32Red Suspends Shares Until BetDirect Sale
Published: Friday, September 28, 2007 Online-Casinos.com
32RED SUSPENDS TRADING PENDING BETDIRECT OFFER
Deal yet to be valued
Popular online gambling group 32Red.com has suspended its shares on the London market pending clarification regarding the potential sale value of its Bet Direct division (see previous Online-Casinos.com/InfoPowa report).
The company's interim results have been delayed by the ongoing nature of the negotiations regarding the Bet Direct sale, the company revealing that it had been unable to put a value on the deal. Under AIM rules, this means its six-monthly figures cannot be published.
In a statement to the London Stock Exchange the online gambling company advised: "The company expects that the half-yearly report will be published when there is greater clarity in relation to the sales process."
32Red has been in negotiations on the sale of a business which it bought 18 months ago from Sportech for GBP 12.5 million.
A spokesman for the company told eGaming Review that the delay was a "straightforward" matter. "When one has a business up for sale, you have to put a value on it. But as the negotiations are ongoing, then they have found that they cannot put a value on it. And if you put the wrong number out, then you would be guilty of misleading the market."
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