London Clubs gambles on expansion
London Clubs International, the casino operator with 11 UK outlets, today announced its plans to secure a £49m cash injection through a rights issue.
Hoping to complete a £180.5m debt re-financing programme and to expand ahead of the government’s updating of gaming laws, the company is offering existing shareholders one share at 70p for every two shares they already own.
A total of 73.7 million new shares will be made available, while the issue price represents a discount of 40 per cent.
Michel Beckett, chair, said: “Following the fundraising, London Clubs will be extremely well positioned to enhance its existing portfolio of casinos and to exploit the opportunity that deregulation affords.”
The company also announced that around £6m would be used to settle all outstanding matters relating to the investment it made at its Aladdin Casino in Las Vegas. Details: www.lciclubs.com
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