|Online gaming investment holding company Fairground Gaming, has announced the completion of the acquisition of The Spin Palace Group for an initial fee of $10 million U.S. dollars. |
The deal will include the issue of 9,100,100 ordinary shares and 17,294,707 warrants to subscribe for ordinary shares in the Company. 7,058,824 ordinary shares have been issued to institutional and other investors following a placing and 150,000 ordinary shares have been issued following the exercise of warrants
issued in September 2005.
Commenting on the acquisition, Fairground Gaming's Chief Executive Officer Evan Hoff said: 'The acquisition of The Spin Palace Group represents the first step towards implementing our strategy of consolidation, which was outlined when we first admitted to AIM in October 2005. We continue to have discussions with various companies to determine whether they fit our investment criteria.'
In accordance with the acquisition of The Spin Palace Group, the vendor, Roundit Limited, has assigned all of its right, title, benefit and interest in the acquisition agreement to its parent, Seahouses Holdings Limited with immediate effect.