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Copyright 2004 Gale Group, Inc.
Business and Industry
copyright 2004 William Reed, Ltd.
Leisure Report
November 2004
HEADLINE: Sportingbet delays results.
HIGHLIGHT:
Betting & gaming news
BODY:
Sportingbet, the UK-listed online gaming group,
released a statement announcing the postponement of its preliminary
results for the 16 months to 31 July 2004, on the basis that it
was in "advanced discussions with a third party regarding
the potential substantial acquisition of an online poker business."
Shares in the company rose following the announcement,
despite the company stating that it would need to fund the deal
through a further equity issue. The target company is understood
to be a 'substantial' online
poker site, possibly based in the Caribbean. Sportingbet,
which is currently capitalised at about 220m [pounds sterling],
was rumoured to be on the verge of sealing the 170m [pounds sterling]
deal as Leisure Report went to press.
The company did confirm that its results were
likely to be in line with its previous indications, with operating
profit before goodwill and exceptional costs for the 16 months
"being not less than 21.7m [pounds sterling]". Current
trading was in line with the board's expectations.
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