Online Casino e-Wallet Company Sells Shares
A leading investment company has recently announced its intention to buy all of the issued and outstanding shares of one of the most popular online casino e-wallet companies. The e-wallet technology group operates a product that allows for easy money transactions for online casino players. Many online casinos have this company’s payment method available for their loyal online gambling fans.
Although many investors and industry experts have different opinions on what is best for the company, shares being sold back to the investment group looks like the best plan of attack. The investment company, which listed shares of the online casino e-wallet group on London’s Alternative Investment Market in June 2005, currently holds 74 percent of the payment technology company’s shares. The investing group’s offer of 60p per share values the entire share capital of the online casino e-wallet firm at GBP 32.4 million.
The investment group states that it will develop the business of the online casino payment company as a private company ‘…through possible alternative uses for the…Wallet and an expansion of the credit card acquiring business currently operated by the…Group.’ The online casino technology payment firm has an independent committee, which is being advised by Numis Securities which has concluded that a sale of the business is the option that would most likely deliver a certain return for the online casino payment group’s shareholders.
The online casino technology payment group’s shares closed at 53.5p on Thursday, December 14th, 2006, the last business day before the offer. The group’s shares also plummeted from 176.5p to 58.5p on October 1st, 2006, the first day of trading following the passage of the UIGEA, or Unlawful Internet Gambling Enforcement Act through the US Congress. In a world where changes occur on a daily basis, the online casino industry has been witnessing more and more buy-outs, takeovers, and mergers. This will surely continue as the winds of change continue to sweep through this popular and growing sector.