More On 32 Red Online Casino Listing
Published: Friday, August 26, 2005 Online-Casinos.com
MORE ON 32 RED ONLINE CASINO LISTING
GBP 25 million in new capital for expansion will be sought
Online-Casinos.com & InfoPowa now has more information on the listing of 32 Red parent Trafalgar Gaming reported last week. The company aims to raise some GBP 25 million in new capital next month when it becomes the latest Internet betting company to float in London.
The Trafalgar and 32 Red IPO should be worth GBP 100 million, according to knowledgeable analysts. In contrast to some other recent floats in the sector - most notably PartyGaming, whose four founders pocketed the entire proceeds of the float and cashed in on a percentage of their shares - none of the shareholders will sell their holdings.
Affable 32 Red general manager Ed Ware, who quit his job as head of Ladbrokes' international division in 2000 to set up 32Red.com, has a 36 percent share in the business but is not intending to sell down his stake.
"The float is about raising money to invest in the business and our growth plans, and not about raising money for shareholders," he said.
The popular and highly respected company is on course to see its profits treble over the next 12 months, rising from about GBP 2 million this year to GBP 6 million in 2006, projected to GBP 12 million by 2007.
"We have come to the point where we can carry on growing organically or we can try to accelerate things. We decided we wanted to get out there and float," Ware said.
Investor roadshows for the float will begin in the next two weeks, with the issue of new shares expected early next month.
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