P2P Site Sporting Odds to Float
Sporting Odds, a U.K.-based betting exchange, said last week that it's planning to float on the Alternative Investment Market. The company, which was started by two former options traders, seeks to raise £5 million from the float.
Kevin Griffiths and Robert Byrne founded the company in 2000. Griffiths told The Telegraph that the company takes bets from customers in more than 30 countries.
"Person-to-person betting will be a huge business," he said. "We want access to the markets to make sure we can rally compete on the world stage."
AngelCiti Restructures Omega Holdings
AngelCiti Entertainment Inc. (OTCBB: AGLC) is entering an agreement with Omega Ventures. Omega is AngelCiti's largest shareholder.
As per the deal, Omega will return 75 percent of its common shares to AngelCiti, which accounts for 52 percent of the company's outstanding shares. In return, Omega will receive 11,000 "series A" shares, which are solely voting shares, with 5,000 votes per share. They are not transferable to common stock.
AngelCiti, which is based in Pembroke Pines, Fla., said the restructuring will take place during the week of June 30. George Gutierrez, the president of AngelCiti, said his group has been pursuing ways to finance its growth.
"This transaction is a major demonstration of confidence in AngelCiti by Omega and one that we both feel will materially impact the company's ability to grow, thrive and prosper," he said.
Larry Hartman, CEO of Omega, said his company is "in this investment for the long haul."
"Despite AngelCiti's improving performance, the current capital structure was proving a slight impediment in attracting growth capital on attractive terms," he said. "This re-structuring will enable AngelCity to grow that much more quickly, which we feel is in the best interest of the shareholders of both AngelCiti and Omega."
Magna Looks to Raise $96.5 Million
Magna Entertainment Corp. (MECA) is embarking on a plan to sell $100 million worth of convertible notes at 8.55 percent annual interest to gain additional capital by June 2. The company hopes to gain $96.5 million through the sale, which will be used to fund general corporate purpose, the company said.
The notes will be due in 2010 and can be converted to class-A voting stock starting June 2, 2006.