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Annual Report & Accounts 2015 - NOTES
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Following the acquisition, GVC expects to generate significant synergistic savings through integration and restructuring of operations. Plans include: • the migration of GVC's sportsbook onto bwin.party's technology platform, after which the GVC platform may cease operating • the termination of all sponsorship programmes • Restructuring bwin.party's casino and poker operations including integrating GVC's poker operation onto the bwin.party platform • operational efficiencies in customer services, it and marketing functions • integration of some back office functions which may lead to headcount reductions all plans are subject to consultation with employee representative bodies and other stakeholders. the Group will also review non-core assets and may identify some for disposal in due course. 26.2 funding for the acquisition the cash element of the acquisition of bwin.party was funded through drawing down the balance of the Cerberus loan facility (see note 14). the amount drawn down on the loan was a further €380.0 million. of this, €365.0m was converted into GBP under a foreign currency option taken out in 2015. the GBP amount received was £260,719,500. For further details of the currency option, see note 3.1.1. the loan is fully repayable on 4 september 2017. 26.3 issuance of shares on the same date as the acquisition of bwin.party, the Group issued additional shares at a price of 422p. the additional share capital consisted of 27,978,812 Placing shares, including the purchase by directors of shares under the terms of the ltiP, and 7,566,212 subscription shares. the cash consideration received for these shares was £150.0 million. the aggregate net proceeds of these shares of £145.1 million are to be used to fund re-organisational costs (c.£44m), repay existing debt facilities of bwin.party (c.£45m) and to fund working capital (c.£56.1m). GVC HOLDINGS PLC ANNUAL REPORT 2015 87 notes to the consolidated financial statements