Last checked at 4 Dec 2014 07:00
24/7 Gaming Group Holdings Plc
(the "Company" or "24/7 Gaming")
Update on Suspension
The Board of 24/7 Gaming announces that it is progressing with the acquisition process announced on 3 September 2014, 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.
In order to focus on this potential transaction, the Directors have initiated a restructuring of the Group. As part of this process the Directors intend to change the Company's name to Amesi plc, which the Directors believe constitutes a more relevant link to the binary options operations as Amesi translates to "immediate" in Greek. The formal process of name change has been initiated and a further announcement will follow when this is completed.
Furthermore, as part of this restructuring in preparation for the anticipated reverse takeover, the Directors have decided that the Company will cease operations and further funding of its non-profitable and low revenue generating subsidiaries and as part of this process have initiated the liquidation of these subsidiaries including its Wannagaming casino operations and its Playlogic publishing operations.
The company is in continuing discussions with its advisers in preparation for the financing in relation to the acquisition and expects to make a further announcement in early 2015.
Shareholders should note that there is no guarantee that the transaction will be completed and that, since 30 June 2014, when the Company had Cash and cash equivalents of c.€154,000, the Company's operation have absorbed further cash. In the event that the proposed acquisition does not complete, and given the Company's very limited available funding, it is likely that further funds will need to be raised to meet the Company's 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
Westhouse Securities +44 (0)20 7601 6100
Antonio Bossi