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Update on suspension

4 Dec 2014 07:00

RNS Number : 7881Y
24/7 Gaming Group Holdings PLC
04 December 2014
 



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

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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Date   Source Headline
6th Jun 20194:14 pmRNSHolding(s) in Company
30th May 20197:00 amRNSShare Subscription
20th May 20195:17 pmRNSHolding(s) in Company
17th May 20197:00 amRNSTrading Update
1st Apr 20197:00 amRNSDirectors provide loan, update on own brand launch
7th Mar 20197:00 amRNSBoard Change
15th Feb 20197:00 amRNSHolding(s) in Company
15th Feb 20197:00 amRNSGrant of New Options and Amendment of Options
30th Jan 20197:00 amRNSSubscription, Receivables Update and Board Changes
31st Dec 20187:00 amRNSUpdate on launch of own regulated brand
4th Dec 201812:00 pmRNSHolding(s) in Company
22nd Nov 20184:40 pmRNSSecond Price Monitoring Extn
22nd Nov 20184:35 pmRNSPrice Monitoring Extension
22nd Nov 20187:00 amRNSUpdate on receivables and operations
12th Oct 20187:00 amRNSBoard Changes
28th Sep 20187:00 amRNSInterim Results
21st Aug 20187:00 amRNSContract renewed, receivables, launch of own brand
26th Jul 20187:00 amRNSTrading Update
19th Jul 20187:00 amRNSPDMR Dealing
19th Jul 20187:00 amRNSIssue of Equity/PDMR Dealing
11th Jul 201812:36 pmRNSResult of AGM
10th Jul 201811:09 amRNSHolding(s) in Company
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26th Jun 20187:00 amRNSPosting of Annual Accounts and AGM notice
7th Jun 20187:00 amRNSFinal Results
1st Jun 201811:53 amRNSCertain related party transactions
31st May 20185:34 pmRNSNotification of Final Results
25th May 20187:00 amRNSAcquisition of database and proposed brand launch
30th Apr 20187:00 amRNSNotification of Final Results
29th Mar 20187:00 amRNSResponse to ESMA announcement
26th Mar 20187:00 amRNSBoard & Senior Management changes
22nd Mar 20187:00 amRNSeSports partnership provides Bet90 opportunity
16th Mar 20187:00 amRNSUpdate on potential acquisition
15th Mar 20187:00 amRNSFurther partnership with eSports.com
16th Feb 20187:00 amRNSExercise of options
5th Feb 20187:00 amRNSTrading Update
1st Feb 20187:00 amRNSPotential acquisition of sportsbook operation
17th Jan 20187:00 amRNSAcquisition of Crypto Wallet service provider
11th Jan 20187:00 amRNSSecondary Frankfurt Listing & Director Dealing
4th Jan 20187:00 amRNSAppointment of new broker
21st Dec 20177:00 amRNSBlockchain and Cryptocurrency
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28th Nov 20177:00 amRNSTrading Update
20th Nov 20177:00 amRNSBoard changes
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23rd Oct 20177:00 amRNSBet90 sponsorship FPF Brazil
11th Oct 20177:00 amRNSEsports.com Partnership
6th Oct 20177:00 amRNSChange of Adviser
19th Sep 20174:38 pmRNSIssue of Equity
18th Sep 20175:52 pmRNSDirector/PDMR Shareholding

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