Fairground Gaming Launches IPO
Published: Friday, October 07, 2005 Online-Casinos.com
FAIRGROUND GAMING LAUNCHES IPO
London debut for investment company
Fairground Gaming Holdings plc, an investment company with reported Microgaming
links (see earlier InfoPowa reports) has launched on the London AIM stock exchange.
In a press release this week from a London PR company, the newly-established
investment company in the online gaming sector announced the commencement of
trading in its Ordinary Shares on AIM, the market operated by the London Stock
Exchange Plc,
('Admission'), under the EPIC symbol FGH.L.
Daniel Stewart & Company Plc is acting as Nominated Adviser and Broker.
Placing statistics:
Placing Price per Ordinary Share - 50p
Number of Placing Shares to be issued - 7,610,000
Number of Ordinary Shares in issue immediately following the Placing and Admission - 21,335,000
Gross proceeds of the Placing - GBP 3.8 million
Available cash resources upon Admission - in excess of GBP 8 million
Market Capitalisation on Admission - GBP 10.7 million
The Directors will use the proceeds of the placing to provide Fairground Gaming
with acquisition currency for future corporate activity, to meet the expenses
of the Admission and Placing and to provide working capital for Fairground Gaming.
The Directors believe that Admission will assist in raising the public profile
of Fairground Gaming and in future fundraisings.
According to the companys advisory, Fairground Gaming intends to build a broad-based,
diversified gaming portfolio by acquisition and thereafter by organic growth
by:
• acting as a consolidator of the fragmented online gaming sector;
• using the extensive sector and technology contacts of its directors
• to acquire majority interests in a portfolio of synergistic, cash-generative
• online gaming businesses;
• targeting smaller companies in areas such as online casinos, poker,
• bingo and skill-based gaming;
• working with Microgaming, the leading provider of software to online
casinos, to identify opportunities and to develop acquired businesses.
The Board of Directors of the company includes some impressive individuals with
a wealth of experience:
Evan Hoff (35yrs), Executive Director, co-founded and served as co-CEO
of ForwardSLASH from 1997 to 2000 which was responsible for launching and maintaining
some of the world's largest online casinos. From the end of 2000 to 2002, he
was the senior executive of Ludus Online, a company involved in the online gaming
sector. Since 2003, he has served as co-CEO of Quest Limited, a London-based
security and intelligence consultancy.
Richard Akitt (47yrs), Executive Director, was a co founder and director
of WebTech Software Limited, which was sold to Marlborough Stirling Plc in 2000.
Formerly, he held positions as both Financial Director and Commercial Director
of several local Isle of Man and International companies.
Jonathan Morley-Kirk (44yrs), Non-Executive Director, is a chartered
accountant and a non-executive director of Cardinal Resources plc and Shield
Capital plc, both of which are traded on AIM. He is currently chairman of Fox-Davis
Capital Limited.
John Webster (58yrs), Non-Executive Director, is a director of NETELLER
plc, Conister Trust plc and the Isle of Man subsidiaries of a number of international
companies. Currently Deputy Chairman of the Isle of Man Financial Supervision
Commission, he was formerly President of the Isle of Man Chamber of Commerce
and Economic Adviser to the Isle of Man Government.
Michael Hirst OBE, Adviser, currently the chairman of eCOGRA, the online
gaming industry's regulatory and player assurance body, is a former board member
of Ladbroke Plc and former Chairman & CEO of Hilton International.
Evan Hoff, Director of Fairground Gaming said:
"We see many positive opportunities for consolidation in the smaller end
of the fragmented online gaming sector and today's listing gives us the right
public profile and platform from which to rapidly grow our business through
acquisition."
