Several dozen publicly held interactive gaming companies are reporting, acquiring, floating, spinning off, merging, de-listing, rising and falling in stock markets all over the world. Every Monday, IGN wraps the financial happenings of the Net betting biz from previous week into a nifty little package just for you.
Changin' Names and Makin' Friends
With the new year comes a new company name for International Sports Wagering Inc. (ISWI), which will now be known by the moniker Interactive Systems Worldwide Inc. The corporate name change is intended to provide the investment and business community with a more accurate depiction of the company's business model and corporate focus, which have changed considerably during the past year. Following the name change, Interactive Systems Worldwide will retain the trading symbols on Nasdaq, Small Cap: "ISWI" for its common stock and "ISWIW" for its warrants.
Shareholders from Silicon Gaming, Inc. (SGIC) have approved the company's proposed merger with International Game Technology (IGT). After all regulatory approval has been received, Silicon would be merged into an IGT subsidiary.
Raisin' Money
Penn National Gaming, Inc. (PENN) sold $200 million in private placement senior subordinated notes. They have a coupon rate of 11-1/8 percent and mature on March 1, 2008. The efforts should close next Monday.
A majority of TrackPower Inc.'s (TPWR) debenture holders have converted their debt to common stock of the company.
As of the fiscal year ended February 28th, 2001, out of a total of $5,069,000 in debentures, $4,310,000, plus accrued interest of approximately $348,000, was converted to common shares at $0.50 per share. At the same time, approximately 2.75 million warrants have been exercised at the reduced rate of $0.15.
"The exercising of the warrants has provided management with operating capital to launch the new kiosk business model," explained CEO Steve Cussons," which will have the company deploy kiosks in racetracks, providing horseracing enthusiasts with access to cash, historical information, printed information, loyalty programs, handicapping products and other content applications.''
GPTX Plans Stock Repurchase
Global Payment Technologies, Inc. (GPTX) will repurchase up to 300,000 shares. Purchases will be made from time to time in the open market and through privately negotiated transactions, subject to general market and other conditions. The buyback program will be financed out of internally generated corporate funds and the use of GPT's $6 million revolving line of credit. Shares acquired will be available for later issue upon the exercise of stock options and for other corporate purposes.
Whither the Sales Block
British bookie Coral, which posted sorry numbers in January, may be slated for the sales block. Unconfirmed rumors have competitor Stanley Leisure sniffing around the company's betting shop holdings, although the company is said to have no interest in adding Coral's Internet betting division to the sale, and may be looking for a bidding partner. Reuters reported that Morgan Grenfell Private Equity, which owns Coral, might be asking at least £600 million for Coral's betting shops as well as the Eurobet online bookmaking site.