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PR: 32Red raises 5.3m in Placing at 140p per share

Discussion in 'Casino Industry Discussion' started by Casinomeister, Mar 29, 2006.

    Mar 29, 2006
  1. Casinomeister

    Casinomeister Forum Cheermeister Staff Member

    Occupation:
    Homemaker
    Location:
    Bierland
    32Red Plc
    (32Red or the Company)

    32Red raises 5.3m in Placing at 140p per share

    32Red Plc, the UK facing online casino and poker operator, is pleased to announce that it has raised approximately 5.3m (before expenses) in a placing (the Placing), primarily with new institutional investors, arranged by Numis Securities Limited (Numis).

    The Placing involves the issue of 3,766,500 new ordinary shares in the Company at a price of 140p per share. The Placing shares are equivalent to approximately 8 per cent. of the Companys existing ordinary share capital, and when issued, will represent approximately 7.4 per cent. of the Companys enlarged issued share capital.

    The Placing will widen the Companys shareholder base and increase liquidity. Proceeds will be used for the expansion of the Companys marketing programme. In addition, the Company continues to look at acquisition opportunities within the online gaming industry.


    Commenting on the announcement, Ed Ware, 32Reds Chief Executive Officer, said:

    It has been our intention since Admission to AIM last September to widen the shareholder base and raise capital to invest in 32Reds future growth.

    We are delighted to have raised these funds, which will enable us to step up our focused marketing programme and enhance 32Reds profile and brand recognition. The additional capital will also give us increased resources to pursue strategic acquisitions that we feel would be complementary to 32Reds existing offering.

    29 March 2006


    Enquiries:

    32Red Plc Tel: 00 35 049 396
    Ed Ware, CEO
    Simon Dimmer, Finance Director

    Numis Securities Limited Tel: 020 7776 1500
    Chris Wilkinson
    Andrew Dawber

    College Hill Associates Tel: 020 7457 2020
    Tom Baldock

    32Red Plc is an award winning UK-focused online gaming business predominantly comprising two distinct activities: casino and poker. The Company offers customers over 200 online casino games (including roulette, blackjack and slot machines), played against the house. The Company also operates a multiplayer online poker room. 83% of the Companys customers are based in the UK and Ireland.

    Under the Placing the Company has raised 5.3m before expenses (and approximately 5.0m after expenses). The Placing has been arranged and underwritten by Numis and is conditional on the placing agreement between 32Red and Numis becoming unconditional and not being terminated prior to 3 April 2006, the expected date of admission of the new shares, or such later date (not being later than 11 April 2006) as 32Red and Numis may agree. The new shares will rank pari passu in all respects with the existing ordinary shares of 0.2p each in issue. It is expected that dealings in the new shares will commence on AIM on 3 April 2006.
     

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