The AIM-listed company announced that it has sold all of the shares of its wholly-owned subsidiaries, VIP Management Services, Bon Bini Investments, EH Gaming Ventures, ECom ServCorp and Nine Holdings to Stockdale Investment, a newly incorporated company established by Alistair Assheton, former Chief Executive of LNG who stood with immediate effect.
Like Sportingbet, Leisure & Gaming said the sale was the best course of action for shareholders, given the alternative of shutting down the US businesses at a cost of approximately $6.0 million.
The independent directors believe that following the sale the company will be in a position to meet its outstanding commitments to creditors and continue to operate and develop its British and European operations, including the BetShop and BetShop Italia brands.
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