode Island and West Virginia in
addition to Washington DC. Eldorado Resorts, Inc. currently owns
shares representing 20% of the share capital of William Hill US
Holdco, Inc., the holding company of William Hill US.
Cautionary note regarding forward-looking statements
=====================================================
This announcement includes statements that are, or may be deemed
to be, "forward-looking statements". These forward-looking
statements can be identified by the use of forward-looking
terminology, including the terms "believes", "estimates",
"anticipates", "expects", "intends", "plans", "goal", "target",
"aim", "may", "will", "would", "could" or "should" or, in each
case, their negative or other variations or comparable terminology.
These forward-looking statements include all matters that are not
historical facts. They appear in a number of places throughout
these results and the information incorporated by reference into
these results and include statements regarding the intentions,
beliefs or current expectations of the directors, William Hill or
the Group concerning, amongst other things, the results of
operations, financial condition, liquidity, prospects, growth,
strategies and dividend policy of William Hill and the industry in
which it operates. By their nature, forward-looking statements
involve risks and uncertainties because they relate to events and
depend on circumstances that may or may not occur in the future and
may be beyond William Hill's ability to control or predict.
Forward-looking statements are not guarantees of future
performance. The Group's actual results of operations, financial
condition, liquidity, dividend policy and the development of the
industry in which it operates may differ materially from the
impression created by the forward-looking statements contained in
these results and/or the information incorporated by reference into
these results. In addition, even if the results of operations,
financial condition, liquidity and dividend policy of the Group and
the development of the industry in which it operates, are
consistent with the forward-looking statements contained in these
results and/or the information incorporated by reference into these
results, those results or developments may not be indicative of
results or developments in subsequent periods. Other than in
accordance with its legal or regulatory obligations ( including
under the Market Abuse Regulation (596/2014), the Listing Rules,
the Disclosure Guidance and Transparency Rules and the Prospectus
Rules ), William Hill does not undertake any obligation to update
or revise publicly any forward-looking statement, whether as a
result of new information, future events or otherwise.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCSFUFUUESSEDI
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