GAMING VC HOLDING ITS OWN
18 December 2009
Trading updates show improvements on previous
year so far
Despite the tough business environment, the
European-facing online gambling group Gaming VC Holdings
SA appears to be holding its own in a trading update
issued midway through the final month of its trading
year.
Excluding revenues from Betboo, the
recently acquired South American online gaming business,
the average daily revenues in Q4-09 have increased by 30
percent from the same period last year to Euro 166 000
(Q4-08 Eur 128 000).
Gaming revenues in Q4-09
have been averaging Euro 124 000 (Q4-08 Euro 107 000)
while Sports revenues have been averaging some Euro 42
000 (Q4-08 Euro 21 000).
Sports margins in Q4-09
have been averaging 29.5 percent (Q4-08 11.1 pc)
The Sports margins derive mainly from the Group's
Betaland brand licensed in Malta.
Gaming VC
expects to complete the sale Betpro, it's brand licensed
in Italy, to a third party for a nominal sum imminently.
The effective date of disposal is 31 August 2009 and
hence the figures in Q4-09 exclude the results of that
business. The Net Gaming Revenues from Betpro for the 8
month period to 31 August 2009 amounted to Euro 500 000,
less than 2 percent of the group's total NGR over the
same period.
Group NGR, excluding Betboo, for the
350 day period from 1 January 2009 to 15 December 2009
have been Euro 50 million, compared to Euro 48 million
for the 350 days to 15 December 2008, and Euro 50.1
million for the 12 months ended 31 December 2008.
Additionally, revenues from the newly acquired
Betboo business have been averaging BRL 31 000 (Euro 12
000) per month in the period since it was acquired on 2
July 2009.
The Group had Euro 18.3 million in
cash at bank at close of business on 11 December. Gaming
VC has already paid Euro 12.5 million in dividends
during 2009.
The trading statement refers to the
company's intention to shift domiciles from Luxembourg
to the Isle of Man (see previous InfoPowa reports) and
includes the statement:
"For legal reasons, the
restructuring is slightly different to that originally
envisaged, in that it is now expected to involve the
hive-down of the Luxembourg holding company's assets and
liabilities to a newly incorporated Isle of Man
subsidiary followed by a liquidation of the Luxembourg
holding company and in specie distribution of the shares
of the Isle of Man company to shareholders.
"This may give rise to a taxable event for certain
shareholders – further details will be set out in the
circular and shareholders should take their own advice
on any taxation implications for them. The Directors
continue to believe that redomiciliation would be in the
interests of the company with benefits expected to
include:
* The absence of a 15 percent Luxembourg
withholding tax on dividends
* The application of
the Takeover Code to the new Isle of Man holding company
* The eligibility of the shares in the new Isle of
Man holding company for CREST
* More modern
corporate law
* The ability to facilitate special
dividends or share buy-backs
Online Casino News Courtesy of
Infopowa
More news here.
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