Online Casino BTDino

The blog for the online casino btdino contest

Saturday, October 08, 2005

Remember btdino?

THE world’s biggest internet poker company is to press ahead with plans for a $10 billion (£5.4 billion) flotation on the London Stock Exchange despite the abrupt resignation of one of its City advisers.

PartyGaming, the Gibraltar-based group that launched the PartyPoker website in 1997, announced yesterday that it had completed a review of its strategic options but that it was no longer working with Investec Securities.

*
Click here to find out more!
The Times understands that Investec had become uncomfortable due to issues including the questionable legality of internet poker in the US, PartyGaming’s biggest market, and the background in “adult entertainment” of one of the company’s founding shareholders.

David Currie, head of UK investment banking at Investec, said last night: “We were doing the strategic review and that has come to an end. Our role is now over and we have parted company.”

PartyGaming said it was “now considering the conclusions of the strategic review” in conjunction with Dresdner Kleinwort Wasserstein, its remaining adviser. It declined to comment further, although most observers predict that it will pursue an initial public offering (IPO) at the end of next month, or in September.

City sources expressed surprise that it was pressing ahead with an IPO. One source suggested that the same factors that had caused Investec to pull out were worrying DKW, claiming that the bank had also considered resigning a few weeks ago.