Worldlink Grp Regulatory News (WGP)

13 Oct 2006 12:56

World Gaming PLC13 October 2006 World Gaming plc(AIM) "The Company" Appointment of administrator and director resignations Following the announcement released by the Company on Monday 9 October relatingto the suspension of trading, the Directors of World Gaming announce that theyhave now determined that they are unable to continue the Company's US facingoperations should the Unlawful Internet Gambling Enforcement Act ("the Act") besigned by the U.S. President. This decision follows discussions with all keyparties and after receiving appropriate legal advice. These operationscontributed the overwhelming majority of the Company's revenues for the year todate 2006. The Board has consequently notified its secured creditor of the discontinuationof its U.S. facing operations conditional upon signing of the Act. The securedcreditor has subsequently concluded that it is reasonably likely thatadministration will achieve a better result for the Company's creditors thanwould be likely if the Company were to be wound up. Accordingly, AndrewAndronikou and Peter Kubik from UHY Hacker Young have been appointed jointadministrators by the Company's secured creditor in respect of the Company andcertain subsidiaries. The Board further announces that at a board meeting of the Company held thismorning in London, United Kingdom, Friday 13 October, Daniel Moran, DavidNaismith, Jonathan Moss and Michael Cumming each resigned from the board of theCompany as Chief Executive Officer, Chief Financial Officer, Sales and MarketingDirector and non-executive director, respectively. The Board expects that the administrator will make further announcements in duecourse. 13 October 2006 Enquiries: UHY Hacker Young Tel: +44 20 7216 4600 Andrew Andronikou Peter Kubik Daniel Stewart & Co plc Tel: 020 7776 6550 Ruari McGirr College Hill Tel: 020 7457 2020 Matthew Smallwood Jamie Ramsay This information is provided by RNS The company news service from the London Stock Exchange