Interactive Gaming Share Discussion Threads

[power talker] 21/8/2007 13:52

You do not know that for certain..You will know one way or the other in 29 days or before..looks awful but the fat lady sings or not in 29 days, not today.

[oneillshaun] 21/8/2007 13:04

Woofy4 - i am willing to bet anyone that has funds in the account will not get them back, users of the sites will be just infront of shareholder which means they will get NADA.

[woofy4] 21/8/2007 12:59

Watcha mate Shaun .... I also had a look at their website have to admit they really have some front ..... not that shareholders would get anything back but do you think there is any chance of them flogging the brand on ? Heathorns is meant to have a few net worth individuals - and an established name ..... also (as you are an industry insider type thang) - do they operate premierbet and Heathorns as seperate subsiduaris i.e would Heathorns customers be paid from Heathorns takings or would they rob Peter to pay Paul ... curious more than anything ... all the best ... woofy

[oneillshaun] 21/8/2007 11:43

this is funny:



Premierbet regrets our site is temporarily unavailable for essential maintenance work. We apologise for any inconvenience this may have caused and will be back as soon as possible..


yeah right.

[oneillshaun] 21/8/2007 11:30

eGaming Morning Snapshot - 21 August
NEWS: Interactive Gaming Holdings (IGH) has stopped taking bets and its executive vice-president and non-executive directors have resigned. In its announcement to the London Stock Exchange, IGH said the action was the result of the financial uncertainty announced by the company on Friday last week. Mitchell Petchenik and Robert Spriddell have resigned as executive vice president and non-executive director respectively. IGH said it was in continuing discussions with General Capital Venture Finance and another potential funder. Arbuthnot Securities has resigned as IGH's advisor, also with immediate effect. Company shares also continue to be suspended from trading on the Aim market, if IGH fails to appoint a new nominated advisor within a month, its shares will be cancelled from trading on Aim. The Premierbet and Heathorns sites, owned by IGH have been displaying notices saying that there are undergoing site maintenance

[montyhedge] 20/8/2007 18:28

This company should have never come to the market, saw these guys last year at Epsom, not impressed. Nominated advisers to this should be shot.

[quinan] 20/8/2007 16:25

Hi Senator, multi yep looks like the ship has sunk the life boats are lowered just hope the SOS gets answered???

What a way to invest money? What made GVCF change their mind? Seems very starng to offer funding only to take it away, unless they spotted some doggie dealings, hence the resignation today??

[senator] 20/8/2007 15:00

Heathorns site saying unavailable for maintenance work.

[scotches] 20/8/2007 12:34

Are client funds ringfenced?

After the collapse of netbetsports a few years ago betting clients did not receive a penny of their deposits.

Instead of wasting time on non existant problems like keeping crime out of gambling the government should have made sure that all client funds can be paid back by any company that is given a betting licence. This is the position in OZ.

[quinan] 20/8/2007 11:09

Published: Friday, August 17, 2007 Online-Casinos.com

IGH SUSPENDS TRADING

Troubled sportsbook group cites financial difficulties

In a move this week that several industry observers found unsurprising, the sportsbook group Interactive Gaming Holdings (IGH) has suspended trading on its shares on the London AIM, citing financial problems.

In a statement explaining the decision, founder and executive chairman Thomas J. Taule, said it has become evident to the company that the GBP 400 000 of interim funding to be provided by General Capital Venture Finance Limited (see previous Online-Casinos.com/InfoPowa reports) that was announced on 15 August 2007 will not be received as originally expected. No reason was given for this.

The interim funding was needed by IGH to meet its near term working capital requirements and without it the company's financial position has become uncertain, Taule said. He added that every effort is being made to resolve the problems facing the company, which remains in discussions with GCVF and another potential funder.

IGH operates the Premier Bet and Heathorns bookmaking companies, and previously raised capital from GCVF on two occasions in as many months in order to stay viable.

It's been three months of turmoil for the group since its decision to relocate to the Malta jurisdiction, and the resignation of CEO John Heaton at the end of May, leaving control of the company in the hands of a board of directors composed of Taule, executive vice president Mitchell I. Petchenik and non executive director Robert Spriddell.

The company listed on the London Stock Exchange AIM market in March 2004 and acquired Heathorns, claimed to be the world's oldest established bookmakers in March 2005, and subsequently relaunched its on-course betting presence in July 2005 at Newbury Racecourse. In August 2005, IGH acquired Premierbet, a fixed odds bookmaker based in London.

[multisync 5] 19/8/2007 20:39

Woofy, you do not need to apologise for sounding negative. It looks very negative at this junction and indeed management have disappointed on some fronts. They have also achieved some milestones too, e.g. with Orbis and topline sales growth.

In addition, I have seen companies like 32Red (TTR) in the same industry, mess up in a much bigger way than IGH following the acquisition of betdirect from Sportech (More info at the end)

TTR are imo, finally implementing the restructuring needed to turnaround the business. And over time (1 year) the city has regained confidence in them.

As regard IGH, it is also possible, but radical management changes are required (this appears to be in progress too), imo.

IGH has strong potential as the topline demonstrates and gross profits too. All that is holding IGH back is the bottom line so far. We know cost have been dramatically reduced H2/07, margins increasing, and customer re-rating is currently underway.

Developments currently do not inspire confidence. But things do change, if driven and brought about. I am keeping an open mind. I also suspect the AGM/EGM will be interesting (if physically voted at).

IGH could very well go burst. But if that happens, it is my view that GCVF would not recover their investment. This is why I am inclined to think it is not in GCVF's best interest to withhold support having come this far. It is a sum I also suspect they can afford to right off but have no history of doing without merit.

If I was GCVF, my best option at this time would be to buy the company outright and make the changes required to realize IGH's potential like TTR.

Observing with interest no doubt.


Info on TTR

Warning


Results


Financial restructuring


Results so far. Fell from 175p to 21p. Currently heading north at 43p.

[multisync 5] 18/8/2007 21:02

The racing post has no record of your claims, Kneecaps. Thought you wanted to use the £12k to pile in, before confirming receipt of your alleged funds.

Now why would you want to do that? Bit contradictory, wouldn't you say? Buy into a company you claim have not paid you (or certainly given you a headache over your funds)? You are so full of it, if you do not mind my saying so.

There are confirmations in the press of punters receiving their funds.

---







See other customers of Orbis (LAD, PAD, BetDirect, Skybet, etc etc) as well as premierbet. The orbis platform alone cost £3m.



The battle for control of IGH continues.

[kneecaps2] 18/8/2007 08:50

this is credible i withdrew £12000 from my account at premierbet on 26th may this money has still not appeared in my bank account and i know of several others with the same problem.premierbet will not discuss client accounts but will take bets and their site is still live.in early july i reported them to i.b.a.s who are supposed to arbitrate and they are still investigating.have you not been reading the racing post senator?

[senator] 17/8/2007 21:57

kneecaps...where you get that from?

Credible info only please.

[kneecaps2] 17/8/2007 19:59

why are premierbet still allowed to trade when they have failed to pay punters for 3 months?

[senator] 17/8/2007 16:01

Doh. Gutted.