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L&G REQUESTS TRADING SUSPENSION
5/22/10 - Shock news on Friday is that Leisure and Gaming plc has requested that trading in its shares be suspended, citing a lack of working capital, although the company is in early discussions with unidentified parties with a view to obtaining further funding.
According to Reuters reports, the management may be considering the disposal of certain elements of the company’s assets, although the market was assured that there was no expectation that any offers would be made for the group. In the meantime, all the group businesses continue to carry on business as usual.
Reuters and stock exchange reports comment that the company, which has a strong Italian presence, appears to be facing cash flow problems, hence the possible tactic of selling off part of its businesses.
Management have reported that its problems stem from poor sports betting margins arising from the repeated success of dominant football teams across Europe since the start of the year, points which it raised in its most recent financial reportage.
Group directors report that they are in “early stage discussions” with as yet unidentified parties in the hope of negotiating further funding. In tandem with this, a strategic review is in progress to examine the viability of selling "certain businesses and assets in its portfolio.”
Leisure & Gaming plc is a London based holding company providing comprehensive online and land-based betting and gaming opportunities to customers in emerging, regulated European markets under the brand name “Betshop”.
Betshop is the group's principal operating subsidiary, with experience in Italy, where it has over 700 betting shops, and Mediterranean markets. The company is also active in the UK, Cyprus and Greece.
In October 2006, after passage of the UIGEA, the company sold its US-facing business including vip.com and nine.com to a private group for $1, and no longer accepts wagers from US residents.
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Final 12 For MPNPT Morocco -
Sunday on the MPN Poker Tour Morocco will see several trophies awarded at the Mazagan Beach Resort, with the largest going to the Main Event champion along with a prize of MAD 400,000 (c.€35,400).
MPNPT Morocco Updates -
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2018 MPN Poker Classic -
The MPN announces the return of The Classic tournament series this January. The series is back following its successful €350,000 guaranteed debut in 2017. This time €500,000 is guaranteed, along with a once in a lifetime trip to Monaco for the Classic Champion.
PDC and Sportradar Renew Deal -
Following this month’s hugely successful World Championship, the Professional Darts Corporation (PDC) and long-standing partners Sportradar have renewed their multi-faceted cooperation that will see the leader in sports data and content continuing in their role as official data
Poker Yaar Joins MPN -
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New MPN Poker Rooms Tower Torneos -
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NY Rangers vs. Devils on 12/21 -
When the Devils and Rangers hit the ice on Thursday (7 PM ET on MSG), so too will two of the league’s top netminders. After a slow start to the season, Henrik Lundqvist has returned to his form of old. Through 29 games, he’s posted a 2.59 goals against average, and a .920 save percentage.
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