Quick Facts
FONT-SIZE Plus   Neg
Share SHARE
mail  E-MAIL

Pursuit Dynamics Acquires 3 Online Social Gaming And Gambling Businesses

7/15/2013 5:02 AM ET

Pursuit Dynamics Plc. (PDX.L), as per the company's announcement on 2 July 2013 regarding to the conditional agreement to sell Pursuit Marine Drive Limited and a potential reverse takeover, announced the conditional acquisition of three online social gaming and gambling businesses: Gaming Realms Limited, BeJig Limited and AlchemyBet Limited for a total consideration of approximately 12.1 million pounds and placing to raise approximately 3.4 million pounds. The Placing comprises an aggregate 26.23 million New Ordinary Shares being issued by the Company.

The Acquisitions are conditional upon, inter alia, the passing of the Resolutions and Admission. It is expected that Admission will become effective and dealings in the Enlarged Issued Share Capital will commence on AIM on 1 August 2013.

The suspension relating to the existing shares of Pursuit Dynamics will be lifted today and therefore trading in the Company's shares would recommence at 7:30 a.m, the company said.

In addition, the company proposes to undertake a Share Consolidation whereby every holding of 10 Existing Ordinary Shares will be consolidated into one New Ordinary Share.

Immediately following Completion, certain Shareholders of the Enlarged Group who are deemed to be acting in concert will hold, in aggregate, 83.66 million New Ordinary Shares and will have options over 26.15 million B Shares giving the Concert Party an interest in excess of 30 per cent. of the Enlarged Issued Share Capital.

The nature of the Company's business will be transformed by the Acquisitions and, in order to reflect its new activities, it is proposed that the Company changes its name to Gaming Realms plc.

Immediately prior to but conditional on Admission, the Directors will resign from the Board and the Proposed Directors will be appointed to the Board immediately on Admission.

The company entered into the Disposal Agreement with Cellulac for the sale of the entire issued share capital of its wholly-owned subsidiary, Pursuit Marine Drive, for an initial non-refundable deposit of 50,000 pounds and an additional cash sum of 950,000 pounds, which may become payable on 31 December 2013 or earlier, subject to certain milestones being met by Cellulac.

The company stated that its board has no current intention of paying a cash dividend to Shareholders as the Company currently intends to invest its cash reserves and any cash generated into funding the Enlarged Group's planned development.

Register
To receive FREE breaking news email alerts for Pursuit Dynamics PLC and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Stocks have moved mostly higher in early trading on Wednesday, adding to the gains posted in the two previous sessions. The major averages have all moved to the upside, although buying interest has waned since the open. Industrial production in the U.S. rose by more than expected in the month of March, the Federal Reserve revealed in a report on Wednesday, with the report also showing a notable upward revision to the pace of production growth in the previous month. The report said industrial production increased by 0.7 percent in March after surging up by an upwardly revised 1.2 percent in February. Housing starts in the U.S. showed a notable increase in the month of March, according to a report released by the Commerce Department on Wednesday, although starts still came in well below economist estimates. The report showed that housing starts climbed 2.8 percent to an annual rate of 946,000 in March from the revised February estimate of 920,000.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.