TV Gamer NetPlay Going To City For Funding
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AIM-listed TV-and-web gaming vendor NetPlayTV is aiming to raise £12.8 million, to strengthen its balance sheet and finance further growth, by offering nearly 30 percent of its equity through a new share offer.
SEE ALSO: Corrected: Virgin Grabs 9.9 Percent Share Option In TV Gamer NetPlay
It’s been a big year for the firm, which bought Bingos.com, acquired Rubberduck’s mobile quiz subscribers and Pitch Gaming’s database, secured a Sky EPG slot and took over management of Virgin’s Challenge Jackpot games site after acquiring Two Way Gaming.
No specifics on why the funds are needed but it looks like a genuine case of a company needing cash to fuel good growth…
The company swung to its first positive EBITDA of £2.4 million in 2008 after more than doubling revenue to £19.8 million (earnings). Now it says it’s “in advanced talks with a major international betting shop chain about deploying our live games into their retail outlets”, is expecting mobile betting to explode and has also announced a deal to supply its live games to Playtech.
Virgin Media (NSDQ: VMED) already has secured an option to take a 9.9 percent stake in NetPlay as part of the Challenge Jackpot deal. Release.
@robertandrews
Jul 9, 2009 7:37 AM ET
Posted In: Entertainment, Games, Jobs & Layoffs, Money, M&A & Venture Capital, Venture Capital, Social Media, layoffs
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