Global Entertainment Selects New IR Firm
Since their company was pink-sheeted earlier this year, Global Entertainment Holding/Equities officials have been working hard to get re-listed on the Bulletin Board. With that goal in mind, Global has selected Emerging Equity Group LLC to handle investor relations.
Autotote Extends Tender Offer Deadline
Autotote Corporation has extended the deadline of its tender offer for all of its outstanding 10 7/8 percent Series B senior notes due 2004 from 9:00 a.m. EST, on Aug. 24, 2000, to 9:00 a.m. EST, on Thursday, Aug. 31, 2000, unless further extended. As a result, the price determination date will be Monday, Aug. 28, 2000, unless the tender offer is further extended by more than three business days. As of 5:00 p.m. EST, on Aug. 23, 2000 approximately
$109,950,000 principal amount of Notes had been validly tendered and not withdrawn. The tender offer and consent solicitation result from the proposed acquisition by Scientific Games Holdings Corp.
On the Rise
eBet Ltd. reports a significant increase of customers and betting turnover. The company's eBet Online has a customer base of 18,500 from 70 countries, showing a 170 percent upswing in just 12 months. Wagering turnover, meanwhile, has grown 220 percent during the same time, exceeding 800,000 bets placed online. "We are very pleased with the turnover growth and growth in customer numbers from around the globe," commented eBet managing director Keith Cullen. "With live beta-testing now complete on our U.S. race betting service, eBet USA, we expect our online division to continue to develop strongly as we further expand our product development and international activities to achieve critical mass on a truly global basis."
Another Australian firm is reporting profit increases. Kerry Packer's Publishing and Broadcasting Ltd. company, which received an interactive gaming license from Tasmania for a joint project with ecorp Ltd., reported A$324 million net profit, an 86 percent increase in FY 2000. Nonetheless, the company's stock took a 31 cents hit on Wednesday, selling at A$14.46, Yahoo! reported.
Zetters Acquires Another Company
U.K. football pool company Zetters Group Plc is acquiring IFX, a foreign exchange market maker, as part of the company's efforts to develop an online gaming and spread betting service. The deal's reported £20.4 million price tag will be covered through the issuance of 8.7 million in Zetters' shares, plus a cash payment of £4.2 million, according to Net Imperative. Zetters plans to raise £10.1 million through a one-to-one rights issue for 140 pence per share. While £4.2 million will be used for the IFX acquisition, the remaining funds are intended for further acquisitions. WestLB Panmure will underwrite the rights issuance.
Online Gaming Systems Releases Audited 10KSB for 1999, Restated First and Second Quarterly Results
Online Gaming Systems, Ltd. has released its audited Form 10KSB for the year ended December 1999, along with audited first quarter and second quarter 2000 results. "Over the past month the board and senior management has conducted a comprehensive review of the business of OGS. The financial position, the structure, the products, and the location have all been the subject of a lengthy internal examination. As a result, the board has decided to make the following changes," explained OGS Chairman John Copelyn. The audited Form 10KSB for the year ended 1999 has been restated to better ascribe asset value. Each asset on the balance sheet was reviewed and, if the board could not justify carrying the value as stated, it was then written down to a value that better reflected its underlying worth. These write-offs totaled nearly $3 million.
Additionally, the first quarter earnings were restated using a more conservative accounting policy that allows revenue recognition only over the term of each individual agreement, which will permit better matching of revenue against work performed. Due to this readjustment, a loss of $135,849 was recorded for the quarter.
The company also announced second quarter results, reporting $611,956 revenue for the quarter. This was a 30 percent increase over same time last year, placing the company's year-to-date revenue up 287 percent compared to same time last year. Following the company's stated policy of constantly reviewing asset values, the board decided to write down the holding value of the company's investment in Eminet Domain Inc. to $1.3 million. The board also reports that costs are now under constant review, resulting in a 14 percent cost decrease for the six months ended June 2000.
OGS officials also announced several personnel changes, and a move for the company's headquarters. Peter Lawson has stepped down as acting CEO to be replaced by Gary Ramos. Lawson will assume the CFO duties for OGS, as well as taking over as executive chairman of the OGS subsidiary, Online Gaming Systems International. In September OGS operations will be moved from its current home in Boca Raton to Las Vegas.
Filings
Hilton Group (HG.L) - Six Month Interim Report (PDF format)