Business
Offer Update
Offer Update.
About this update from Livermore Investments Group Limited
[{"type":"text","content":"\n Empire Online Limited\n21 November 2005\n\n21 November 2005\n\n\n\n Empire Online Limited ('Empire Online' or 'the Company')\n\n\n Offer Update\n\n\n\nOn 3 November 2005, Empire Online announced that it had received an approach in\nrelation to an offer for the entire issued and to be issued share capital of the\nCompany. This approach was from PartyGaming plc ('PartyGaming') and was\ninitially expressed to be an all share offer, valuing Empire Online at 10 per\ncent. of the value of the enlarged entity.\n\n\n\nFollowing a protracted due diligence process and continued delays in the\ntimetable, PartyGaming has made a revised proposal that is significantly\ndifferent both in terms of the price and structure and at a level that cannot be\nrecommended. Empire Online as therefore terminated discussions with PartyGaming.\n\n\n\nThe directors of Empire Online ('Directors') have explored whether legal action\nmight be taken by Empire Online in relation to damage caused to it by the\nconduct of companies within the PartyGaming group in separating the poker system\nused by PartyGaming players from that of its 'skins'. Having received legal\nadvice, the Directors intend to institute and vigorously pursue legal\nproceedings as soon as possible.\n\n\n\nTrading statement\n\n\n\nThe Company is committed to continuing to deliver its high growth strategy\nacross the Empire Online network, the principal elements of which are:* to\ncontinue growing the number of new real money players across Empire Online's\nplatforms, using its multiple distribution channels. The Company is adding an\naverage of more than 500 new real money players per day across its network so\nfar in November 2005;\n\n\n\n* to continue to drive strong growth in new real money players across the\nCompany's new platforms, namely the Club Dice casino suite and Noble Poker. As\nstated in the Trading Update of 18 October 2005, these new brands account for a\ngrowing proportion of Empire Online's new real money players, representing well\nover 50% of new real money players signed during Q4 2005;\n\n\n\n* to investigate commercial strategic opportunities for the Company. Empire\nOnline has received several commercial strategic approaches over the past few\nmonths and intends to pursue discussions in relation to these approaches. The\nCompany's strategy in relation to existing Empir...