Dec 9 (Reuters) - Synergy Plus Ltd SNR.AX :
* Update - acquisition of vgw holdings limited SNR.AX
* Says Synergy will conduct a 50:1 consolidation of its existing issued capital
* Says on completion of the transaction, Synergy will change its name to "vgw gaming limited"
* Says parties have executed formal merger implementation deeds
* Parties have agreed to reduce the capital raising as a result of vgw recently completing a capital raising of $1.5 million
* Says acquisition of vgw will include the appointment of vgw founders and executive management to the Synergy board
* Synergy proposes a capital consolidation as a part of the acquisition of vgw and a capital raising of $3.5 million under a prospectus
* Vgw will use the proceeds of the capital raising to continue United States growth, global expansion, and the development of new products
* Source text for Eikon ID:nASXNHh1X