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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Global Gaming | LSE:GGT | London | Ordinary Share | GB00B03VVN93 | ORD 0.25P |
| Price Change | % Change | Share Price | Shares Traded | Last Trade
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| 0.00 | 0.00% | 1.85 | 0.00 | 00:00:00 |
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| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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| - |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| - | O | 0 | 1.85 | GBX |
Global Gaming (GGT) Share Charts1 Year Global Gaming Chart |
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1 Month Global Gaming Chart |
Intraday Global Gaming Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 08/9/2008 | 07:16 | Global Gaming Technologies | 492 |
| 10/6/2008 | 16:24 | Global Gaming Technology - a ten bagger? | 163 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
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Posted at 14/8/2008 14:53 by 2magpies spIf you look at earlier RNS you'll see directors subscribed fo shares at 1p when the share price was just 0.12p The new individuals are being offered shares @ par, presumably to attarct them to play pivotal roles in the new 'GGT'. As for the sp, well isn't that just supply and demand? (There are lots of stocks wher the share price isn't warranted by fundamentals, e.g. most of the would-be pharmas) Peeps are just not selling. And buyers smell something stupendous, potentially. IMO pdyor |
Posted at 08/8/2008 21:48 by 2magpies TDGGT directors took an awful long time (and don't I know it!) to find a deal they could enter into. Don't forget directors subscribed for share @1p not long ago ( when the share price was just 0.12p!) The current sp, IMO, has nothing to do with 'assets' but purely supply and demand (excuse the obvious). If the Nigerian connection does indeed come to proper fruition, then the current share price will seem ridiculously low, as we look back and smile with, wishing we had pile in when the share price was so low. That is an 'if', of course. |
Posted at 30/7/2008 10:14 by spurberry grap,fair enough, nigeria is very popular with big oil companies that have alot more contacts in the business than ggt. If GGT do get a block in Nigeria then surely 5p is cheap and very conservative. If they dont then they will keep dropping. After all it is a good punt if it pays of the share price could be 10x todays value by year end imho. But if it doesnt as they are new to this then back to lower levels of the past. I dont know too much about GGT's cash position. do they have alot? |
Posted at 23/7/2008 13:29 by vistaboy Global Gaming in pacts for oil, gas interests in Nigeria; announces placings (Global Gaming Tech)MUMBAI (Thomson Financial) - Global Gaming Technologies Plc. (GGT) said it has entered into a conditional services agreements with Sirius Oil & Gas Ltd. and Taglient Oil Nigeria Ltd. to help GGT acquire interests in Nigerian oil and gas fields. GGT also said it is proposing to raise 45,000 pounds to fund working capital by allotting 18 million shares to its directors. It also plans to raise between 500,000 pounds and 2 million pounds before Dec. 31, 2010, to pay for due diligence on potential acquisition targets. Sirius and Taglient will help GGT establish a Nigerian company, to be named Sirius Taglient Petro Ltd., which is necessary for the grant of permits and licences to carry out business locally. Sirius, who holds 50 percent of the new company shares, 49 percent-holder Taglient and 1 percent-holder Agboola -- who is proposed as GGT's non-executive chairman -- will transfer their holdings to GGT for not more than a total 10 pounds. GGT, which has had no trading business since April 2007 when it stopped developing gaming software, is considering opportunities in the the oil & gas sector. "Whilst discussions have been encouraging, the company is at a very early stage in its consideration of potential targets. No deal has yet been identified and there can be no certainty that a transaction will be concluded," it said. GGT also intends to change its name to Sirius Petroleum Plc. TFN.newsdesk@thomson ndi/jro/rw |
Posted at 23/7/2008 12:58 by vistaboy Nice coverage getting into the media today:Global Gaming in pacts for oil, gas interests in Nigeria; announces placings MUMBAI (Thomson Financial) - Global Gaming Technologies Plc. (GGT) said it has entered into a conditional services agreements with Sirius Oil & Gas Ltd. and Taglient Oil Nigeria Ltd. to help GGT acquire interests in Nigerian oil and gas fields. GGT also said it is proposing to raise 45,000 pounds to fund working capital by allotting 18 million shares to its directors. It also plans to raise between 500,000 pounds and 2 million pounds before Dec. 31, 2010, to pay for due diligence on potential acquisition targets. Sirius and Taglient will help GGT establish a Nigerian company, to be named Sirius Taglient Petro Ltd., which is necessary for the grant of permits and licences to carry out business locally. Sirius, who holds 50 percent of the new company shares, 49 percent-holder Taglient and 1 percent-holder Agboola -- who is proposed as GGT's non-executive chairman -- will transfer their holdings to GGT for not more than a total 10 pounds. GGT, which has had no trading business since April 2007 when it stopped developing gaming software, is considering opportunities in the the oil & gas sector. 'Whilst discussions have been encouraging, the company is at a very early stage in its consideration of potential targets. No deal has yet been identified and there can be no certainty that a transaction will be concluded,' it said. GGT also intends to change its name to Sirius Petroleum Plc. TFN.newsdesk@thomson 23 July 2008 |
Posted at 23/7/2008 11:05 by safman RNS Number : 7095ZGlobal Gaming Technologies PLC 23 July 2008 Global Gaming Technologies PLC ('GGT' or the 'Company') Proposed Board Appointments Agreements for Services Proposed Change of Name to Sirius Petroleum plc Notice of General Meeting As previously announced on 11 June 2008, the Company is currently considering a number of opportunities in the oil and gas sector. Whilst discussions have been encouraging, the Company is at a very early stage in its consideration of potential targets. No deal has yet been identified and there can be no certainty that a transaction will be concluded. The Company today announces the following proposals, the purpose of which is to enable the Company to be better placed to identify and execute an oil and gas transaction in Nigeria (the 'Proposals'): * the proposed appointment of three new non-executive directors; * the entry into conditional services agreements between the Company and each of Sirius Oil & Gas Limited ('Sirius') and Taglient Oil Nigeria Limited ('Taglient'): o Sirius, a newly formed British Virgin Islands private company, has agreed to seek out opportunities for the Company to acquire interests in oil and gas fields in Nigeria, to conduct initial due diligence on potential acquisition targets and to assist in the raising of funds; and o Taglient is a Nigerian private company owned and managed by Nigerian nationals who have considerable knowledge and contacts within the Nigerian Oil industry. Under this agreement, Taglient has agreed to seek out opportunities for the Company to acquire interests in oil and gas fields in Nigeria; * the proposed change of name of GGT to Sirius Petroleum plc; * two proposed placings; and * the convening of a general meeting to consider and, if thought fit, approve the above and to waive pre-emption rights in respect of the issue of certain ordinary shares of 0.25p each in the capital of the Company ('Ordinary Shares'). Full details of the Proposals are set out in the Appendix below. A circular will be posted to shareholders today with a notice of general meeting to be held on 19 August 2008 at 10:00 a.m. at the offices of Fladgate LLP, 25 North Row, London, W1K 6DJ ('General Meeting'). The circular is available for download from the Company's website at www.globalgamingtech Enquiries: Hansard Group, John Bick tel: +44 (0)791 764 9362 Canaccord Adams Limited, Andrew Chubb tel: +44 (0) 207 050 6500 Appendix Strategy update and background As previously announced, the Company is currently considering a number of opportunities in the oil and gas sector. Whilst discussions have been encouraging, the Company is at a very early stage in its consideration of potential targets. No deal has yet been identified and there can be no certainty that a transaction will be concluded. The Company currently has had no substantive trading business since April 2007 when it was decided to cease the business of developing and using aggregation software in the gaming industry. Since that date, the Company has been classified as an investing company under the AIM Rules for companies ('AIM Rules') and has been dependent on the financial support of Corvus Capital Inc ('Corvus') which holds 28.02 per cent. of the Ordinary Shares in issue. Corvus, of which all of your current directors are also directors, has been assisting the Company in developing its strategy, in particular its focus on the oil and gas industry. The purpose of the Proposals is to enable the Company to be better placed to identify and execute an oil and gas transaction, such as to give the Company a viable future as a stand alone, independent business. Whilst certain of the Proposals are dilutive of existing shareholders and in some cases are with related parties, your directors consider them to be fair and reasonable in the context of the Company's past performance and current position. Appointment of new directors At the General Meeting, resolutions will be proposed to appoint the following persons as non-executive directors: Babatunde Olusegun Agboola, aged 57, obtained a BS degree in Chemistry from Illinois State University Normal, and a Master of Science degree in chemical engineering from Arizona State University, Tempe, Arizona. He started his professional career with Mobil Producing Nigeria, a Nigerian subsidiary of Exxon Mobil which undertook all upstream activities, where he held key staff, supervisory and management positions prior to his retirement to take up appointments on the boards of several energy services and E&P companies including Fieldspargroup Limited and Dantose Energy Services Limited. His experience spans over 30 years in the oil and gas industry. Mr Agboola will become the Company's non-executive chairman. Toby Jonathan Langford Hayward, aged 49 is a Chartered Accountant and has been an investment banker since 1984. He was a Director of Corporate Finance at Singer & Friedlander Limited and Henry Ansbacher & Co. Limited before working in the Oil & Gas team at Canaccord Capital Limited. He joined Jefferies International Limited as a Managing Director in 2005 with responsibility for the UK Equity Capital Markets and listed clients in the E&P sector. He left Jefferies in June 2008 to concentrate on a number of private interests and, in addition, he was appointed Non-Executive Chairman of Severfield Rowen Plc in May 2008. Olukayode Olufemi Kuti, aged 23, obtained a Bachelor of Arts from Duke University, USA. He studied Economics & Psychology and also received a Markets and Management Certificate. Since University he has worked as investment advisor for a South African investment fund, Huxton Capital. Each of the proposed directors has entered into a conditional letter of appointment with the Company for an initial term of six months, thereafter terminable on three months notice on either side. Under each agreement, the director is entitled to fees of £1,000 per month, such fees to be reviewed at the time the Company completes a transaction which constitutes a reverse takeover under the AIM Rules. Both Mr Agboola and Mr Hayward are entitled to signing-on payments of £50,000 and £40,000 respectively, which the parties have agreed to capitalise at par into 20,000,000 and 16,000,000 Ordinary Shares respectively. The letters of appointment and the signing on payments are conditional upon the passing of resolutions at the General Meeting. The directors believe that these appointments will provide the board with industry experience, relevant local knowledge and valuable relationships to enable the Company to pursue opportunities in Nigeria. In addition to their proposed directorships of the Company, Mr Agboola, Mr Kuti and Mr Hayward hold or have held the following directorships, and are or were members of the following partnerships within the last five years: Name Current Directorships/Partne Previous Directorships/Partne Babatunde Olusegun Agboola Dantose Energy Services Limited Fieldspargroup Limited Bolad Energy Company RT5 Petroleum Limited Sirius Taglient Petro Limited (proposed) None Toby Hayward Ecast Limited Severfield-Rowen Plc THC Consulting Limited International Seafood Products PLC Ocean Supplies Limited Paradisii Limited Olukayode Olufemi Kuti Sirius Oil & Gas Limited Sirius Taglient Petro Limited (proposed) None. Toby Hayward was appointed a director of Paradisii Limited on 6 October 1999. A liquidator was appointed on 22 February 2006 and the company was dissolved on 2 February 2008. There was a deficit to creditors of £133,629. Toby Hayward was appointed a director of International Seafood Products Plc on 29 March 1999 and of Ocean Supplies Limited on 13 October 1999 (a wholly owned subsidiary of International Seafood Products Plc). An administrative receiver was appointed on 12 July 2000 to both companies. International Seafood Products Plc was dissolved on 23 November 2004. There was a deficit to creditors of £587. Ocean Supplies Limited was dissolved on 1 May 2007. There was a deficit to creditors of £1,168,785. Save as disclosed above, there is no further information required to be disclosed pursuant to schedule 2(g) of the AIM Rules. Agreements for services The Company has today entered into two agreements which are conditional upon the passing of resolutions at the General Meeting. The first agreement is with Taglient, a Nigerian private company owned and managed by Nigerian nationals who have considerable knowledge and contacts within the Nigerian Oil industry. Under this agreement, Taglient has agreed, among other things, to use all its reasonable efforts to seek out opportunities for the Company to acquire interests in oil and gas fields in Nigeria. Taglient has agreed to provide its services exclusively to the Company. Taglient will be paid a fee of £114,250 upon the agreement ceasing to be conditional and a further £153,500 upon and subject to the Company completing an oil and gas transaction which constitutes a reverse takeover under the AIM Rules. The second agreement is with Sirius, a newly formed British Virgin Islands private company in which Corvus Capital Inc has a 18.2% shareholding and Adrian Collins (a director of Corvus) a 8.6% shareholding. In addition, proposed director, Mr Kuti, holds 11.4% of Sirius. Under this agreement, Sirius has agreed, among other things, to use all its reasonable efforts to seek out opportunities for the Company to acquire interests in oil and gas fields in Nigeria, to conduct initial due diligence on potential acquisition targets and to assist in the raising of funds. The agreement also releases Taglient from its current exclusivity agreement with Sirius, so that Taglient is able to contract (as set out above) with the Company to assist it in identifying oil and gas opportunities. Sirius will be paid a fee of £275,000 upon the agreement ceasing to be conditional. Both Sirius and Taglient have agreed to assist the Company in establishing a Nigerian company, to be named Sirius Taglient Petro Limited, which is necessary for the grant of permits and licences to carry out business locally. Pursuant to the agreements, Sirius (who holds 50% of the shares), Taglient (who hold 49%) and Mr Agboola (who holds the remaining 1%) have agreed to transfer all of their shares in Sirius Taglient Petro Limited to the Company for a nominal sum (not to be greater than £10 in aggregate), on demand. This arrangement will result in the Company owning 100% of Sirius Taglient Petro Limited. Sirius will transfer their 50% immediately on the Services Agreement becoming unconditional but Taglient and Mr Agboola will retain their shareholdings in trust for the Company. Both the agreements with Taglient and Sirius allow any party to require outstanding fees to be capitalised in whole or part at par provided that the issue and allotment of Ordinary Shares does not result in Sirius or Taglient or any of their concert parties (if any) being interested in more than 29.9 per cent. of the total voting rights of the Company. It is the intention of the parties to capitalise £229,250 of the aggregate fees immediately (£115,000 to Sirius and £114,250 to Taglient) following the General Meeting by the allotment and issue of 91,700,000 Ordinary Shares (46,000,000 to Sirius and 45,700,000 to Taglient). The capitalisation of these fees together with the share placings referred to below are being undertaken at par value of 0.25p per Ordinary Share. The directors believe that this is a fair and reasonable value to place on the Ordinary Shares on the basis that, in the absence of any value attributed to the Company in respect of the Proposals, 0.25p represents a premium of 298% to the net assets of the Company. The market price of the Company's shares has fluctuated dramatically in recent weeks and rose to current levels following market rumours which do not, in your directors opinion, reflect the true value of the Company as an investing company with limited cash resources. Hence they do not consider the current share price to be an appropriate level to use as a price guide for the Proposals. Placings The Company is proposing to raise £45,000 from its directors and proposed directors by the allotment and issue of 18,000,000 Ordinary Shares at par ('Initial Placing'). Graham Porter and Mike Hirschfield, have agreed to subscribe for £18,750 and £10,000 worth of Ordinary Shares, respectively, and Mr Hayward, a proposed director, has agreed to subscribe for £16,250 worth of Ordinary Shares. The proceeds of the Initial Placing will be used for the Company's general working capital requirements. In addition, the Company proposes to raise between £500,000 and £2,000,000 on or before 31 December 2010, dependent on the timing of due diligence requirements, in order to pay for technical, legal and financial due diligence on potential acquisition targets ('Second Placing'). The Second Placing will be priced in the context of the market. The amount of the Second Placing will be determined by the board, depending on the Company's due diligence requirements; such requirements will be driven, to a significant degree, by the size and nature of the transaction contemplated. In connection with the Second Placing, the Company has entered into a fee agreement with Bedarra Limited ('Bedarra') pursuant to which Bedarra will use all reasonable endeavours to find placees to participate in the Second Placing ('Fee Agreement'). Bedarra has advised Corvus in the past and has successfully raised significant sums on a number of share placings. The Company has agreed to pay Bedarra a flat, up front fee of £30,000; no further sums will be due to Bedarra, irrespective of the amount it raises up to £2,000,000, and will negotiate a separate fee if the sum required exceeds this amount. The Company has agreed to capitalise the Second Placing fee at par by the allotment and issue of 12,000,000 Ordinary Shares to Bedarra following the General Meeting. The Initial Placing, Second Placing and Fee Agreement are conditional upon the passing of resolutions at the General Meeting. Change of name Given the change in the Company's strategy to that of a resources company and the name of its proposed local operating company, your board recommends that the Company change its name to Sirius Petroleum plc. Related party transactions Sirius is owned as to 18.2 per cent. by Corvus, 11.4 per cent. by Mr Kuti and 8.6 per cent. by Adrian Collins, whom is a director of Corvus. The entry by the Company into the agreement with Sirius is, therefore, one with a related party for the purposes of the AIM Rules. Similarly, the Initial Placing is with the directors and one of the proposed directors and is therefore treated as being a related party transaction for the purposes of the AIM Rules; as is the capitalisation of debt by two of the proposed directors. Neither the Company, its directors, the proposed directors nor Corvus have any interest in the share capital of Taglient or Bedarra. Shareholdings following completion of the Proposals (excluding the Second Placing) Name of beneficiary Maximum entitlement under Proposals Issue price Holding after EGM approval and First Placing Percentage of enlarged issued share capital after EGM approval and First Placing Babatunde Olusegun Agboola 20,000,000 0.25p 20,000,000 4.39% Toby Hayward 22,500,000 0.25p 22,500,000 4.94% Graham Porter 7,500,000 0.25p 10,833,332 2.38% Mike Hirschfield 4,000,000 0.25p 6,075,000 1.33% Bedarra 12,000,000 0.25p 12,000,000 2.63% Sirius 110,000,000 0.25p 46,000,000 10.01% Taglient 107,000,000 0.25p 45,700,000 10.03% Recommendation Since, for the purposes of certain parts of the Proposals, Sirius, the directors and proposed directors are related parties under the AIM Rules, the directors (excluding Mike Hirschfield and Graham Porter in respect of the Initial Placing only) have consulted with the Company's nominated adviser, Canaccord Adams Limited, and consider the related party aspects of the Proposals set out above to be fair and reasonable insofar as the Company's shareholders are concerned. Accordingly the directors believe that the Proposals are in the best interests of the Company and shareholders as a whole and accordingly recommend shareholders to vote in favour or the resolutions to be proposed at the General Meeting as they will be doing so in respect of their own beneficial shareholdings of 5,408,332 Ordinary Shares representing 1.82 per cent. of the entire issued share capital of the Company. -ENDS- This information is provided by RNS The company news service from the London Stock Exchange END saffy.. |
Posted at 22/7/2008 10:50 by vistaboy This is just a matter of time. This is a company with a vision now. Just look at the progress in the last few months. Corvus increased shareholding. Placing raised loads of new capital. New board appointments with excellent track records. Shift of focus to the most affluent sector in the markets today - oil and energy. And to top it all, great results. This is one of those shares that will explode with nuclear ferocity when it goes and I'd hate not to be involved. Just a recap of the highlights for those that don't know: Board Changes The Board of GGT (AIM: GGT) announces that Ron Trenter has retired as Non-Executive Director and Chairman of the Company to be replaced by Michael Brian Victor Cudworth Hirschfield, BSc(Econ) FCA, who joins the board as Non-Executive Director whilst the Company continues to look for a suitable acquisition or acquisitions in the natural resources and mining sector, a change in strategy of the Company which was announced on 31 January 2008 and was detailed in the subsequent report and accounts which were sent to shareholders. Michael Hirschfield (aged 44) qualified as a chartered accountant with Peat Marwick in 1988 and has held senior management and board positions with a number of public and private companies. He is a director of Kitwell Consultants Limited which is Company Secretary to the Company. He is also a director of Corvus Capital Inc, Canisp plc, Roeford Properties plc, Roeford Real Estate Limited and Assael Rankin Properties Limited. In the last 5 years he has also held directorships in the following companies: BD Nominees Limited, Corone Limited, Kitwell Management Limited and WA Resources (UK) Limited. No further disclosures are required under Schedule Two paragraph (g) of the AIM Rules. The Board would like to take this opportunity to thank Ron Trenter and wish him well for the future. Global Gaming H1 pretax loss narrows to 12,000 pounds vs 433,000 pounds (Global Gaming Tech) LONDON (Thomson Financial) - Global Gaming Technologies Plc. posted a narrower first-half pretax loss and said it has begun seeking opportunities in the natural resources and mining sector while keeping tight control over costs and cash flow. For the six-months to Jan. 31, 2008, the cash shell reported a pretax loss of 12,000 pounds compared with a loss of 433,000 pounds a year earlier. No revenues were reported while administrative costs fell to 13,000 pounds from 434,000 pounds. Board Changes The Board of GGT (AIM: GGT) announces that Ron Trenter has retired as Non-Executive Director and Chairman of the Company to be replaced by Michael Brian Victor Cudworth Hirschfield, BSc(Econ) FCA, who joins the board as Non-Executive Director whilst the Company continues to look for a suitable acquisition or acquisitions in the natural resources and mining sector, a change in strategy of the Company which was announced on 31 January 2008 and was detailed in the subsequent report and accounts which were sent to shareholders. Michael Hirschfield (aged 44) qualified as a chartered accountant with Peat Marwick in 1988 and has held senior management and board positions with a number of public and private companies. He is a director of Kitwell Consultants Limited which is Company Secretary to the Company. He is also a director of Corvus Capital Inc, Canisp plc, Roeford Properties plc, Roeford Real Estate Limited and Assael Rankin Properties Limited. In the last 5 years he has also held directorships in the following companies: BD Nominees Limited, Corone Limited, Kitwell Management Limited and WA Resources (UK) Limited. No further disclosures are required under Schedule Two paragraph (g) of the AIM Rules. The Board would like to take this opportunity to thank Ron Trenter and wish him well for the future. Global Gaming confirms talks in oil and gas sector, announces placing UPDATE (Updates to recast with new statement from company) LONDON (Thomson Financial) - Global Gaming Technologies Plc. confirmed talks with parties in the oil and gas sector and announced plans to raise 250,000 pounds via a placing of 25 million shares at 1 pence per share to fund further investigation into current opportunities. The company, which earlier requested trading in its shares be suspended on AIM, described the discussions as "encouraging", but said no deal has yet been concluded. Additionally, it said it has converted a loan facility and additional funding loans of 198,750 pounds provided by shareholder Corvus Capital Inc. in 2007/8 to meet its day-to-day working capital requirements. Following the placing and loan conversion, Corvus' holding in Global Gaming will increase to 28.02 pct. Shares in the cash shell company jumped 49 percent earlier today after the Daily Express reported that heavy trading on Tuesday had fuelled speculation that an oil producer deal is in the pipeline. The company said in its interim results statement in April that it had commenced the process of seeking opportunities in the natural resources and mining sector, after highlighting in January that it would suspend trading in its shares should it fail to make an acquisition. |
Posted at 17/6/2008 13:13 by 2magpies d6You asked a very similar question yesterday, when the share price was less than half what it is now. As mentioned before, you amy be expecting to 'value' GGT as though it was a Footsie constituent. What should an oil producer be valued at? We don't know. It depends. But @ $140 per barrel, higher end seems more likely than lower. The market is valuing the Company to come, not the co that it is now. And of course there is the rumour of a senior Board appointment. If that person turns out to be an obvious industry person, the share price might motor yet again. So you missed out on the larger part of the rise. We've all done that at some time or another. So, never mind. IMO, pdyor. |
Posted at 13/6/2008 14:03 by safman Restoration & Update (Global Gaming Tech)RNS Number : 6995W Global Gaming Technologies PLC 13 June 2008 Global Gaming Technologies plc ("the Company" or "GGT") Restoration and Update Further to the announcement made by the Company on 11 June 2008, GGT (AIM:GGT) and as previously announced to the market, GGT confirms that it is considering a number of opportunities in the oil and gas sector. Whilst one of the opportunities the Company has reviewed is an oil producing asset based in the United States, the Company confirms that it is no longer a primary target of GGT and that discussions with the potential target, which never advanced beyond a preliminary stage, have now ceased (although it remains on a list of potential targets for future consideration). As a result, trading in the Company's shares will now be restored and GGT is focussing on other opportunities considered to be more attractive. As stated in previous announcements, whilst discussions with parties in the oil and gas sector have been encouraging, the Company is at a very early stage in its consideration of potential targets, no deal has yet been concluded and there can be no certainty that a transaction will be concluded with any of the potential targets currently under review. Enquiries: Nominated advisor and broker: Neil Johnson/Andrew Chubb, Canaccord Adams Limited tel: +44 (0) 207 050 6500 John Bick, Hansard Group tel: +44 (0)7917 649362 This information is provided by RNS The company news service from the London Stock Exchange saffy.. |
Posted at 11/6/2008 09:44 by cyberpost Placing update (Global Gaming Tech)RNS Number : 4531W Global Gaming Technologies PLC 11 June 2008 Global Gaming Technologies plc ("the Company" or "GGT") Placing raising £250,000 Conversion of Loan Further to the announcement made by the Company on 29 April 2008 and in response to recent press speculation, the Company is pleased to report that the process of seeking opportunities in the natural resources and mining sector is progressing. The Company has entered into encouraging discussions with parties in the Oil and Gas sector although no deal has yet been concluded and there can be no certainty that any deal will be concluded. A further announcement will be released in due course. In order to fund further investigation into the Company's current opportunities, GGT has agreed a placing of 25,000,000 new ordinary shares at 1p per share raising £250,000 (gross of expenses). Director, Mike Hirschfield, is taking up £20,000 of the placing and, following the placing and loan conversion detailed below will have a beneficial interest, including existing interests, of 2,075,000 ordinary shares representing 0.7% of the enlarged issued share capital. In addition and further to the authorities obtained at the Company's recent annual general meeting, the Company has converted a loan facility and additional funding loans of £198,750 provided by Corvus Capital Inc. in 2007/8 in order to meet the day-to-day working capital requirements of the Company. The loan funds have been converted at par of 0.25p per share into ordinary shares of the Company. Corvus Capital Inc. already holds 43,930,196 ordinary shares in the Company representing 22.7 per cent. of the issued share capital in the Company. The Board, having consulted Canaccord Adams Limited, the Company's nominated adviser, consider that the terms of the transaction are fair and reasonable insofar as the Company's shareholders are concerned. Prior to conversion of the loan funds, Corvus assigned £100,000 worth of the loan facility to unconnected third parties. Following the Placing and Loan Conversion, Corvus will have an interest in 83,430,196 shares representing 28.02% of the enlarged issued share capital. Application will be made for the placing shares and loan conversion shares to be admitted to trading on AIM and admission of the same is expected to take place on 18 June 2008. Following the Placing and loan conversion, the Company will have 297,794,385 ordinary shares in issue and no treasury shares and this figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company. In addition, the Directors have agreed to establish an incentive scheme over up to 10 per cent of the Company's issued share capital, from time to time, to incentivise Directors, employees and consultants to assist in the process of achieving the Company's goals. |
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