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First Day of Dealings

31 Jul 2013 07:00

RNS Number : 5194K
24/7 Gaming Group Holdings PLC
31 July 2013
 



 

EMBARGOED FOR RELEASE AT 7AM, WEDNESDAY 31 JULY 2013

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART IN OR INTO THE UNITED STATES, THE RUSSIAN FEDERATION, CANADA OR JAPAN OR IN TO ANY OTHER JURISDICTION WHERE SUCH AN ANNOUNCEMENT WOULD BE UNLAWFUL

 

 

31 July 2013

24/7 Gaming Group Holdings plc

(the "Company" or "24/7")

 

First day of dealings on AIM

 

24/7, the holding company for a group which provides services to the fast growing mobile gaming industry for smart phones and tablets, is pleased to announce the admission today of its ordinary shares to trading on the AIM market of the London Stock Exchange and the commencement of dealings in its ordinary shares under the ticker 247.

 

On Admission, the Company has 146,732,127 ordinary shares in issue, giving the Company a market capitalisation of approximately £70m.

 

Following Admission, the Group will execute its planned new player acquisition marketing campaigns.

 

Westhouse Securities are the Company's Nominated Adviser and Broker.

 

Overview of 24/7

24/7, headquartered in the Isle of Man, has two business divisions:

1) Services to the fast growing mobile casino gaming industry under the brand name, WannaGaming. WannaGaming. WannaGaming is an advertiser and promoter of mobile gaming, powered by Microgaming. WannaGaming players register at its website and can experience mobile casino games on their smart phones and tablets. The Group is currently exclusively focused on the fast growing mobile segment of the market in the UK.

 

2) The Group also publishes non-gaming video games for Sony consoles under the brand name Playlogic. The Directors anticipate that the Group's console division will generate only a small proportion of the Group's overall future revenue.

 

The Group expects to generate above average returns for shareholders by monetising and expanding its player base within the mobile gaming industry. The Group intends to increase its marketing activities in existing markets and to target new territories with its plans for fully localised, territory specific, games.

In addition, the Directors believe that real play gaming (i.e. where users play with real money) could be possible in regulated territories on game consoles and that the Group will be in a strong position to exploit synergies between WannaGaming and its Playlogic console division.

Further information on the Company can be found on its website: www.247gaminggroup.com

Market overview

 

The Directors believe that the mobile gaming industry is undergoing rapid change and growth and that as an early mover into this market, the Group is well placed to take advantage of the opportunities emerging within this market. Gartner estimated that in the first half of 2013, global sales of smart phones reached c. 210 million, an increase of 42.9% from 2012, while Juniper Research anticipate that wagers placed via smart phones will grow to US$100 billion by 2017.

 

Rogier Smit, CEO of 24/7 Gaming Group, commented, "Our mobile casino portfolio is fully available on all smart phone and tablet devices. The results of our marketing and player acquisition so far have demonstrated the tremendous opportunity in mobile gaming. We are well positioned to gain a strong foothold in the new and fast growing multi-billion dollar casino market and our status as a public company will help us as we expand our presence in new and existing markets. The listing will enable us to execute our business strategy and planned player acquisition marketing campaigns in the UK and new international markets.

 

We are delighted to be joining AIM and look forward to creating value for our shareholders."

 

For further information please contact:

 

24/7 Gaming Group

+31 (0)20 676 03 04

Rogier Smit, CEO

Marcel Noordeloos, CFO

Newgate Threadneedle

+44 (0)207 653 9850

Graham Herring

Adam Lloyd

Robyn McConnachie

 

 

 

Westhouse Securities

Antonio Bossi

Paul Gillam

Jonathan Haines

+44 (0)20 7601 6100

 

Capitalised terms used in this announcement have the same meaning as defined in the Admission Document dated 25 July 2013, published by the Company.

 

ABOUT 24/7

 

24/7 Gaming Group Holdings Plc is specialised in providing gaming entertainment on various platforms.

The groups approach towards their players provides an experience that is personal and direct.

This interaction with their players is realised by applying a combination of new technologies.

Technology is also the driver in the group's efficiency in attracting new players and pursuing player satisfaction.

 

MARKET

The WannaGaming Mobile Casino is currently only available in English and is actively marketed only in the United Kingdom. The Company is planning to localise the entire casino and associated services (banking, help desk and retention programs) into other languages in the near future. The Directors consider wagering via smart phone or tablet to be the newest and fastest growing segment in the gaming market. Mobile technology is developing at a fast rate, smart phone and tablet users are often looking for new ways to use their devices and developers are presenting players with new and innovative games for user consumption. Juniper Research has stated that the convenience of gambling on a smart phone is an advantage for gambling operators seeking to utilise mobile platforms. The Directors consider that, connectivity permitting, users are - given that mobiles are largely with users 24 hours a day - theoretically always able to place a bet. They believe also that the added privacy offered by mobile gambling is attractive to potential gamblers.

Worldwide mobile phone sales to end users totalled nearly 426 million units in the first quarter of 2013, a slight increase of 0.7 per cent from the same period last year, according to Gartner Inc.;(2) of these mobile phones, worldwide smart phone sales totalled 210 million units in the first quarter of 2013, up 42.9 per cent from the first quarter of 2012. The Directors believe that a rising demand for cross-border gaming will lead to further erosion of in-country or in-state limits to gaming over the next five years which would allow the Company to access an increasing number of markets. In particular, if mobile gambling is further legalised in the United States, the Directors expect to see an influx of mobile slots, table games and other applications focused on that region.

Juniper Research has estimated that wagers via mobile devices across all forms of gambling will reach US$100 billion by 2017. The Directors believe that now is the ideal time for casino operators to start launching mobile casino games if they want to be involved in what they consider to be a lucrative market.

 

OBJECTIVE AND STRATEGY

WannaGaming's objective is to attain significant market share in the expanding mobile casino market for smart phones and tablets. WannaGaming uses several technologies that enable it to track and monitor activity and player acquisition results. These technologies also enable WannaGaming to optimise player acquisition results. This results in a decrease of acquisition costs per player and an increase in lifetime player yield. All marketing activities and subsequent results are closely tracked and monitored and continuously optimised.

 

THE BOARD OF DIRECTORS

Willy J. Simon (62) (Non-Executive Chairman)

Willy was on 24/7 Gaming Group NV's supervisory board from February 2011 until 23 April 2013. On 24 April 2013 he was appointed Chairman of 24/7 Gaming Group Holdings plc, the new holding company for the Group. In addition, he was a director of Playlogic Entertainment Inc., a NASDAQ OTC listed company. He served as a non-executive director of Redi & Partners Ltd., a fund of funds until December 2012 and as a director of IMC Holding and chairman of Bank Oyens & van Eeghen. He also acted as an advisor to the Board of NIB Capital from 2001-2002. From 1997-2001, he was an executive member of the Board of Generale Bank NL.

 

Rogier W. Smit (38) (Chief Executive Officer)

Rogier graduated with a BBA degree from the European University of Brussels and holds a MBA from the European University of Barcelona. He was the co-founder of Playlogic International NV and Playlogic Game Factory BV in 2001, working in various management positions at those two companies, and he was a director of Playlogic Entertainment Inc., a NASDAQ OTC listed company. Rogier founded 24/7 Gaming Group NV, the Group's main operating company, in 2010 and is its chief executive offer. Rogier has been a director of the Company since its incorporation.

 

Marcel Noordeloos (45) (Chief Financial Officer)

Marcel holds an RA Degree (the Dutch equivalent of a CPA Degree) from the University of Amsterdam. He started his career with Pricewaterhousecoopers (1992 - 2001), before joining Nike's EMEA Headquarters (2002 - 2006), where he held several management positions. Prior to becoming chief financial officer of 24/7 Gaming Group NV, Marcel was controller at Playlogic International NV between 2006 and 2009 and chief financial officer from March 2009 until September 2010. In addition, he was a director of Playlogic Entertainment Inc., a NASDAQ OTC listed company. Marcel was appointed to the Company's board on 10 July 2013.

 

Erik L.A. van Emden (65) (Non-Executive Director)

Erik was on 24/7 Gaming Group NV's supervisory board from February 2011 until 23 April 2013. On 24 April 2013 he was appointed to the Company's board. From 1993 he was an attorney and partner with Bosselaar & Strengers, a law firm based in Utrecht, the Netherlands, until his retirement in July 2012, specializing in corporate law. He was previously a board member of the Amsterdam Stock Exchange, a member of the executive board of Credit Lyonnais Bank Nederland NV and also held positions at Barclays Bank and Algemene Bank Nederland during his career. Erik was a member of the supervisory board of Playlogic International NV from 2003 until 2010 and he was a director of Playlogic Entertainment Inc., a NASDAQ OTC listed company. He currently serves as a director of several private Dutch companies.

 

John H. Harley  61) (Non-Executive Director)

John was appointed to the Company's board on 10 June 2013. John is a Chartered Accountant with 27 years' experience as a partner with PwC and Ernst & Young, who led the turnaround of a number of PwC and Ernst

& Young practices before successfully developing the growth of each business. Between 1997 and 2005 he focussed on the TMT sector, and between 2005 and 2008 he led the Ernst & Young initiative to change its strategy for client service globally in a business with global revenues of US$21.1 billion in 2007. He was Head of EMEIA Private Equity from 1 January 2008 to 30 June 2009 and Global Private Equity Leader from 1 July 2009 to 28 February 2011.

 

David Mathewson (65) (Non-Executive Director)

David was appointed to the Company's board on 24 April 2013. Between June 2010 and May 2011, he was a non-executive director of Playtech Limited, one of the world's leading publicly traded online gaming software suppliers and from May 2011 to December 2012, he was its chief financial officer. Previously David has acted in a number of positions as non-executive director, including at Edinburgh UK Tracker Trust plc, Robertson Group Limited and as non-executive chairman of Asian Growth Properties Limited and Sportech plc.

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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