World Gaming PLC
14 December 2005
FOR IMMEDIATE RELEASE 14 DECEMBER 2005
WORLD GAMING PLC
('World Gaming' or 'the Group')
COMPLETION OF ACQUISITION
The Board of World Gaming is pleased to announce that it has today completed the
acquisition of the SPORTSBETTING.COM Group.
All conditions required to be met prior to completion have now been met.
Funding for the acquisition includes a $40 million term loan from Barclays PLC
plus the previously announced placing of shares to raise £6 million for the
Group before expenses. In addition, Barclays has provided a revolving facility
of up to $5 million.
Commenting on the acquisition, World Gaming CEO, Daniel Moran said: 'The
acquisition of the SPORTSBETTING.COM Group is a significant extension of the
World Gaming Group's business. The limited integration plus the strong proven
growth makes this acquisition an ideal fit for continued organic and
acquisitive growth of the Group.'
Jamie Grant, Director Barclays Leveraged Finance commented: 'We at Barclays are
very pleased to support World Gaming Plc in this strategic acquisition. The
compelling business proposition and the enthusiasm of the management team
ensures that World Gaming is now well placed to further leverage its business
assets, and benefit from future market growth. '
World Gaming plc Tel. +1 888 883 0833
Daniel Moran, Chief Executive
Daniel Stewart Securities Tel. 020 7776 6550
Bishopsgate Communications Limited Tel: 020 7430 1600
The Ordinary Shares have not been and will not be registered under the U.S.
Securities Act of 1933 (the 'Securities Act') and may not be offered or sold in
the United States or to a U.S. person (as such term is defined in Regulations S
under the Securities Act) absent registration or an applicable exemption from
registration under the Securities Act.
Notes to Editors
World Gaming is an internet Gaming Software provider offering a comprehensive
suite of products and services for internet gaming Operators and white-label
partners. World Gaming offers a wide range of integrated online gaming solutions
including sportsbook, racing, casino and poker, supported by comprehensive
e-commerce, customer service and back-office management systems.
Through its wholly-owned subsidiaries, the Group licenses the Gaming Software
and provides a complete package of related services for which it charges a
royalty and other fees to Operators.
Prior to October 2004, the Gaming Software was owned and developed solely by the
Group through its wholly-owned subsidiaries. A joint venture agreement with
Sportingbet Plc was entered into in October 2004, pursuant to which the Gaming
Software was transferred to an equally owned exempt liability partnership with
World Gaming's Ordinary Shares are traded on the London Stock Exchange,
Alternative Investment Market ('AIM') under the symbol WGP and the Over The
Counter Bulletin Board market in the U.S. under symbol WGMGY.
Further information on the Company can be found at
This information is provided by RNS
The company news service from the London Stock Exchange