Statement re. Suspension

1 Jun 2005 07:00

Global Gaming Technologies PLC01 June 2005 Global Gaming Technologies PLC ("GGT" or "the Company") Proposed Acquisition of Event Data Correlation Limited ("EDC") Proposed EGM and Admission to Trading on AIM 1 June 2005 On 29 March 2005 the Company announced that it had entered into a conditionalagreement to acquire the entire issued share capital of Event Data CorrelationLimited. On 31 May 2005 the Company despatched to its shareholders a circularseeking consent to the acquisition of EDC at an extraordinary general meetingconvened for Friday 24 June 2005 ("EGM"). The suspension of the Company'strading facility on AIM will be lifted today at 8am and following the EGM it isanticipated that the Company, as enlarged by the acquisition of EDC, will bere-admitted to AIM on Monday 27 June 2005. •Proposed acquisition of the entire issued share capital of EDC for a consideration of 134,166,667 new Ordinary Shares, equating to £15.094 million based on the closing middle market price of an Ordinary Share of 11.25p on 2 March 2005, the date of the Suspension. •EDC was established in 2003 by Paul Pullinger, Dominic Johnson and Chris Cleverly and has been developed to date with private funding. Summary points of the EDC business are: • EDC has developed a proprietary platform to identify and exploit trading opportunities in the fast growing and fragmented global online gaming market. • EDC's management team has extensive experience across the gaming, financials and technology sectors. • Utilising its proprietary aggregation and correlation software EDC identifies and exploits trading opportunities from the vast amounts of online sports betting data and capitalises upon the opportunities offered within this market • EDC monitors real-time (sub-second) event-based data on a continual basis across multiple betting exchanges and bookmakers. • EDC's platform has been applied initially for proprietary statistical trading of the online betting markets. •Conditional on shareholder approval of the acquisition it is proposed that the following appointments are made to the Board of GGT: • Ron Trenter (Proposed non-executive chairman), aged 60, previously with Ladbroke Group plc, Texas Homecare and Home Charm Group plc • Paul Pullinger (Proposed chief executive officer), aged 41, has over 20 years experience working in the gaming industry for Bass, Granada and Rank. • Dominic Johnson (Proposed executive director), aged 38, previously with Autonomy Corporation plc as chief marketing officer and worked at News Corporation, Channel Four and Granada Television. • Chris Cleverly (Proposed non-executive director), aged 37, a qualified barrister and founder and CEO of Sweet China plc, a publicly-quoted investment vehicle. •GGT also announces that it is seeking to raise up to £675,000 through the issue of 5,625,000 Commitment Shares and that subject to completion of the Acquisition it has raised £250,000 through the issue of 4,166,667 Placing Shares. •In view of the size and nature of the Acquisition in relation to the Company, the transaction is a reverse takeover under the AIM Rules and therefore requires the prior approval of shareholders at the EGM. Additionally, because a Concert Party will own more than 30 per cent. of the Enlarged Share Capital the Company is seeking a waiver under Rule 9 of the City Code. A resolution seeking the approval of the Waiver by shareholders will be proposed at an EGM on 24 June 2005. Enquiries: Dominic Johnson, Director, Event Data Correlation Limited tel: 020 7929 5599 John Bick, Holborn tel: 020 7929 5599 This information is provided by RNS The company news service from the London Stock Exchange