Evil Knievil buys into Gaming Corporation
Legendary short-seller Simon 'Evil Knievil' Cawkwell is understood to have
taken a stake in online gaming firm Gaming Corporation (AIM:GMC) as part of
its latest placing.
Cawkwell, perhaps best known for spread betting against stocks rather than
investing in them, has taken a sub-3% stake in Gaming as part of the
company's recent 520,000 placing, which increased the equity by 19.5%.
Other new investors include the Marlborough Special Situations fund, managed
by Giles Hargreave, and all the company's executive directors increased
their holdings.
Hargreave's Special Situation fund is the second fund with a link to the
Marlborough name to invest in Gaming, as M D Barnard, which manages
Marlborough's UK Equity Growth Fund, had a 9.37% stake before the placing.
The money was raised in order to build a small war chest to look at UK-based
companies in the sector to acquire, as well as to meet a certain level of
institutional demand.
Taking the net proceeds of the placing, and the company's cash balance as at
the end of September, it gives the company an acquisition fund of around
700,000.
The company - which owns the casino.co.uk domain name among others -
recently reported reduced pre-tax losses of 733,534 against 2.51 million
last year.
House broker Evolution Beeson Gregory has no numbers in the market place at
the moment, although it is understood that the company's operating division
is now profitable on a month-by- month basis.
One to watch.
http://www.casino.co.uk/
cheers GF.