|Damian Aspinall has offered to take Aspinalls online casino off shareholders’ hands – for just 0.17p (0.27c) per share. Compare that with the 15p (24c) per share when Aspinall raised £42 million ($67 million) to finance the company back in 2001 – even accounting for the tech bubble bursting and the more hostile business environment for online casinos now, that still doesn’t look like a great payout percentage for shareholders. |
Aspinall’s offer values the company at £500,000 ($800,607), and net cash of just £790,000 ($1,265,000)remains in the business.Independent valuers Daniel Stewart & Co reckoned the bid, worth £500,000, might not be the best deal for shareholders, who could be better off with a liquidation or trade sale.
Aspinalls traded on its forty years of land-based casino experience, and Damian’s father John Aspinall was a legendary gambler. But the first online casino to list on the London Stock Exchange blamed problems with US banks rejecting online gambling transactions for its woes, losing £1.5 million ($2,402,000)after sales plummeted. The online casino side of the business was sold to Golden Palace.