PRESS RELEASE
Cessation of Offer Discussions and Corporate Update
02 September 2008
The board of directors of Gaming VC Holdings S.A. (the "Company") announces that it has been informed by the party which made the preliminary approach notified on 17 April 2008 that it does not wish to proceed with an offer for the Company at this time.
The Company confirms that it is continuing to trade in line with market expectations and that it expects to announce its interim results for the 6 months to 30 June 2008 on 18 September 2008.
The Company is considering a request for board representation from Audley Capital Management Limited ("Audley"), which currently holds 29.3% of the issued share capital of the Company. Audley has confirmed that it has no current plans to dispose of its shareholding in the Company.
The board will also consider a share buy-back programme in due course.
For further information:
| Gaming VC Holdings S.A. | |
| Kenneth Alexander, Chief Executive Officer | Tel: +44 (0) 20 7398 7700 |
| Adrian Smith, Non-Executive Chairman | www.gamingvc.com |
Arbuthnot Securities Limited |
Tel: +44 (0) 20 7012 2000 |
| James Steel / Paul Vanstone, Corporate Finance | www.arbuthnotsecurities.co.uk |
Media enquiries:
| Abchurch | |
| Chris Lane / Stephanie Cuthbert | Tel: +44 (0) 20 7398 7718 |
| stephanie.cuthbert@abchurch-group.com | www.abchurch-group.com |
Notes to editors
Gaming VC is a leading European online gaming company. The Group is headquartered in Luxemburg and is licensed in Malta, Italy and the Netherlands Antilles.
Gaming VC's management team has a wealth of experience in the gaming industry and has a significant track record in successfully identifying and penetrating new markets. The Group is focused on delivering an innovative product offering and is dedicated to providing sophisticated Customer Relationship Management (CRM) to ensure high levels of customer satisfaction.
Gaming VC uses Internet marketing and affiliate networks for customer acquisition and customer retention purposes.
In December 2004, Gaming VC's shares were admitted to the AIM market of the London Stock Exchange. Gaming VC has no and has never had any operations in the US and has never transacted wagering activity by players in the US.
Further information on the Company is available at www.gamingvc.com.