Last checked at 9 Jun 2014 07:00
24/7 Gaming Group Holdings Plc
(the "Company" or "24/7 Gaming")
Posting of notice of annual General Meeting
24/7 Gaming announces that is has posted to shareholders a notice of Annual General Meeting to be held at 10.00 a.m. on 25 June 2014 at 33-37 Athol Street, Douglas, Isle of Man IM1 1LB together with a copy of its Annual Report for the year ended 31 December 2013.
Conversion of certain outstanding debts
As part of the Annual General Meeting, the Directors are seeking authorisation from shareholders to issue shares deriving from the conversion of certain outstanding fees and loans into ordinary shares of the Company ("Ordinary Shares") at a price of 5p per Ordinary Share.
The Company has agreed to convert into equity a loan with a former employee of the Company at a price of 5p per share and therefore the board has agreed to issue 2,214,000 new Ordinary Shares of the Company.
In addition, further to the announcement of 19 February 2014, Willy Simon and Mark Rosman, both Non-Executive directors of the Company, David Mathewson and Rogier Smit, both Executive directors of the Company and Marcel Noordeloos, Corporate Controller of the Company, have proposed to the Company to subscribe for a further 1,929,359 new Ordinary Shares in lieu of fees outstanding to them at a price of 5p per share.
The Board also proposes to convert certain other loans totaling €450,000 into 7,380,000 New Ordinary Shares at a price of 5p per share.
The Company will seek the authority from shareholders at the Annual General Meeting to issue the new Ordinary Shares deriving from the conversions of these loans and outstanding fees and further announcements will be made once the application for admission to AIM of the new Ordinary Shares has been made.
For further information please contact:
24/7 Gaming +31 (0)20 676 03 04
David Mathewson, Executive Chairman
Rogier Smit, COO
Newgate Threadneedle +44 (0)207 653 9850
Graham Herring
Adam Lloyd
Robyn McConnachie
Westhouse Securities +44 (0)20 7601 6100
Antonio Bossi