| | |  | Last Updated: Tuesday, June 19, 2007 |  | | | Online Gambling Group Permanently Closes its Doors
- Sunday, 3 Dec 2006
Fairground Holdings, a leading online gambling group, permanently closed its doors as a result of having to abandon US-facing online casino activities. The recent announcement arrived as the week ended, a sad close to a brief but promising business future for the online gambling company. Before taking this drastic step, the directors of Fairground Gaming focused on finding different ways of maximizing shareholder value. In doing so, he has considered a wide range of substitute strategies.
The online gambling company’s board has now unanimously agreed that the best way to move forward is to eliminate its online casino gaming operations and infrastructure, namely the Spin Palace group of online casino and poker venues. Therefore, the online gambling company has entered into an agreement, conditional on shareholder approval, to rid itself of The Spin Palace Group in its entirety to the original owner and seller of the online casino group, Seahouses Holdings Limited, which is also now a central shareholder in the company.
The main features of the proposed transaction for the online gambling firm are a total selling price of GBP 11,095,000, which will come in the form of a cash payment of GBP 5,090, 000 and a complicated rearrangement of shares already held within the online gambling company by the buyer. These arrangements, once completed, will enable Seahouses to acquire The Spin Palace Group. This will include all liabilities such as the group’s obligations to all employees as well as the online casino player balances the company will incur. | |
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