World Gaming Listing On London Stock Market
Published: Friday, May 20, 2005 Online-Casinos.com
WORLD GAMING LISTS
Turnkey provider raises GBP 2.5 million and sees a
market cap of GBP 19 million on first day
This week saw the listing on
the London AIM stock market of World Gaming plc, which went public under the symbol
WGP. The company has raised a total of GBP 2,499,000 at 52.5 pence (US$1.00) per
share.
Daniel Stewart & Company plc is acting as advisers and brokers
and the following placing statistics were released:
Issue Price: 52.5p;
Number of new Ordinary Shares being placed: 4,760,000;
Gross proceeds
of the Placing receivable by the Company:
GBP 2,499,000;
Net proceeds
of the Placing receivable by the Company:
GBP 2,029,000;
Proportion
of the Enlarged Share Capital represented by the Placing
Shares: 13 per cent.;
Number of Ordinary Shares in issue at Admission: 37,985,203; and
Market
capitalisation at Admission at the Issue Price:
GBP 19,262,632.
Prior
to October 2004, WG's gaming software was owned and developed solely by the group
through its wholly-owned subsidiaries. A joint venture agreement with Sportingbet
Plc was entered into in October 2004, through which the software was transferred
to an equally owned exempt liability partnership with Sportingbet.
World
Gaming currently licenses the gaming software to eleven operators, and is now
actively seeking additional quality licensees and white-label partners.
Results
for the year were the subject of a recent InfoPowa bulletin. After a reorganisation
of the group's operations in the year, turnover of $16.288 million (2003: $17.698m)
was achieved, resulting in an operating profit of $5.080 million (2003: $2.330m).
After exceptional items of $12.187m in respect of a transaction with Sportingbet
in the year, profit before tax grew to $17.370 million (2003: $3.108m).
The
following were listed as directors of the company at listing:
James Grossman,
Non-Executive Chairman: an attorney with experience in the international business,
corporate, and venture capital areas.
Daniel Moran, Chief Executive Officer:
over 15 years of international business experience, primarily in the technology
and Internet sectors. Most recently, he was the Managing Director for Sportingbet
Australia.
David Naismith, Chief Financial Officer: a qualified chartered
accountant with several years experience in Internet gaming in various jurisdictions,
most recently holding a senior finance role with Sportingbet.
Jon Moss,
Sales and Marketing Director: has 8 years senior management experience in the
e-gaming sector. Immediately prior to his appointment at World Gaming, Jon held
the position of Business Development Director at WagerLogic Limited, the licensing
and services subsidiary of CryptoLogic Inc., one of the industry's leading e-gaming
software providers.
Clare Roberts, Non Executive Director: has served
as a Director of the Company since 18 October 2000 and was Chairman of the Board
from 20 November 2002 to 11 April 2003.
Michael Cumming, Non Executive
Director: has over 35 years of experience in the field of Private Equity. He is
currently Chairman of Mercia Fund Management, Matrix Venture Fund VCT PLC, Private
& Commercial Finance Group PLC and UK Smaller Companies Tracker Trust PLC
Commenting on the listing, Daniel Moran, Chief Executive Officer said: "We
are delighted to have listed on AIM today. Given the current strength of the online
gambling market, we believe that our UK listing will offer a great opportunity
to continue the development of the Company. We are delighted to welcome our UK
institutional shareholders and look forward to driving the Company forward and
providing exceptional value for shareholders."
World Gaming is also
traded on the Over The Counter Bulletin Board market in the U.S. under symbol
WGMGY.
