FAVOURIT CLOSED FOLLOWING AUSSIE STOCK EXCHANGE CONCERNS (Update)
Celsius Coal IPO on hold due to concerns regarding legality of Favourit Global operations in some jurisdictions.
The abrupt closure of Australian online gambling company Favourit Global last week has been explained as being a result of a failed Australian Stock Exchange listing by the new owners Celsius Coal.
Aussie media outlets have reported that the Australian Securities and Investment Commission blocked the listing on grounds that they are "not satisfied that Favourit Global is able to lawfully conduct its operations in all jurisdictions in which it proposes to carry its business, and will not conditionally approve Favourit Global reinstatement until the condition is satisfied”.
Our readers will recall that earlier this year Favourit disclosed that it had agreed to be taken over by Celsius Coal Ltd, a Perth-based company that wished to convert its core business from coal mining and exploration to online gambling through Favourit, and would file an Australian IPO in order to raise A$6 million in additional funding for the new venture.