Inspired Hits Record Low on £40 Million Placing Plans
Inspired Gaming Group, the server-based gaming specialist, has fallen to a historic stock-exchange low on plans to raise £40 million by way of a discounted share placing.
The placing's proceeds, the company said in its interim results Monday, will be used pay £20 million in cash costs associated with its exit from the pubs sector, as well as to repay debt and fund growth.
Shares, which trade on the London Stock Exchange, fell 8.25 pence, or 16.75 percent, to 41 pence -- 9 pence below the placing price; the company's £92 million in net debt, moreover, exceeds its market capitalization, £29.9 million, three times over.
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Weekly Statistics from Bloomberg.com
Listing: Alternative Investment Market, London Stock Exchange
Low Close: 34.5 pence
High Close: 41 pence
Weekly Change: - 15.8 percent
Market Capitalization: £25.3 million
Probability Reveals Strong Trading, Mobile to Outdo Online in Asia, Chief Says
Probability released a strong first-quarter trading update Wednesday, a performance which the company's chief executive, Charles P. Cohen, told Interactive Gaming News was driven by momentum in customer registrations and existing players.
The company, which trades on the London Stock Exchange, reported 75,225 new registrations during the three months to June 30, while its customer acquisition rate was up 19 percent against the fourth quarter.
Net gaming revenue was up 7.5 percent to £1.24 million, from £1.16 million during the previous quarter.
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Weekly Statistics from Bloomberg.com
Listing: Alternative Investment Market, London Stock Exchange
Low Close: 52 pence
High Close: 53 pence
Weekly Change: - 1.8 percent
Market Capitalization: £8.03 million
On the Rise and Rising
With Playtech Ltd. anticipated to report another quarter of strong revenue growth -- 73 percent versus the previous-year quarter by one estimate -- questions remain regarding the sustainability of, and drivers behind, that growth.
Evolution Securities, a brokerage in London, last week initiated coverage of Playtech and, bucking a trend of recent "buy" recommendations, drew attention to the company's paucity of "useful" publicly available information.
Ivor Jones, an analyst with Evolution, remarked in a research note that he knew neither where its revenue derived from, geographically, nor who its corporate clients are.
To view the full article, click here.
Weekly Statistics from Bloomberg.com
Listing: Alternative Investment Market, London Stock Exchange
Low Close: 476.25 pence
High Close: 531 pence
Weekly Change: - 10.3 percent
Market Capitalization: £1.16 billion
Chris Krafcik is the editor of IGamingNews. He lives in St. Louis, Mo.