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Online Poker News Archives - November 2004

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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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