Global Gaming Share Discussion Threads

[waldof] 23/7/2008 14:09

Business is business spurberry.

[vistaboy] 23/7/2008 14:08

If you read the news from the last 6 months, and look at the profit stabilization and new appointments on the board, you'll see the the gaming element of GGT is largely irrelevant. They are pursuing energy opportunities, and in today's climate, energy spells $$$$$. They are a sharp bunch and run a sharp outfit, and will undoubtedly become something other than GGT when they hit the inevitable home run. Remember, they are a cash company and investment is their gate. Gaming was a great market a while back, oil is now.

[spurberry] 23/7/2008 13:58

when are we likely to know if they get interests in nigeria?

Also what are the chances, excuse my ignorance as I have only spotted this today, but its totally different dealing with oil etc.. than gaming technology!

[vistaboy] 23/7/2008 13:45

The only catch is 'if they get an interest', as you said already. However, they have brought on board a new team and can make this happen with local partnering. This is great news today.

[spurberry] 23/7/2008 13:35

IF THEY GET INTERESTS IN NIGERIA, THEN THIS CAN BE MANY MANY TIMES CURRENT share price wHATS THE CATCH?

[vistaboy] 23/7/2008 13:29

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.
[e-mail]
ndi/jro/rw

[vistaboy] 23/7/2008 12:58

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. [e-mail] ndi/jro/rw
23 July 2008

[2magpies] 23/7/2008 12:49

TD

Corvus have been waiting a very long time to find the right one for GGT.

Trust they do have all the strategy for Sirius sorted.

Just waiting to click into place?

One thing we can be fairly sure of: it won't be a boring ride!

[andrbea] 23/7/2008 12:23

Nigeria is also on the shopping list of Gazprom
July 23

In Libya GazProm offered to buy all the gas, oil and liquefied natural gas. So far Libya has not made a decision. A similar offer has been made to Algeria -- which currently supplies around 10 percent of the EU's gas -- but again, no decision yet. Gazprom also wants to obtain gas exploration rights from Nigeria and will be pursuing this in the near future, while also eyeing Iraqi gas.

[2magpies] 23/7/2008 12:14

Well that was a l--o--n--g read!

I agree with waldof that they had to attract the right people, hence the enticing entry level.

Must be something 'humungous' that they have in mind.

I would be surprised if the other pieces of the jigsaw haven't already been sorted.

[the drewster] 23/7/2008 11:56

I'd like to think so, but simply can't make it all add up and come out with the answer "wow this is good news".
Buying loads at 1p then seeing even more loads issued at a quarter of that price is hard to swallow as that good.

[waldof] 23/7/2008 11:53

Drew'

You can be sure of one thing..........it will be good for CVS! (and of course AR)
But what is good for CVS is also good for holders.

[safman] 23/7/2008 11:46

yep, still reading through RNS.. 283mill shares to be issued @ max entitlement and Nigerian prospects.. still a reading through..

saffy..

[the drewster] 23/7/2008 11:38

I think you know I am not. I have a considerable but non notifiable interest, and that's my only interest here.

I simply don't follow (with any business logic) the events of the last few months here, any clarification would be most welcome.

[waldof] 23/7/2008 11:36

You short on CVS now Drew'? (laugh)

[the drewster] 23/7/2008 11:33

So corvus bought bag loads of shares recently at 1p, now they are issuing significantly bigger bagloads more at 0.25p, enlarging the share capital considerably in doing so, and you expect to realise further value than 1.5p

I am clearly missing something here, but it is far from a transparent and well delivered proposal to my mind.

[2magpies] 23/7/2008 11:22

Is this a 'White Nile'?

Very interesting.

[vistaboy] 23/7/2008 11:19

What did I say, guys. Things are hotting up. Anyone in at these levels, good luck! This is going to be a fun ride.

[grappheys] 23/7/2008 11:14

onwards and upwards now gents up 15% so far our patience looks like it will pay off...........

[safman] 23/7/2008 11:05

RNS Number : 7095Z
Global 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.globalgamingtechnologies.com .

Enquiries:

Hansard Group, John Bick tel: [phone]

Canaccord Adams Limited, Andrew Chubb tel: [phone]


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/Partnerships


Previous Directorships/Partnerships

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..

[rd1881] 23/7/2008 11:01

here it is - our long awaited RNS boys

[waldof] 23/7/2008 08:27

But Drew'.........the market is only interested in the future......all share prices are based on future earnings or otential earnings.