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Asian Logic To Delist From London Stock Exchange

The Asia-facing online gambling group AsianLogic plc, which was accepted on to the London AIM stock exchange at the end of 2007, plans to delist as soon as it has the approval of 75 percent of its shareholders, the company announced this week.
 
The company has already secured irrevocable undertakings from shareholders representing 63.67 percent of the issued capital of the company to vote in favour of the proposal, the Proactive Investor website reports.  

AsianLogic listed on AIM in December 2007 after successfully raising GBP 40.7 million net of proceeds through placing 48.5 million shares at 111.6 pence per share. At the close of trade yesterday the company’s shares were trading at 22.5 pence.
 
The company owns and operates online casinos and poker rooms plus additional sports book venues through the Mega Sports World brand.

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A company statement said that the delisting decision had been taken due to low trading volumes in the shares, and that it hopes to complete the delisting by July 3rd 2009.
 
The company is offering to buy its shares back at 25p, an 11.1 percent premium on the current price, and is budgeting almost GBP 17 million to effect this.
 
“The market is not reflecting the value in the company or the growth opportunities it will enjoy as it refocuses on higher margin business and deposit accounts," a company spokesman said. "The first year of trading was positive but 2008 proved difficult.
 
“The board and management of Asian Logic are offering shareholders the possibility of enjoying the future growth of the company, but if [they] don’t want to carry over into the private company, they are still getting a premium on the shares.”  

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IGT Continues Partnership with Coljuegos EICE - IGT will continue its 16-year partnership with Colombian administrative gaming authority Coljuegos EICE following a public procurement process for a five-year private operator contract to run the draw-based online lottery game Baloto.

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Mega Moolah progressive jackpot slot was hit for Euro 6,078,249.33 - Identified as N.C., the player was a novice who signed up to the online casino on a new customer bonus offering 100 chances to become a millionaire for Euro 5.

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Another Attempt to Acquire Tatts - The surprise A$8.4 billion bid for Tatts late last year by the Pacific Consortium caused some consternation in the Tabcorp and Tatts boards, which were in merger talks but these concerns faded following Tatts rebuff of the consortium's offer

US Supreme Court Interested in NJ SportsBetting Case - The US Supreme Court, which is for the second year mulling whether to hear New Jersey's case for wider legalized sports betting in the United States ) has showed some interest in the case.

Ladbrokes Trading Update - The Ladbrokes Coral plc online and land gambling group has released a trading statement for the unaudited year to 31 December 2016, reporting:

Leovegas Player Wins a BMW X4 - A 23-year-old Southampton University student identified only as Leo has won a GBP 50,000 BMW X4 sports saloon car playing NetEnt's Live Casino Roulette on the Leo Vegas mobile gambling,site.

New Survey on Europe Online Gambling Regulations - The companies delivered their conclusions, which include both EU and European Economic Area technical regulations, this week.

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