World Gaming PLC
13 October 2006
World Gaming plc
(AIM) 'The Company'
Appointment of administrator and director resignations
Following the announcement released by the Company on Monday 9 October relating
to the suspension of trading, the Directors of World Gaming announce that they
have now determined that they are unable to continue the Company's US facing
operations should the Unlawful Internet Gambling Enforcement Act ('the Act') be
signed by the U.S. President. This decision follows discussions with all key
parties and after receiving appropriate legal advice. These operations
contributed the overwhelming majority of the Company's revenues for the year to
date 2006.
The Board has consequently notified its secured creditor of the discontinuation
of its U.S. facing operations conditional upon signing of the Act. The secured
creditor has subsequently concluded that it is reasonably likely that
administration will achieve a better result for the Company's creditors than
would be likely if the Company were to be wound up. Accordingly, Andrew
Andronikou and Peter Kubik from UHY Hacker Young have been appointed joint
administrators by the Company's secured creditor in respect of the Company and
certain subsidiaries.
The Board further announces that at a board meeting of the Company held this
morning in London, United Kingdom, Friday 13 October, Daniel Moran, David
Naismith, Jonathan Moss and Michael Cumming each resigned from the board of the
Company as Chief Executive Officer, Chief Financial Officer, Sales and Marketing
Director and non-executive director, respectively.
The Board expects that the administrator will make further announcements in due
course.
13 October 2006
Enquiries:
UHY Hacker Young Tel: +44 20 7216 4600
Andrew Andronikou
Peter Kubik
Daniel Stewart & Co plc Tel: 020 7776 6550
Ruari McGirr
College Hill Tel: 020 7457 2020
Matthew Smallwood
Jamie Ramsay
This information is provided by RNS
The company news service from the London Stock Exchange
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