Interactive Gaming Share Discussion Threads

[quinan] 07/6/2007 08:11

Morning all nothing we didn't already know, still bewilder as to why results are not out???

Published: Tuesday, June 05, 2007 Online-Casinos.com

HEATON DEPARTURE FROM IGH CONFIRMED (Update)

But no reasons given as company announces move to Malta

The rumour earlier this week that Interactive Gaming Holdings (IGH) chief executive John Heaton had resigned from the company was confirmed today (Tuesday) by the company, although no reasons were given for his decision. Chairman Thomas Taulé will look after the day-to-day operations of IGH following Heaton's departure.

A statement from the company revealed that it is soon to relocate all of its operations to Malta, "....a location with a more defined regulatory environment". The company has an operational base in Malta and observers said that such a move could reduce costs significantly.

Shares in the company remained suspended on the London exchange.

IGH operates British online bookies Premier Bet and Heathorns, and delayed publication of its annual results last week on grounds that it had been unable to despatch these to its shareholders "due to unforeseen logistical issues." Consequently, the company is out of compliance with AIM regulations that require its listed companies to send shareholders year-end results no later than six months after the end of a financial year.

[woofy4] 06/6/2007 17:42

agree Sen ... emailed again yestrerday morning to Tom this time .... still no reply ... how suprising .... may be pooping up town for a beer with a mate 2mrw night ... if his wife lets him out ... if so will have a wander in and see whats going down !

[senator] 05/6/2007 17:59

Struggle to how these guys have the nerve to draw a salary when they cannot even get the fundamentals sorted...even afetr 6 months. This is shambolic.

[woofy4] 04/6/2007 13:59

Well the overheads have to be cheaper than Mayfair .... will be happier when we see results and a re-listing ..... this is still very shoddy imo and you dont suddenly decide to move to Malta and forget to produce your stat accounts.... unless they intend a t/s statement and outline new costs goign forward once relocation is complete .... possible something still fishy in the state of Denmark

[jailbird] 04/6/2007 13:48

ok we may ok..but let us see.

but what stinks is the reason behind the recent finance arrangement.
What is the real reason it was needed?....relocation costs, pay off, or working capital..too much dishonesty here inclu the late reporting of resignation, which is major news and must be RNSed on that the day!

"The Facility will be used to fund, amongst other things,
IGH's working capital requirements."

i take as that and nothing else.

[senator] 04/6/2007 13:37

Quinan,

Agreed...not as dark as it looked last week. The weekend press put 2 and 2 together and came up with 10. Still the company allowed that to happen..not that it mattered to a suspended share but it does show how poor they seems to handle their PR.

We are in no better or worse position that we were last Friday but I like your point about John staying on to finalise the funding. The relocation must have been on the cards for some time so he must have been considering his position for some time...it is not a decision taken lightly by a company to relocate.

I am really struggling to understand what the logistical problem could be...a bit vague!!

[quinan] 04/6/2007 13:01

Hi senator yes it was a big relief when the RNS came out, at first I assumed it was just going to be about the resignation, but its all falling into place. IGH raised cash to move to a more suitable environment (Malta) and Malta as I am aware is Tax free, hence the long term cost savings, I would also assume John stayed on to finalise the fund raising from GC, GC see better returns for IGH in Malta and are confident it will get its cash back.

Also it might indicate that things have improved substantially and they don't want to pay 15% Tax on the profit they will be making this year???? Here's hoping, now lets see the results and re-listing. If there is a nice forward statement and with the move to a Tax free environment we might see a posative move by the market???

[senator] 04/6/2007 12:42

At least we know that he has resigned as a result of a relocation and not because of any dodgey dealings or as a consequence of poor results/not living up to expectations etc.

This I see as much more positive although he was partly the reason for my investment - good man at the top etc.

I hope that he has been able to provide some useful direction in his time at IGH and that it is not too costly on his departure.

I was more concerned when I was thinking that his resignation and the delayed reports were linked - funny how he resigned on 25 May but we have just heard - the company PR is appauling!!

[quinan] 04/6/2007 12:20

So has IGH made a profit for the year but been stung with GB's new 15% tax hence the move to Malta??

[sir josephs mate] 04/6/2007 12:10

no mention of the accounts?

easier to slip off to israel or africa should the need arise!!

[quinan] 04/6/2007 11:59

Well well well looks like we are going for the tax free option? And maybe John did not want to relocate, also the £600k must be part of the relocation costs, long term savings, so it might not all be doom and gloom.



Interactive Gaming Directorate Change


RNS Number:7127X
Interactive Gaming Holdings PLC
04 June 2007


Press Release 4 June 2007


Interactive Gaming Holdings Plc
("IGH" or "the Group")


Transfer of operations to Malta
and
Directorate Change


Interactive Gaming Holdings Plc (AiM: IGH), the online sports betting and gaming
operator, today announces that based on the recent clarification to the 2005
Gambling Act, the Board has taken the decision to relocate its operations to
Malta, a location with a more defined regulatory environment. The Company
already has an operational base in Malta and the combination of the Maltese and
UK operations is expected to lead to significant cost reductions. This move is
not expected to incur any significant exceptional costs.


After the Board's decision to relocate operations to Malta, John Heaton tendered
his resignation as Chief Executive on 25 May 2007. Thomas Taule, Executive
Chairman, will resume the management of the day to day operations of IGH.


Thomas Taule, Executive Chairman, commented: "The operational relocation of
licensable activities to Malta will ensure IGH's compliance with regulatory
requirements as well as enhance long-term cost savings to the Group. I would
like to thank John for his contribution to the business to date and wish him
well in the future."

-Ends-


For further information:

Interactive Gaming Holdings Plc

Tom Taule, Executive Chairman Tel: [phone]
[e-mail] www.igh.com


Media enquiries for Interactive Gaming Holdings Plc:

Abchurch

Chris Lane / Franziska Bohnke Tel: [phone]
[e-mail] www.abchurch-group.com


About IGH

Interactive Gaming Holdings plc is a leading online sports betting and casino
operator listed on the AIM market of the London Stock Exchange. IGH provides its
customers with a complete gaming experience offering seamless integration
between traditional sports betting and its casino products.


The Group's strategy is to enhance organic growth by focusing on selective
value-enhancing acquisitions within the online sports betting and gaming
sectors. In addition to IGH's existing customer base, the Company is actively
pursuing, under revenue share agreements, white-label opportunities with
significant brand names.


To date, IGH has made two acquisitions, namely Heathorns, the world's oldest
established bookmakers in March 2005, and Premier Bet, a fixed odds bookmaker
based in London, in August 2005. The Company, in accordance with US legislation,
does not have any operations in the US.


Further information on Interactive Gaming Holdings can be found at www.igh.com


This information is provided by RNS
The company news service from the London Stock Exchange
END

[multisync 5] 04/6/2007 10:42

Q, agreed.

RB, looks concerning I also agree. But thats all I will say on the matter for now.

Lets chat next week. Early days yet.

Re: LNG, I think you will find you are well off the mark, this time next week too.

[rbonnier] 04/6/2007 09:36

LNG going down aswell not good news for shareholders at all.As for this if it is in trouble then gcvf will repossess the companies assetts leaving the shareholders with diddly squat.Being Long on lng in a losing position Im very glad I didnt take a punt on this .

[rcktmn] 04/6/2007 08:51

Whatever the problem , it's still grim isn't it !

Still expecting this to be marked well down when it returns..will take a good while for the market to restore any confidence in IGH. (if it had any in the first place!)

[woofy4] 04/6/2007 08:49

my poiint entirley quin ... big boys never get stung even if they resign !

[quinan] 04/6/2007 08:47

Just one point I would also assume if IGH were in financial difficulties due to poor trading then they would have had to issue a TS well before results stating Trading was well below market expectations etc. As we did not see any such a TS then one would assume things were ticking over ok, so maybe this cash is to pay off John Heaton? That might also be why he is not answered my calls or e mails?

[senator] 04/6/2007 08:29

Surely they would have had to make an announcement given the speculation. If he has resigned then an RNS must surely be issued according to AIM rules. Wow, this slap is going to sting.

[rcktmn] 04/6/2007 07:47

Grim isn't it !

Expecting this to be marked well down when it returns..

Let's hope it's not all disaster when the come back and that there is some value still left in the company and..... that they have a good plan for going forward.. Good luck all.

[woofy4] 04/6/2007 07:43

As you say Quin must be solvent or how else are they going to agree a 600k facility with only 300k share warrents (which are currently worth b*gger all) .... See your above article suggests resignation ... would still guess there is some kind of severence package involved but suppose we just have to wait and hope !!!

[quinan] 04/6/2007 07:23

Well a little more of the same funny how this says the cash raised is secured against IGH assets and monies. so they do have cash and assets, well that means they are still solvent anyway?




Published: Friday, June 01, 2007 Online-Casinos.com

WHAT'S UP AT IGH?

Online gambling group suspends AIM trading amid rumours of a top management resignation

Industry speculation was rife this morning (Friday) as the news surfaced that Interactive Gaming Holdings plc shares have been suspended by the company, and unconfirmed rumours circulated that CEO John Heaton had resigned.

IGH operates UK online bookies Premier Bet and Heathorns, and delayed publication of its annual results this week on grounds that it had been unable to despatch these to its shareholders "due to unforeseen logistical issues." Consequently, the company is out of compliance with AIM regulations that require its listed companies to send shareholders year-end results no later than six months after the end of a financial year.

The company was in the business news last week when it said that it had drawn down a GBP 600 000 credit facility from General Capital Venture Finance for working capital. The loan facility carries an interest rate of 1.25 percent a month, payable monthly in arrears and is secured against IGH assets and monies.

As we went to press there had been no official comment from IGH or confirmation of Heaton's departure.

[woofy4] 03/6/2007 20:59

Either Thomas Taule is an absoulte genius at securing venture capital (according to his profile on website that is one of his specialties) .... and has manged to pull a fast one on'GCVF'..... or .... and a big or ....everything is still kosher and above board and part of the refinancing was a reduction in staff costs and the possible exit of J.Heaton requiring (and its a long time since I was involved with this and not on a plc level) notifictaion via form 2.88b to companies house for appointment of new company secretary necessary to sign of final accounts .... purely guesswork on my part .... hoping and very circumstancial ..... but might just explain 'logistical' problems ... fleeing to mexico still looks favourite .... maybe they needed the facility as part of a severence pack