World Gaming floats at the London AIM
May 20, 2005
This week saw the listing on the London AIM stock market of World
Gaming plc, which went public under the symbol WGP. The company
has raised a total of GBP 2,499,000 at 52.5 pence (US$1.00) per
share.
Prior to October 2004, WG's gaming software was owned and developed
solely by the group through its wholly-owned subsidiaries. A joint
venture agreement with Sportingbet Plc was entered into in October
2004, through which the software was transferred to an equally owned
exempt liability partnership with Sportingbet.
World Gaming currently licenses the gaming software to eleven operators,
and is now actively seeking additional quality licensees and white-label
partners.
Results for the year were the subject of a recent InfoPowa bulletin.
After a reorganization of the group's operations in the year, turnover
of $16.288 million (2003: $17.698m) was achieved, resulting in an
operating profit of $5.080 million (2003: $2.330m). After exceptional
items of $12.187m in respect of a transaction with Sportingbet in
the year, profit before tax grew to $17.370 million (2003: $3.108m).
Commenting on the listing, Daniel Moran, Chief Executive Officer
said: "We are delighted to have listed on AIM today.
Given the current strength of the online gambling market, we believe
that our UK listing will offer a great opportunity to continue the
development of the Company. We are delighted to welcome our UK institutional
shareholders and look forward to driving the Company forward and
providing exceptional value for shareholders."
World Gaming is also traded on the Over The Counter Bulletin Board
market in the U.S. under symbol WGMGY.
InfoPowa news contributed to this report
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