LBGL is offering to pay Ladbrokes customers who wish to withdraw their money from WorldSpreads

As you will be aware, on 18th March 2012, WorldSpreads Limited (“WorldSpreads”) entered administration.

Ladbrokes appreciates the uncertainty that this may cause for many of our customers, in particular those who made use of the products provided by Worldspreads. This email sets out Ladbrokes’ proposals for ensuring that its customers’ funds are protected as best as possible in these circumstances.

Financial Spread Betting on the Ladbrokes website was provided by WorldSpreads, which is authorised by the FSA with reference number 230730. Ladbrokes Betting and Gaming Limited (“LBGL”) introduced customers to WorldSpreads as its appointed representative under the Financial Services Act 2000.

Balances held for spread betting customers through the Financial Spread Betting section of the Ladbrokes Website (“WorldSpreads Balances”) are held with WorldSpreads; and customers’ rights, and any associated claims in respect of their WorldSpreads accounts, are rights and claims against WorldSpreads, not LBGL or any of its affiliates. Since WorldSpreads has entered administration, spread betting customers will not be able to withdraw their funds from WorldSpreads for the foreseeable future and may not ultimately receive the whole amount owed to them.

However due to the current uncertainty, LBGL is offering to pay Ladbrokes customers who wish to withdraw their money from WorldSpreads, and who agree to the terms below, an amount equal to the whole of those balances.

If you wish to accept this offer and receive payment of the full amount of your WorldSpreads Balance now, rather than waiting for the outcome of the WorldSpreads administration process, please reply to this message with the word “Accept”.

Terms and Conditions

By doing so, in consideration for the payment to you by Ladbrokes Betting and Gaming Limited of an amount equal to the whole of your WorldSpreads Balance:

1.       you agree to assign to LBGL or its designated affiliate all your rights, title and interest in, and the benefit of, your Financial Spread Betting account with WorldSpreads, together with your rights under any associated trust over or in relation to that account, all claims arising in relation to that account (or any associated trust) and all right, title and interest in, and claims arising from, the associated WorldSpreads Balance (together the “Account Rights”);

2.       you irrevocably appoint LBGL as your agent (a) to bring any claim in relation to, or arising from, your Account Rights, in your name and on your behalf (whether against WorldSpreads or otherwise), and (b) to execute an assignment in favour of LBGL or its designated affiliate of your Account Rights and you agree to make no claim against WorldSpreads or otherwise in relation to your Account Rights; and

3.       you agree to execute any deed or other document we may request in order to perfect the assignment and/or appointment referred to above and, on request, to grant power of attorney to LBGL to execute any deed or other document in relation to your Account Rights.