WILL HILL ONLINE GAMBLING BOSS STEPS DOWNIGH SHORT ON CAPITAL? (Update)

29 June 2007

GBP 750 000 needed for next year of operations

Interactive Gaming Holdings (IGH), owner of the Premier Bet and Heathorns betting and gaming brands continues to experience financial problems following the recent departure of its former CEO John Heaton (see previous InfoPowa reports). This week the company, the shares of which are suspended on the London market, belatedly published a set of full year 2006 results showing a further after tax loss of GBP 1.92 million (2005: GBP 2.33 million)

The company became a subject of speculation when it failed to produce its 2006 results on time, the CEO resigned and the shares were suspended on the AIM. In June the company disclosed that it was planning a move to Malta to reduce operating costs.

In a company statement reported by RTT News the company revealed that it is “...in advance discussions with a number of parties” in a search for necessary additional capital. One source could be an additional share placement to raise GBP 250 000 once its shares have resumed trading on the Alternative Investment Market, although no resumption of trading date has yet been made public.
The company added it was also in advanced discussions to increase its debenture facilities by a minimum of GBP 250 000 and said that a further GBP 750 000 would give it sufficient funds to operate for the next 12 months.

The 2006 loss was on an improved turnover of GBP 32.9 million (2005: GBP 8.1 million) and a gross profit of GBP 1.76 million, with operating expenses of GBP 3.5 million over the year.

Online Casino News courtesy of InfoPowa