Business
Proposed Sale of Business
Proposed Sale of Business.
About this update from Livermore Investments Group Limited
[{"type":"text","content":"\n Empire Online Limited\n29 December 2006\n\n\n29 December 2006\n\n\nEmpire Online Limited ('Empire Online' or 'the Company')\n\n\nProposed sale of business and approval of investing strategy\n\n\nHighlights\n\n\n •Sale of all of Empire Online's trade and gaming-related assets to\n PartyGaming for a net consideration receivable by the Company of\n approximately US$37.96 million\n\n •Consideration in the form of PartyGaming shares\n\n •Proceeds of the disposal to be used together with Company's existing cash\n of approximately US$250 million to invest opportunistically in both private\n and public businesses and across the small, mid and large-cap range of\n companies\n\n •Shareholder approval to be sought at EGM to approve\n\n •the Disposal\n •the proposed investing strategy following Completion\n\n\nEnquiries:\n\nEmpire Online Limited +357 (2) 5 847 700\nNoam Lanir, Chief Executive Officer\nAndrew Burns, Chief Financial Officer\n\nHudson Sandler +44 (0) 20 7796 4133\nMichael Sandler / Jessica Rouleau\n\n\n\n\n\n\n\n\nIntroduction\n\n\nThe Company announces that it has entered into arrangements, subject to the\napproval of Shareholders, to sell Empire Online's trade and gaming-related\nassets to PartyGaming for a net consideration receivable by Empire Online of\napproximately $37.96 million. The consideration is to be satisfied wholly by the\nissue of new PartyGaming Shares to Empire Online.\n\n\nThe Proposals are, inter alia, conditional upon the approval of Shareholders by\nway of an ordinary resolution at the EGM.\n\n\nOn Completion, Empire Online would be treated as an investing company under the\nAIM Rules. Accordingly, as part of the Proposals, the Company will also seek the\napproval by Shareholders at the EGM of the Proposed Investing Strategy, as set\nout below.\n\n\nBackground to the Proposals\n\n\nAt an extraordinary general meeting of the Company, held on 14 February 2006,\nShareholders approved the settlement of litigation with PartyGaming and the\nassignment of related 'skin' activities to PartyGaming in return for a cash\npayment of US$250 million to the Company.\n\n\nFollowing this settlement, the Company continued to progress its business\nthrough its principal brands and domain names, including Noble Poker, Club Dice\nCasino, Monaco Gold Casino, Carnival Casino, YouBingo, 888casino.com and 65.com.\...