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Don't have an account? Click here to register.GVC reportedly faces multi-million dollar legal claim
Tue, 18th Aug 2015 08:41
(ShareCast News) - GVC Holdings is reportedly facing a multi-million dollar legal claim after a Canadian company accused it of reneging on a deal as a result of its involvement in the £1bn auction of Bwin.party.According to the Times, GVC is being sued by sports and entertainment consultancy 37 Entertainment over a 50-50 joint venture to launch two websites aimed at Canadian punters.In its petition for a "declaratory judgment" from the London Court of International Arbitration, Montreal-based 37E alleges the companies agreed to work together on the launch of two Sportingbet websites, one for Quebec and one for the rest of Canada.Under the agreement, GVC, which is currently fighting 888 Holdings for control of Bwin, would have provided all gambling products and services, while its Canadian partner would provide the marketing services. Revenues and data ownership would be split 50-50.37E claims that although the final contract was not formally signed, GVC had agreed to "all essential terms" and provided an "overwhelming number of written and verbal commitments" that it would sign.The Times said that according to the lawsuit, the signing was regarded as "a mere formality" and 37E started managing the Canadian website set up for the joint venture and received all trading reports, financial statements and internal information relating to Sportingbet's operations in Canada.37E said that in February, GVC kept delaying the signing of the contract. By May, despite the "umpteenth confirmation" from GVC that everything had been finalised, "new excuses were coming fast and furious".The Canadian company said although it was not given a reason by GVC for the refusal to sign, it was probably related to its entry into the bidding battle for Bwin.party.In a statement on Monday night, 37E said it believed that, as a result of the claim, GVC could face "potential shareholder and customer lawsuits, along with regulatory and licensing queries".A spokesman for GVC said: "This is a claim without merit. No formal agreement was reached with the company. GVC is continuously exploring new relationships... and not all opportunities reach maturity."At 0840 BST, GVC shares were down 1% at 426.50p.
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11 Jan 2016 15:42
GVC Holdings reports jump in annual revenue ahead of Bwin.party merger
(ShareCast News) - Gaming company GVC Holdings on Monday reported a 10.2% increase in 2015 net gaming revenue to €247.7m (£180.03m) ahead of its merger with Bwin.party. In a trading update for the year to 31 December, the group revealed annual results would be supported by a strong last quarter. Net
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FTSE 250 risers: Oil prices and volatile China sees shares drop
(ShareCast News) - The FTSE 250 was left sitting in a puddle by mid-afternoon Wednesday, down 184.25 points (1.07%) at 17,020.78. Low oil prices were to blame for the second tier market's biggest faller Tullow Oil as well as Cairn Energy. Both Brent Crude and West Texas Intermediate sank below $35 a
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Bwin.party ends year on high ahead of takeover
(ShareCast News) - Bwin.party ended its financial year on a high, ahead of its final results and takeover by GVC Holdings. The FTSE 250 online gambling company, in a market update on Tuesday, said its fourth quarter net revenue was up 5% on the previous year, driven primarily by sports betting and c
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London pre-open: Stocks seen higher as Asia stabilises
(ShareCast News) - London stocks are set to open higher on Tuesday on the back of a stabilisation in Asian markets following heavy losses in the previous session. The FTSE 100 is expected to start 49 points higher than Monday's close at 6,142. "After an initial wobble, shares in Shanghai and Shenzh
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16 Dec 2015 15:28
FTSE 250 movers: Strong trading leads Supergroup to top of the pack
(ShareCast News) - The FTSE 250 was on track to finish the day in the green on Wednesday, up 78.47 points (0.46%) to 17,078.03 by mid-afternoon. Supergroup led the risers after it released its half year report, showing strong trading leading to positive sales growth. The owner of popular faux-Japane
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GVC/bwin.party shareholders approve takeover deal
(ShareCast News) - Online gaming outfit GVC Holdings' takeover of bwin.party digital entertainment moved a step closer on Tuesday as shareholders of both companies approved the deal. bwin.party said 99.99 per cent of shareholders voted in favour of the deal, while 99.91 of GVC's did the same. Both
Read more17 Nov 2015 12:52
Bwin extends supply deal with Danish partner
(ShareCast News) - Bwin.Party Digital Entertainment announced a multi-year extension to its existing B2B supply agreement with Danske Licens Spil, which is the online gaming subsidiary of Danske Spil. The Danske Spil Group is 80% owned by the Danish government and is one of the largest betting and g
Read more10 Nov 2015 08:44
bwin's non-exec director steps down
(ShareCast News) - Daniel Silvers has stepped down from bwin.party's board of non-executive directors, the online gaming group said on Tuesday. Earlier this year, Silvers announced he would leave SpringOwl Asset Management to pursue commercial interests elsewhere. As a result of his decision, he cho
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