Interactive Gaming Holdings (IGH), which, last week, suspended trading in its shares on AIM, has this morning announced the indefinite suspension of betting operations pending clarification of its financial position.
According to a prepared statement released to the London Stock Exchange, the company remains in negotiations with General Capital Venture Finance (GCVF) and another potential--but unnamed--lender.
IGH also announced the resignations of Mitchell Petchenik and Robert Spriddell, executive vice-president and non-executive director, respectively, with immediate effect.
Meanwhile, the company's nominated adviser and broker, Arbuthnot Securities, has resigned--meaning that, until IGH appoints a new adviser, its shares will remain suspended.
If, however, IGH fails to appoint a new adviser within a month, its shares will be de-listed from AIM.
On Aug. 15, IGH announced that it had secured £400,000 from GCVF to fund its working capital requirements, only to renege on the announcement two days later.
In 2005, the company expanded its bookmaking business with the acquisition of Heathorns (March) and Premier Bet (August).