Gaming Insight Share Offer Winds Down
Gaming Insight (GIN.L) announced last week that it completed its £8.1 million placing and open offer, which will finance its multi-platform strategy.
Only 2.1 percent of the shares eligible to current investors under the open offer announced in June have been taken. The CEO of Gaming Insight, David Sanderson, said that most existing investors are institutional investors who took part in the placing.
"The vast majority of the funds raised were through existing investors that bolstered their positions by adding more funds through the placing," he said. "The open offer is our obligation to the handful of private investors."
Gaming Insight operates Internet-based casino sports gambling and sports entertainment and information websites.
Only 748,907 of 35 million discounted open offer shares were taken by the July 20 deadline. The leftover shares, together with 15.8 million placing shares, have been placed by Old Mutual Securities, raising £8.1 million for the company.
Previously known by the name Gaming Internet, the company offered the shares at a discount of 27 percent off its then-share price of 16p. It ended the day Monday at 14.5p.
ukbetting plc plans IPO on AIM
Reuters reported last week that British online gambling company ukbetting plc will try to raise £6 million on the UK junior stock market to finance its first acquisition.
The company was formed to purchase ukbetting.com, a digital wagering operator that is owned by British sports and media group ENIC plc (ENI.L). The deal was conditional on ukbetting's successful flotation on London's Alternative Investment Market. ukbetting plc would pay an initial sum of £3 million consisting of cash and shares in equal parts. The other £3 million would be paid in the same, depending on ukbetting plc's performance. A spokesman from ukbetting plc said the company would start trading on the AIM in mid August.
Paddy Power Checks in after Foot-and-Mouth
Paddy Power recovered quickly from the foot-and-mouth crisis once racing resumed, its finance director, Peter O'Grady Walshe, told The Irish Times last week.
While the disease had a large effect on turnover for many bookies, Power Leisure (PWL.L), increased its operating profits by 60.7 percent during the six months leading up to June 30. Turnover from betting offices was up 11.2 percent at 170 million Irish punt. Telebetting revenues increased by 22 million punt, or 10.3 percent, and online business resulted in turnover of 13.9 million punt. Power Leisure declared 5.8 million punt in operating losses--3.2 million of which was spent on marketing for the online business.
Paddy Power will additionally reap the benefits from the British tax change on Oct. 6, when the Irish betting tax of 5 percent and the corresponding British tax of 6.75 percent will end. The company also plans to route its online business through the United Kingdom, where it will set up a call center as well. O'Grady Walshe will step down as finance director in September, but will retain the job of executive director. Ross Ivers will be the new finance director.
EU Investment Services Rules Under Consideration
The European Commission will soon begin consultations on proposed reforms of the European Union's investment services directive. The commission's proposals are intended to overhaul the European Union's financial markets, make technical change as effective as possible and ensure a smooth introduction of the euro. The commission said the changes would not be radical.
Among the issues under consideration is the convergence of organizational and investor protection programs as well as a clarification of the conditions under which markets and participants can access clearing and settlement infrastructures in other states. The commission will hold a hearing from Sept. 18-19 before the October deadline for submissions from interested parties.
Ladbrokes To Create 1,000 Jobs
Ladbrokes, the betting and gaming division of the Hilton Group Plc (HGI.L), is doing what it can to fight unemployment.
The U.K.-based company announced last week that it will create 1,000 new jobs in anticipation of the end of the betting tax in Britain. The abolition of the betting tax is expected to increase industry turnover by 30 percent.
A spokeswoman for Ladbrokes told Reuters that the new jobs signified the company's confidence in the United Kingdom's political climate. Ladbrokes and four other major bookmakers--William Hill, Coral, Stanley Leisure and the government-owned Tote--have pledged to stop conducting business offshore when the new gambling measures take effect.
eLOT Conference Call July 31
eLOT Inc. (ELOTC) will be having a conference call July 31 at 11 a.m. EDT to discuss its 2nd quarter results. To participate, call 212-346-6516; no pass code is required. The call can also be accessed by Internet at www.vcall.com. The discussion will be available for review for five days following the call at 1-800-633-8284.
Global Entertainment Shareholder Meeting Aug. 17
Global Entertainment Holdings/Equities Inc. (GAMM) will hold its annual shareholder meeting Aug. 17 at the Orange Tree Golf Resort in Scottsdale, Ariz. Shareholders who would like to attend and stay at the Orange Tree can call 480-948-6100 before Aug. 10 to make reservations. A special rate of $69 per night is available to those attending the meeting, which will last from 10 a.m. to noon.
Reports Issued
CryptoLogic Inc. (CRYP) - Second Quarter Results Ending June 30
Sportingbet.com (SBT.L) - First Quarter Results Ending June 30
British Sky Broadcasting (BSY.L) - Yearly Results Ending June 30
Penn National Gaming Inc. (PENN) - Second Quarter Results Ending June 30
Power Leisure (PWL.L) - Half Yearly Results Ending June 30