En olisi kyllä uskonut, mutta totta se on! Asiakkaiden rahat ei kait sentään ole vaarassa, uusi omistaja näköjään auttaa niitä samantien rahallisesti. Olisin kyllä luullut, että Canbetillä jo toi nimi olisi maksanut vähän enemmän, mutta eipä se kovin arvokas firma loppujen lopuksi sitten ollut. Ilmeisesti taloustilanne oli todella kehno.
IAS and CBT take a punt on merger
August 6, 2004 - 7:24PM
Bookmakers International All Sports (IAS) and UK-based Australian-listed Canbet (CBT) have agreed to merge in a $1 million deal.
Subject to Federal Court and CBT shareholder approval, the businesses will operate under the IAS banner, with Canbet becoming a subsidiary of IAS.
IAS executive chairman Mark Read said the synergies and expansion goals of both companies were the driving forces behind the merger.
"Both have a desire to expand their product ranges and their operations in other regions of the world," he said.
Under the terms of the agreement announced on Friday, IAS will provide a line of credit to CBT of $1 million to assist the company with its immediate working operations.
The credit facility will be secured by first mortgage over property held by CBT, IAS said.
Immediately thereafter, IAS will subscribe for 51 million shares in CBT at a price of 2.04 cents per share, representing a total investment of $1.04 million.
Then, subject to CBT shareholder agreement, every 25 CBT shares will be exchanged for one IAS share, thereby merging the two entities into IAS.
The merger process is expected to take approximately two months, and will be achieved by way of a scheme of arrangement.
In the meantime, IAS will assume management and operation of Canbet from next Monday, Mr Read said.
Along with IAS chief executive officer Robert Edge, Mr Read will become a board member of CBT.
Mr Read said benefits of the merger included, CBT's substantial asset and operating base in the United Kingdom, its sports betting niche, which would broaden IAS' product base beyond horse racing and provide an entry into the United States sports betting arena.
"IAS will have control and ownership of a quality Internet betting business," he said.
IAS shares dropped one cent to 42.5 cents on Friday while Canbet shares gained 0.2 of a cent to two cents.
http://www.smh.com.au/articles/2004/08/ ... 85667.html