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Online Poker News Archives - October 24, 2004

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Copyright 2004 Associated Newspapers Ltd.
The Evening Standard (London)

October 18, 2004

HEADLINE: Sportingbet chases funds for online poker buy

    PUNTERS today showed they cannot get enough of the online poker craze whether they are gamblers or stock market investors.

    Internet gaming stock Sportingbet announced the postponement of its latest results and a substantial fundraising exercise, possibly via rights issue, yet shares in the group jumped another 3p to 103p.

    Sportingbet said it is in advanced talks to acquire a new online poker business to supersede its current operation. Online poker has become one of the fastest-growing segments of the gaming market and is understood Sportingbet wants buy a business with a large enough user base to enable its existing customers to get round a virtual internet poker table at will.

    Postponement of the financial results, due out tomorrow, suggests the deal is close. About £36 million debt at it last update, Sportingbet said it will be raising equity to finance the transaction.

    Three-pronged tilt at Chelsfield gets under way

    SHOPPING centres giant Westfield, Australian developer Multiplex Group and the Reuben brothers have launched their £585 million bid for Duelguide, owner of property company Chelsfield. The offer is conditional on 75% acceptances and the deal is expected to be completed next month. When Chelsfield's debt taken into account, the bid will be worth £2.1 billion.

    Cairn wins green light for Indian discoveries

    SOARAWAY oil explorer Cairn Energy today passed another major milestone after winning formal approval from the Indian government to develop its huge discoveries in the country. The development area in Rajasthan, which contains the billion-barrel Mangala field, is now in Cairn's hands at least until 2020.


    PD Ports is hoping life will get a little brighter on the Stock Exchange's main market. It floated on the junior AIM exchange in July via an "accelerated IPO" (initial public offering) but will upgrade to the main market by the end of the year in the hope a higher profile will reverse its 15% share price drop.

    PD operates ports on the River Tees.

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