TALARIUS' HARDING TAKES UP NEW APPOINTMENT

30 November 2007

BACTA president on the move to investment company


Nick Harding (49) the former CEO of UK gambling company Talarius, which was acquired by an Australian partnership earlier this year, has joined London-listed Aldgate Capital plc as CEO.

Aldgate is the investment vehicle of hedge fund Marwyn Investment Management LLP and there are apparently plans to take advantage of consolidation opportunities in the gambling industry.

Harding is well connected if that is the case; he is the current national president of BACTA, the industry body representing the British pay-to-play leisure industry, a trustee of the Responsibility in Gambling Trust and an advisor to gambling care charity GamCare. On the professional side he has over 25 years’ experience in the leisure and entertainment sector. He has previously held senior management positions at Coral, Rank and Bass and was the founding chairman of iGGBA, the UK’s first interactive gaming association. Most recently, Harding was CEO of Talarius plc.

Aldgate Capital does not currently have a stellar record and seems to have made little progress thus far; it was admitted to AIM on 11 April 2006 with a broad strategy to acquire and manage companies and businesses "...in sectors where the Directors believe there are opportunities for consolidation, with particular focus on sectors undergoing structural, technological and/or regulatory change."

Interim results for the period from 1 January to 30 June 2007 show that profit before taxation for the period ended 30 June 2007 was GBP 39 000 resulting from interest income on the company's cash balances, less administrative expenses. As at 30 June 2007, Aldgate Capital's net cash balances amounted to GBP 4 528 000.

Other members of the Board are chairman David Williams, Mark Watts and James Corsellis - all also directors in Marwyn
Partners Limited. During the period Aldgate paid fees of GBP 35 250 to Marwyn Partners Limited for office and infrastructure costs under the terms of their arrangement as disclosed in the AIM admission document. Aldgate owed Marwyn Partners Limited GBP 5 875 as at 30 June 2007.

Interestingly, however, the stock spiked very sharply upward around the beginning of November and is now in the 21 area.

A company statement this week reveals that Aldgate’s strategy will be to pursue acquisition and consolidation opportunities in the low-stake, high-volume gaming sector in the UK and Europe. Identified opportunities will include, but not be limited to, family amusement centres, adult gaming centres, casino gaming and certain sports betting and bingo business operations.

Commenting on Harding’s appointment, chairman David Williams said: “We are delighted that Nick has joined Aldgate. He has a vast range of experience in the gaming industry and we look forward to helping him build the group from its current small base by taking advantage of the numerous opportunities which currently exist across the gaming sector.”

Aldgate also announced the appointment of Numis Securities Limited as the company’s nominated adviser and broker.

Online Casino News courtesy of InfoPowa