Poker firm begins trading
Place yer bets on 888
Posted in Financial News, 29th September 2005 10:13 GMT
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Shares in 888 began trading this morning following the IPO of the online casino. The share price was set at 175p valuing the gambling operation at £590m ($1.04bn).
At one stage in the run up to the float the company was estimated to be worth between £700 and £800m.
However, the enthusiasm for internet gaming took a knock four weeks ago after PartyGaming, which floated for £4.6bn earlier this year, warned that online gambling would not continue its current rapid growth. As a result, its shares tumbles by around a third triggering a loss of investor confidence.
In statement today 888 chief exec John Anderson said: "We have a clear strategy for creating sustainable shareholder value by becoming the market leader in the online gaming industry and continuing to provide our members with a comprehensive range of gaming activities in a secure and trusted environment."
Which is nice. ®
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