Gaming group 24/7 Gaming is to change its name to Ameesi PLC and liquidate its existing subsidiaries as it seeks a deal to acquire a binary options trading business.
The AIM-listed company’s shares have been suspended since September when it raised £360,000 (€456,000/$564,000) through a share placing to fund the transaction costs of a potential reverse takeover.
The company said it has decided to restructure so that it can focus on the acquisition of an unnamed company offering binary options trading under the authorisation and regulation of the Cyprus Securities and Exchange Commission.
It will cease operations and funding its existing unprofitable and low revenue-generation subsidiaries including its Wannagaming casino operations and Playlogic publishing operations.
The firm said it is continuing talks with its advisors about preparing the financing for the actual acquisition and expects to make a further announcement on this in early 2015.
It did warn shareholders that the deal might not come off, and it has further spent the €154,000 in cash and cash equivalents it had at the end of June, meaning it would need to raise more funds just for working capital if the acquisition doesn’t go ahead.
source : www.igamingbusiness.com
