Cloud Online Operations To Float On London Stock Exchange
Published: Friday, October 07, 2005 Online-Casinos.com
CLOUD ONLINE OPERATIONS TO FLOAT ON LONDON STOCK EXCHANGE
Company valued by analysts at GBP 140 million
Well known online casino owner Warren Cloud and his Real Time Gaming powered Crystal Gaming group hit the Sunday Times of London headlines this week with a reported intention to list on the London AIM exchange with a value of GBP 140 million.
Cloud's group is the latest major online gambling group to seek a public listing in London, following the example of companies like Party Gaming and 888.com.
Crystal Group is, according to the Sunday Times report based on the Isle of Man and is believed to have appointed the respected investment company Seymour Pierce to advise on the listing, expected to put a value of GBP 140 million on the firm.
Crystal claims to be the third-largest online casino on the basis of the number of visits to its sites, which include Crystal Palace Casino. Warren Cloud, the 32-year-old South African founder of the business, and his family will retain a 45 percent stake in the company.
Seymour Pierce is confident that the group's track record - in the 12 months to June 2005 the group made a pre-tax profit of US $20.4 million - and the fact that the management are not selling shares will attract investors.
The expected GBP 47 million raised from the float will be used by Crystal to develop an online poker business.
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