However, about 200 institutions, 75% of them British, bought shares at the float price of 116p, concentrating instead on the extraordinary sums of cash being generated by internet poker operators. PartyGaming peppered its float prospectus with warnings about the risk of criminal and civil proceedings in America, notably from the US Department of Justice, which regards gambling over the internet as illegal.Īt least two of Britain's top 10 fund management houses are understood to have refused to invest because of those risks, with one arguing privately that PartyGaming was unfit for a listing on a reputable stock exchange. The quartet of two Indian computer engineers plus an American former porn entrepreneur and her husband will now collect a combined £1bn in cash and retain stakes collectively worth £3.5bn.
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