IGH directors resign


RIP Brian
Feb 22, 2001

Key resignations follow suspension of trading on company's shares

Beleaguered UK sportsbetting group Interactive Gaming Holdings plc took more damage this week with the disclosure to the London Stock Exchange authorities that directors Mitchell Petchenik (Executive VP) and Robert Spriddell (Non-Executive Director) have resigned effective immediately.

In a statement dated 20 August, IGH executive chairman and founder Thomas Taule said that effective immediately the company has ceased to take bets on its Heathorns and Premierbet sites pending clarification of the financial uncertainty notified on 17 August 2007 (see previous InfoPowa reports).

"The company is continuing its discussions with General Capital Venture Finance Limited and another potential funder," Taule advised.

"Mitchell Petchenik and Robert Spriddell have both resigned, as Executive Vice President and Non-Executive Director respectively, with immediate effect.

"Arbuthnot Securities Limited has resigned as the company's Nominated Adviser and Broker with immediate effect."

The company's shares will continue to be suspended from trading on AIM pending clarification of its financial position and the appointment of a new Nominated Adviser. If the company fails to appoint a new Nominated Adviser within a month its shares will be cancelled from trading on AIM.

Taule gave an undertaking that the company will make further announcements as and when appropriate.

Unpaid players may see their cash at last

The relatively small high street UK bookmaking group Jennings snapped up arguably Britain's oldest bookie brand, Heathorns this week in a deal with troubled Interactive Gaming Holdings.

IGH, which has delisted and went into administration following serious financial difficulties (see previous InfoPowa reports) sold the brand, and its indebtedness to what observers have described as "thousands of unpaid players" for an undisclosed sum. It is not known whether Jennings intends to revive the online activities of Heathorns.

Initial reports in the Times and the Daily Telegraph indicated that IGH is hanging on to its other major brand, PremierBet at least for now.

IGH chairman Tom Taule was not available for comment.
They went into administration in the end, didn't they?
I was owed 800 by Premierbet and never saw a penny.
I tried to get in contact with the adminstrators but they were not at all helpful.

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