WHAT'S UP AT IGH?

8 June 2007

Online gambling group suspends AIM trading amid rumours of a top management resignation

Industry speculation was rife last Friday as the news surfaced that Interactive Gaming Holdings plc shares have been suspended by the company, and unconfirmed rumours circulated that CEO John Heaton had resigned.

IGH operates UK online bookies Premier Bet and Heathorns, and delayed publication of its annual results this week on grounds that it had been unable to despatch these to its shareholders "due to unforeseen logistical issues." Consequently, the company is out of compliance with AIM regulations that require its listed companies to send shareholders year-end results no later than six months after the end of a financial year.

The company was in the business news last week when it said that it had drawn down a GBP 600 000 credit facility from General Capital Venture Finance for working capital. The loan facility carries an interest rate of 1.25 percent a month, payable monthly in arrears and is secured against IGH assets and monies.

Later in the week IGH confirmed Heaton's departure without disclosing reasons, and announced that it was moving to Malta.

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