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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Global Market | LSE:GMC | London | Ordinary Share | KYG3927E1145 | ORD USD0.0002 (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 50.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
Gaming Corporation PLC Placing of 71,500,000 New Ordinary Shares and 30,492,049 Existing Ordinary Shares Gaming Corporation PLC ("Gaming Corporation" or the "Company") (LSE:GMC) Gaming Corporation announces that it has conditionally placed through its broker, Canaccord Capital (Europe) Limited, a total of 71.5 million new ordinary shares of 1p each ("New Ordinary Shares") at 14p pence per share to raise approximately GBP 10 million before expenses for the Company (the "Placing"). Due to strong institutional demand and to further increase liquidity in the Company's shares 30,492,049 ordinary shares are being placed on behalf of existing shareholders (the "Selling Shareholders") which will reduce management shareholdings by approximately 50 per cent. Pursuant to the Placing, Jason Drummond and Justin Drummond have signed lock-in undertakings restricting the sale of further shares or warrants by themselves for a period of 12 months. The net proceeds of the Placing will be used to fund: -- the ongoing expansion of the Company's existing businesses, principally casino.co.uk and its recently developed mobile casino business; -- develop the Company's in-house poker business, findpoker.com,and games; -- appropriate acquisitions in the poker and casino areas. The Company is in advanced discussions with mobile network operators with a view to reaching agreement on supplying mobile casino games to the mobile market on a partnership and revenue share basis. The Placing is conditional on admission of the New Ordinary Shares to trading on AIM ("Admission"). Admission and dealings are expected to commence on 14 March 2005. When issued, the new shares will rank pari passu in all respects with the Company's existing ordinary shares. Following the Placing, the Company will have a total of 257,302,054 ordinary shares in issue. Justin Drummond CEO said "As we enter an exciting new phase of Gaming Corporation's development we have decided to accelerate our plans to invest in our existing businesses and to have funds available to enable us to effectively take advantage of acquisition opportunities as they arise." Following the Placing, the Selling Shareholders will remain significant holders of the Company's ordinary shares as follows: Date of No. of Placing No. of sale shares price shares placed after Placing Jason Drummond 3 March 2005 16,279,618 14p 11,779,618 Justin Drummond 3 March 2005 6,105,487 14p - Charles Black 3 March 2005 3,690,552 14p 1,690,552 Damien Greef 3 March 2005 2,130,556 14p 1,230,555 Peter Williams 3 March 2005 2,285,837 14p 785,836 % of No. of issued warrants share held capital Jason Drummond 4.6% 4,500,000 Justin Drummond - 7,000,000 Charles Black 0.7% 2,000,000 Damien Greef 0.5% 900,000 Peter Williams 0.3% 1,500,000 -0 CONTACT: Gaming Corporation Justin Drummond, Chief Executive Jason Drummond, Executive Chairman 020 7618 9000 or Canaccord Capital (Europe) Limited Neil Johnson Mark Ashurst 020 7518 2777
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