Michael Spencer Shows The Way
Published: Tuesday, February 12, 2008 Online-Casinos.com
SPENCER SHOWS THE WAY
Canny UK investor picks out Probability
The savvy London investor Michael Spencer appears to have identified the mobile gambling field as a solid opportunity, according to City financial reports this morning (Tuesday) which reveal that the respected founder of ICAP and City Index bought nearly 3.4 million shares in mobile technology company Probability at 50p a share, a 15.3 percent discount to the present share price.
Reuters news service reports that Spencer purchased GBP 1.7 million pounds in shares through IPGL, in which his family are majority shareholders. The company now holds a total of 15.8 percent of Probability and its director Matthew Wreford will join the board of the gambling firm as a non-executive director.
IPGL's gaming portfolio includes Money Gaming Corp, casual gaming site Doof.com operators and horseracing data provider Turftrax. It previously invested in online bookmaker Blue Square which was sold to Rank Group in 2003.
"I am confident that Probability can be a major player in one of the most exciting growth areas in the gaming arena over the next decade," Spencer said in a statement.
The net proceeds of the placing will be used to provide working capital for Probability to help the growth of its mobile gambling services.
Probability CEO Charles Cohen said: "I feel it is a massive vote of confidence. He has a reputation for spotting business opportunities early."
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