ISWI to Raise Resources through Private Placement
Interactive Systems Gaming Worldwide Inc. (ISWI), the company that owns the SportXction System play-by-play sports betting platform, last week announced a $3.9 million private placement with institutional investors consisting of $2.6 million worth of 7.5 percent convertible debentures and $1.3 million worth of common stock. The debentures are due May 2006 and are convertible into shares at $4.58 per share, which is a 10 percent premium over the most recent closing price. The investors will be given warrants to buy 281,250 shares of ISWI common stock, and the proceeds from the financing should be about $3.5 million. 390,390 shares of common stock will be issued at $3.33 per share, a 20 percent discount. The transaction will bring ISWI's cash and liquid resources to over $7.5 million.
NDS De-listing From NASDAQ Europe
The NASDAQ Europe Stock Exchange has given approval to NDS Group PLC (NNDS)--a U.K.-based news corporation that also provides technology for digital pay TV-- for voluntary de-listing after the NASDAQ Europe shareholders decided to cease its operations. NDS shares will continue to be traded on the First Market of Euronext Brussels and on the NASDAQ. The last day of trading on the NASDAQ Europe was Nov. 28, but all shares previously purchased on that exchange can still be traded freely on the Euronext.
Investec Suggests Stanley Sell
Shares in U.K. betting company Stanley Leisure Organization plc (SLY.L) rose 19p to close at 389p after Investec Securities suggested that the company should sell its betting shops and give the proceeds to its shareholders. Investec estimated that Stanley could get £300 million for its 638 outlets, with £230 million going back to investors at 183p a share. William Hill and Coral would likely be interested in such a deal, the sale of which could lead to a re-rating for Stanley.
Lottomatica to Raise funds through Bond
Italian operator Lottomatica SpA (LTT.MI) would like to launch a bond loan at the end of the year that would help the group refinance a syndicated loan that the company received in April from a French banking pool. The bonds operation is managed by Italian banks Mediobanca and UBM and by brokerage Caboto. Neither the value nor yield of the bonds has been disclosed yet, but the board of directors has decided that the issue will not surpass $431 million. U.S. ratings agency Standard & Poor's has given a BBB rating to the bond.
Reports Released
The Tote's interim for the first 25 weeks boasts a surge in figures over last year's results, including a 53 percent rise in turnover to £693 million and a 22 percent rise in gross profit to £61 million. Chairman Peter Jones says the introduction of fixed odds terminals to 400 Tote betting shops and the acquisition of Seymour and Story played a major role in the large success of the first half.
These results were announced just before last week's revelation that the government would sell the Tote to the Racing Trust and limit its monopoly license on pools betting to just seven more years.
The Tote - First Half Interim Report
Greece-based lotteries company Intralot S.A. last week showed its financial results for the third quarter ended Sept. 30, 2003. Turnover increased 11.9 percent from last year's value of 271.8 million to 304.1 million and gross profit increased 29.5 percent from 88.7 million to 114.9 million. CEO Constantinos Antonopoulos attributes some of the success to the penetration of international markets, including its offering of non-lottery transactions in Chile.
Inralot S.A. - Third Quarter Report