The Directors of Global Entertainment Group plc ("GEG") are pleased to announce
the acquisition of 100 per cent of the issued share capital of Global Gaming
Leisure plc ("GGL") for a total consideration of GBP2,030,000 ("the
Acquisition").
The Acquisition has been satisfied by the issue of 126,875,000 new ordinary
shares of GEG at the price of 1.6p per share, credited as fully paid. The total
number of shares in issue following the Acquisition will be 424,601,635, giving
GEG a market capitalisation of GBP5,838,272.
GGL actively seeks investments across a range of opportunities within the Asian
gaming industry. It has interests in one of the VIP Rooms within Wynn Resorts
(Macau) with plans to acquire further interests in Macau. GGL's unaudited
accounts show a profit of HKD3,181,877 (approximately GBP205,000) for the 12
months to 31 December 2007.
GGL will be integrated into GEG's existing gaming activities which currently
provides a statistical risk management business focused on the gaming and
entertainment industry.
Following the Acquisition, the shareholding of Dr. Johnny Hon, Chairman of GEG
and a Director and shareholder of GGL, will increase from 21.22 per cent to
24.86 per cent of the issued share capital of GEG. In addition, Roy Nominees
Limited has ceased to have a substantial shareholding in GEG.
The following is a list of substantial shareholdings in GEG following the
Acquisition:
Shareholder Number of Shares Interest in GEG
post Acquisition
(%)
Dr Johnny Hon 105,573,572 24.86
Daiton Global 71,159,667 16.76
Faith Conqueror Limited 41,666,667 9.81
Ms Chiu Fong Lai 40,000,000 9.42
David Cowham 16,290,123 3.84
Jefferies International (Nominees) 14,843,750 3.50
Limited
Dr. Hon said "Global Entertainment Group plc considers that it is positioned to
take advantage of one of the most rapidly growing segments of the gaming
industry, Macau. The acquisition of GGL constitutes another step forward in
that strategy."
The Directors of GEG accept responsibility for the contents of this
announcement.
--- Ends ---
About Global Entertainment Group plc
Global Entertainment Group plc is a vertically integrated media and
entertainment conglomerate focused on Film and Television Production, Cinema
Operations, Artist Management, and Gaming and Risk Management. For additional
information, please visit www.gegplc.com.
For further information please contact:
GEG plc Johnny Hon, Chairman +44 (0) 20 7073 7888
Rukpong Tupprasoot, COO info@gegplc.com
Atlantic Law Llp Andrew Greystoke +44 (0) 20 7616 2888
GTH Media Relations Toby Hall +44 (0) 20 7153 8039
Brooke Paul +44 (0) 20 7153 8035
Tags: atlantic law, Global Gaming Leisure, law
