Tabcorp's Record Private Placement
Victoria-based Tabcorp Holdings Ltd. (TAH.AX) has completed the largest private placement of senior notes in the U.S. market by an Australian company. The issue initially launched at US$150 million but was oversubscribed and upsized to $700 million. The proceeds of the transaction will repay the remainder of the bridge facility that was set up to fund the acquisition of Tab Ltd.
Health Company Acquires Mahjong Mania
Publicly traded health industry company Events International Holding Corp. (EIH.V) has entered into a letter of intent to acquire Mahjong Systems Limited--the Turks and Caicos-based company that developed the Mahjong Mania gaming software--through the issue of 9 million common shares of EIH, which are valued at US$900,000. Through the deal EIH will acquire all of MSL's shares and assets, including software licensing agreements, all software developed under the Mahjong Mania domain name, Internet site Mahjongclub.com and 19 mahjong-related domain names. MSL has until now been in development and has accrued total costs of $1.6 million without generating any revenue. The company's first licensing agreements are nearly completed.
German Online Casino Raises £80 Million through IPO
German online casino and gaming group Gaming VC Holdings S.A (GMHq.L) raised £80 million through a float on the London Stock Exchange's Alternative Investment Market Tuesday. Shares in the company, which calls itself the third largest online casino operator in the world, opened at 420p Tuesday morning and closed at 450.5p. Most of the funds from the float will be used to acquire German company Casino-Club.
BetonSports Expands Business with Land-Based Operations
BetonSports Plc (BSS.L) has finalized an agreement to operate a joint venture casino in Guatemala. The company will operate sports book facilities and a virtual casino at the Hotel Melia under the name Loteriadeportiva and is considering additional opportunities in the region.
Reports
Interactive Systems Worldwide Inc. (ISWI), which owns the SportXction play-by-play wagering system, improved its revenues for the year ended Sept. 30, 2004 to US$45,000, compared to $14,000 during fiscal year 2003. Net loss for the year was $5.99 million and net loss per share was $0.64, while last year those figures were $5.58 million and $0.63 respectively. The company attributes its growth in revenue to the addition of a non-wagering prediction game, new partners and an increase in the number of events covered. The group received service charges in 2004 from agreements with Sportingbet Plc, totesport.com and Victor Chandler UK, all of which did not have live SportXction operations in fiscal 2003. ISWI expects a moderate increase in revenues for the quarter ended Dec. 31, 2004 and more significant increases in future quarters following the launch of SportXction on BSkyB in the United Kingdom.
Interactive Systems Worldwide Inc. - Annual Report