Last checked at 3 Sep 2014 07:00
24/7 Gaming Group Holdings Plc
(the "Company" or "24/7 Gaming")
Issue of equity, possible acquisition and suspension
The Board of 24/7 Gaming Group plc announces that it has today raised approximately £360,000 before expenses by way of a placing (the "Placing") of 10,285,714 new ordinary shares of no par value ("Ordinary Shares") at a price of 3.5p per Ordinary Share.
The Company has evaluated a number of acquisition opportunities and is now in advanced discussions in respect of a potential transaction which, if completed, is likely to constitute a reverse takeover under Rule 14 of the AIM Rules. The potential transaction would involve the acquisition of a company offering binary options trading under the authorisation and regulation of the Cyprus Securities and Exchange Commission. Accordingly, the Board has requested that trading in the Company's shares be temporarily suspended until such time as either an admission document is published in respect of the potential transaction or discussions in respect of the reverse takeover are terminated. It is expected that trading in the Company's ordinary shares will be suspended from 7.30 a.m. today.
The proceeds of the Placing are expected to provide working capital including the costs of due diligence and advisor fees in relation to the proposed transaction. A further, larger fundraise is likely to be required at the time of the potential transaction.
Shareholders should note that there is no guarantee that the transaction will be completed. In the event that it does not complete, it is likely that further funds will need to be raised to meet ongoing working capital requirements.
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