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Name | Symbol | Market | Type |
---|---|---|---|
Spdr Glob Infra | LSE:GIN | London | Exchange Traded Fund |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.10 | -0.39% | 25.80 | 25.75 | 25.85 | 353 | 16:35:02 |
RNS Number:1562T Gaming Insight PLC 11 December 2003 GAMING INSIGHT PLC ("GIN" or "the Company") FURTHER RE SUSPENSION As further explained below, GIN is actively working towards a lifting of the suspension of trading of its shares on AIM. Gobarkingmad Limited ("GBM"), the principal trading subsidiary of GIN, was incorporated in April 2000 with a view to broadcasting live greyhound racing over the internet and a dedicated television channel and taking bets on its interactive betting platform. GIN funded GBM's business. GBM planned to launch its interactive betting channel on Sky television in mid 2001 and entered into a number of significant contractual commitments to enable it to so. However, due to software and technical problems the launch was delayed until June 2002. The financial effects of this delay were to materially increase GBM's start-up costs. Following the launch of GBM's television channel, revenues were materially below expectations as a result of lower than expected levels of business, on-going problems with the software, lack of UK racing rights and intense competition within the industry. Appropriate action was taken to reduce GBM's cost base and, where possible, to renegotiate supplier contracts. However, the cost base of the business remained unacceptably high. Considerable efforts were made to increase GBM's level of business by securing domestic racing rights and entering into joint ventures but these were ultimately unsuccessful and trading in GIN's shares was suspended pending clarification of its financial position. In March 2003, GIN engaged external consultants with considerable gaming expertise to review the business and assist the board in formulating the strategy of the Company going forward. Since suspension, the consultants have continued to work with the board of the Company looking at a variety of potential new businesses in the same sector as well as future funding. In order to allow GIN to develop its future strategy, Highland Fund Advisors advanced a loan of #325,000 in June 2003. Today Highland Fund Advisors and Brookspey Limited (a company controlled by Mr. Nigel Robertson, the Chairman of GIN) have agreed to grant GIN a facility of #500,000 of which #100,000 has been made available immediately and the balance of which will be advanced on 15 January 2004. On receipt of the full amount of the facility, GIN proposes to publish its report and accounts for the year ended 31 December 2002 and the interim results for the six months ended 30 June 2003 and to seek a lifting of the suspension of trading in its shares. Victor Chandler has resigned as a Director of the Company with effect from 10 December 2003 in order to concentrate on his other business interests. The board would like to thank him for his valuable contribution to the company. This information is provided by RNS The company news service from the London Stock Exchange END FUREADAFFLNDFFE
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