PartyGaming Rains On Cassava Parade
Published: Thursday, September 15, 2005 Online-Casinos.com
PARTYGAMING RAINS ON CASSAVA PARADE
Stock value for 888 Gambling Group IPO cut
Last week's much publicised comment by the PartyGaming CEO Richard Segal that online poker was slowing down had a predictable impact on the IPO being put together by Cassava Enterprises this week.
UK newspaper the Daily Mail reported that the Internet gambling company is to cut the value of the stock exchange float for its online casino 888.com by at least 20 percent.
The London flotation will now be valued at between GBP 550 million and GBP 650 million, the newspaper reported, citing an unnamed source close to the flotation. Original speculation was that the value might be as high as GBP 1.5 billion.
Later reports suggested that the price had been set at between 162- 212 pence per share, which will give it a market value of up to GBP 714 million.
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