LONDON (AFX) - Online gambling company Ubet2win PLC said the indications are
it will report a "significant loss" for the year to Dec 31, 2006.
In a trading update, Ubet2win said its remaining Irish pitches incurred
continuing losses during the period and its board has decided -- in light of
industry-wide difficulties -- to cease operating all its pitches this year.
It is also considering disposing of the pitches and is in talks with
director Gerry French. Any deal with French would be regarded as a related party
transaction and "dealt with in accordance with AIM rules".
Meanwhile, Ubet2win said its online betting business, while achieving
turnover of more than 1.6 mln stg, has traded at a loss. The board had decided
to undertake a strategic review of the future of the business.
"Given the lack of working capital, online operations have been
significantly curtailed this year," it said.
The company also has debts of about 570,000 stg and is seeking to
renegotiate these with "the respective parties", among them French.
"The company hopes to make a further announcement in due course regarding
the outcome of its strategic review and the renegotiation of its indebtedness,"
it said.
On Nov 21 last year, Ubet2win announced the continued poor performance of
its racecourse operations, the disposal of its remaining English pitches and its
decision to operate Irish pitches only at major meetings.
newsdesk@afxnews.com
am/abr
COPYRIGHT
Copyright AFX News Limited 2007. All rights reserved.
The copying, republication or redistribution of AFX News Content, including by
framing or similar means, is expressly prohibited without the prior written
consent of AFX News.
AFX News and AFX Financial News Logo are registered trademarks of AFX News
Limited
|