The AIM-listed company announced the proncipal terms of the sale of VIP Management Services and Nine Holdings (Sale Companies) to a company established by former Chief Executive Alistair Assheton.
According to the terms of the sale, Leisure & Gaming has received $2.5m in cash for the funds held on account for US players. The company has also retained the database records for all non-US customers, various URLs as well as copies of all proprietary software applications used by the Sale Companies, including the IGW sports betting software, with a right to operate and further develop the same for use by the Continuing Group, including BetShop.com and BetShop Italia.
The sale was completed on the basis that all group debts payable to Barclays remained the liability of LNG. The agreement was also subject to new banking arrangements including a total financing of $4m from Barclays and the waiver by the original Nine and VIP vendors of any entitlement to receive any additional consideration, including the $5.7m which should have been paid at the end of 2006.
Leisure & Gaming has appointed Henry Birch as its new CEO and has chosen Corporate Synergy as its new nominated adviser and broker.
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