Wednesday 23rd April 2008 Gaming VC Receives Approach
Shares in online gambling operator Gaming VC Holdings have risen over 26 percent this week following news that an unnamed company made a preliminary approach that could lead to an offer being made for its entire issued stock.
Adrian Smith, Non-Executive Chairman for the Curacao-based firm, revealed the news late last week in a brief trading statement to the London Stock Exchange and stated that the firm is now considering the approach and would make further announcements when appropriate.
Gaming VC’s portfolio includes CasinoClub.com, CasinoClub-Poker.com and Betaland.com and its most recent financial update in November reported revenues of $62.28 million for the previous eleven months with trading ahead of expectations. The company stated that it had benefited from receiving a Maltese operating licence last year to diversify outside its core European market in Germany.
“Securing the Maltese licence and moving our core business there positions Gaming VC well to reduce legislative risk to its operations in Germany and to provide an additional platform to expand our business,” Kenneth Alexander, Chief Executive Officer for Gaming VC, said at the time of the trading update.
“We continue to believe that our year-end profits will be slightly ahead of market expectations and are confident that the business will continue to grow and diversify away from its core German business during 2008.'
UK investment firm Audley Capital Management Limited filed a notification of major interest in Gaming VC last week following its move to increase its shareholding to over 25 percent. However, there has been no official news as to who is behind this latest bid.
Source: OnlineCasinoNews
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