Thursday, January 27, 2005

And in other news

From today's FT:

The world's biggest online poker site is edging towards a market listing, in what could be a further sign of a resurgence in investor interest in internet businesses. PartyGaming, formerly known as iGlobalMedia, owns, and has 5m registered users. It has been sounding out banks in London over a potential flotation that could be worth more than £2.3bn ($4.3bn).

Bankers who have seen the Gibraltar-based group's accounts say that it generated earnings before interest, tax, depreciation and amortisation of more than $350m in 2004.

PartyGaming is owned by a small group of investors, including Ruth Parasol, an American lawyer, and Anarag Dikshit, a software specialist from India.

Noble Poker Chief Executive Jac Dipshit also revealed plans for a float, "We hope to float all 170% of our stock, and we are talking to various parties in the hope of selling the entire company to 3 or 4 of them".

CFO Willy Jackshit commented "We hope to invest all the profits in an online craps venture"

Chairman Gary Apeshit was not available for comment, but it is believed he would make the least money from the float, as he had paid twice what everybody else had originally.