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August 21, 2007
Financial problems have been cited by UK sportsbook Interactive Gaming Holdings (IGH) for their decision to suspend trading on the London AIM. The move was largely anticipated by industry observers, including online bingo industry watchers in the UK. Founder and executive chairman Thomas J. Taule confirmed that the company’s attempt to secure GBP 400 000 of interim funding would not be forthcoming, At this time there is no reason being given by the company as to why this is the case. The funding was sought by IGH for working capital. But without it, IGH’s financial situation is no longer certain, according to Taule. IGH is the operator of the Premier Bet and Heathorns bookmaking companies. It has had to raise capital twice previously over the last three months in order to stay viable. IGH recently made the decision to relocate to the Malta jurisdiction, a popular destination for many companies involved in the online and free online bingo industries, but has suffered turmoil and the resignation of CEO John Heaton last May in the lead-up to this latest news. The company has been listed on the London Stock Exchange AIM market since 2004 and had acquired one of the world’s oldest established bookmakers, Heathorns, since then. Written by John Witherspoon - Play bingo online at http://bingostreet.com/ and read our online bingo blog.
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