Leisure And Gaming Pulling Itself Together
Published: Saturday, November 11, 2006 Online-Casinos.com
LEISURE AND GAMING PULLING ITSELF TOGETHER
Major reorganisation planned and finances reorganised
With the disruption caused by the UIGEA-spurred sell-off of all US-facing operations now past, the UK public company Leisure and Gaming has announced plans for a major reorganisation to provide a long-term future for the company.
Under the leadership of recently appointed CEO Henry Birch, the company's plans are to be put before shareholders at an Extraordinary General Meeting on November 29. Proposals include confirmation of Birch's appointment and approval for renegotiated banking facilities.
Following the sale of US-facing operations to Starwood - Stockdale Investments, headed by ex-chief executive Alistair Assheton, Leisure and Gaming's main asset is now its Betshop operations, acquired earlier this year. In terms of the deal with Assheton, L&G has retained the database of non-US customers and a copy of the proprietary Vegas Technology software.
The earn-out terms of the deal with Betshop’s previous owner Gabriel Chaleplis have been renegotiated and Chaleplis remains on the board to oversee the mainly Italian-facing online and offline operations.
A statement from the company noted that the sale to Starwood had been done without shareholder approval due to the need to get it signed before the Safe Ports Act was signed on 13 October.
The company's new strategy is to focus on the Betshop Italia franchised chain of more than 800 shops and sports betting and gaming outlets. The Betshop online operation which operates in eight languages will be run as a separate unit.
