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Party Gaming goes Public
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| JUNE 27, 2005 |
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Party Gaming, the company behind Party Poker has taken their company public, valued at over $10 Billion US.
Party Gaming released news on June 2nd, 2005 that it's intentions were to take the gaming company public. Party Gaming has revealed 2004 profits of US$391m and appointed two non-executive directors in a sure sign it is going ahead with a US$10bn listing on the London Stock Exchange this summer. Unaudited EBIDTA profits for Party Gaming, before share option expenses, are ahead of market expectations of US$350m, and are also a stunning 65% of annual revenues of US$602m. The firm, which is the parent company of Party Poker, is now widely expected to push ahead with plans for an IPO in July.
The valuation of Party Gaming is believed to be in the region of US$10bn, which will make it the largest listed online gaming company at five times the size of Sportingbet.
Party Gaming made the announcement after completing its strategic review, which was undertaken by investment banks Investec and Dresdner Kleinwort Wasserstein (DrKW). But the firm said it has solely retained DrKW to advise on the potential float to the surprise of some analysts who had expected both banks to handle what will probably be the largest IPO on the London Stock Exchange this year.
June 27, 2005 Press Release:
PartyGaming, one of the world's leading online gaming companies, today announces the successful pricing of its offer of existing ordinary shares ("Shares") to institutional investors (the "IPO" or the "Offer").
. The offer price has been set at 116p per ordinary share (the "Offer Price").
. Based upon the Offer Price, the market capitalisation of PartyGaming at the commencement of conditional dealings will be £4.64 billion. Conditional dealings are expected to commence on the London Stock Exchange at 8:00am today under the ticker symbol PRTY. Supplementary listing particulars are expected to be published later today.
. The Offer consists of 781.6 million existing PartyGaming ordinary shares (prior to the exercise of the over-allotment option of up to 115.3 million Shares).
. It is expected that admission of PartyGaming's ordinary shares to the Official List of the London Stock Exchange ("Admission") will become effective and unconditional dealings will commence at 8:00am on 30 June 2005.
. Dresdner Kleinwort Wasserstein Limited is acting as sponsor to PartyGaming in relation to the Offer and Dresdner Kleinwort Wasserstein Securities Limited ("DrKW") is acting as sole global co-ordinator and bookrunner. Calyon, Commerzbank Corporates & Markets, Enskilda Securities, HVB Corporates & Markets, ING Wholesale Banking and Commerzbank Corporates & Markets, Enskilda Securities, HVB Corporates & Markets, ING Wholesale Banking and Mediobanca - Banca di Credito Finanziario S.p.A., are acting as co-lead managers.
Richard Segal, Chief Executive, commented:
"We are delighted that the IPO has received an excellent response from major UK and international institutional investors. The listing will reinforce the Group's position as one of the world's leading online gaming companies and enhance the Group's profile as we seek to expand internationally."
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