Key points
- The Press Association will buy 100% of RAS Technology for A$1.04 (about 54p) per share in cash.
- The deal values RAS at A$49.8m on an undiluted basis and A$45.6m including net cash.
- The price is a 93% premium to RAS’s A$0.54 close on 16 October 2026.
- The RAS board unanimously recommends the scheme; founders holding 34% back it.
- Completion is targeted for February 2027, subject to Federal Court approval.
The Press Association (The PA), a subsidiary of UK-based PA Media Group, has agreed to acquire all the issued shares in ASX-listed RAS Technology Holdings (RAS) for A$1.04 (about 54p) per share in cash. The binding scheme implementation deed (SID) values the Australian racing data supplier at A$49.8m, according to Small Caps.
Terms of the RAS Technology acquisition
The A$1.04 price is a 93% premium to the A$0.54 closing price on 16 October 2026 and 80% above the 90-trading-day volume-weighted average price of A$0.576, RAS said on 19 October. The A$49.8m figure rests on 47.89 million shares on issue. Enterprise value is about A$45.6m, with RAS holding net cash of A$4.2m and no borrowings at 30 June 2026, according to Gaming.net.
The offer price falls by the amount of any permitted dividend or capital return declared before the scheme takes effect. The PA will fund the purchase from existing cash and committed debt, with no financing condition. Gaming Intelligence reported that RAS shares rose 85.19% to A$1.00 in Sydney on the day of the announcement.
Board backing
RAS’s board unanimously recommends that shareholders vote for the scheme, subject to an independent expert concluding it is in their best interests and no superior proposal emerging. Each director intends to vote their own shares in favour on the same terms. Co-founders Gary Crispe, executive director, and Robert Vilkaitis, chief innovation officer, hold or control about 34% of RAS shares and support the deal.
“The RAS Board is unanimous in its view that the Scheme represents an attractive outcome for RAS shareholders.”
Andrew Twaits, Chair, RAS
The deed includes exclusivity, a matching right for The PA and a break fee of about A$0.5m (1% of implied equity value) payable by RAS in circumstances the deed sets out. Completion also needs the required shareholder majorities and approval from the Federal Court of Australia.
The businesses involved
RAS was founded in 1999, listed on the ASX in 2021 (ticker RTH) and is based in Canberra, with operations in the UK, Hong Kong and Singapore. It supplies horseracing data, analytics, wagering technology and racing media and digital services, and runs the Racing and Sports brand.
The PA would place RAS alongside Podium, its racing and sports data business for bookmakers and broadcasters. Podium and RAS will operate as separate businesses until completion. More deal coverage is in iGaming news.
“The PA and Racing and Sports share a commitment to trust and integrity.”
Emily Shelley, Chief Executive, The PA
Stephen Crispe, Chief Executive of Racing and Sports, and Josh Sparke, Managing Director of Podium, each issued statements supporting the deal.
Next steps
RAS expects to issue the scheme booklet and the independent expert’s report in early December 2026. A court-convened shareholder meeting is planned for late January 2027, with implementation targeted for February 2027 if all conditions are met. The dates are indicative.
