GAMING VC TAKEOVER TALKS ABANDONED (Update)

5 September 2008

Four months of talks fail to deliver a deal


The European facing online gambling group Gaming VC Holdings has drawn a line under protracted but unsuccessful takeover talks with a still unidentified suitor after over 4 months of negotiation.

Gaming VC advised the market this week that the party which made a preliminary offer for the company on April 17 (see previous InfoPowa reports) has now told Gaming VC that it does not wish to proceed at this time.

The company balanced the bad news with the positive information that it continues to trade in line with market expectations ahead of its September 18 release date for the latest results.

Audley Capital Management Ltd., which currently holds 29.3 percent of Gaming VC has requested board representation, and this is being considered by the board of directors. Audley has emphasised that it has no current plans to dispose of its stake in the company.

The board will also consider a share buy-back programme in due course.

Gaming VC operates the Casino Club, Betaland, Poker Kings, Winzingo and Casino Club Poker online gamblikng websites.

Online Casino News courtesy of InfoPowa