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Sportswinbet Ltd / Power Capital Global Ltd

  • BY: Andrew Hore |
  • POSTED: 22/09/2010 |

Forbidden City Investment Holdings and Black Canyon Holdings have a combined stake of 83% in Sportswinbet Ltd and they are changing its name to Power Capital Global Ltd

BVI-based Sportswinbet is not subject to the Takeover Panel rules so there is no need for a bid for the company, whose strategy will remain the consolidation of online gaming businesses with a particular focus on Asia. The company has discontinued its trial Sportswinbet sports book.

The shareholders have agreed with their nominated adviser and broker Astaire that they will not seek to cancel the AIM quotation in the 12 months from July 2010 without the brokerís written approval. 

Kung Min Lin of Forbidden City and Graham Newell of Black Canyon were appointed to the board in July.

At 8.5p a share, Sportswinbet is valued at £4.85m. The company had £1.6m in cash at the end of 2009.

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