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Six Month Report Delayed

32Red is one of the more popular of the online casino gambling group – the company has many recognizable brand names in the e-gaming industry. And though the company does not anticipate negative results in the six-month report for the first half of 2007, 32Red has announced that it cannot release the report until negotiations concerning the potential sale of Bet Direct (a division of the company) are further along. And in addition to the sale delaying the six-month report, the online casino gambling group is also forced to stop trading on the London AIM.

The suspension of trading on the London Stock Exchange is directly related to the online casino gambling group’s inability to put a precise value on the Bet Direct deal that is currently in negotiations. In a comment to eGaming Review, a spokesman for 32Red noted, “When one has a business up for sale, you have to put a value on it. But as the negotiations are ongoing, then [32Red has] found that [it] cannot put a value on it. And if you put the wrong number out, then you would be guilty of misleading the market.”

And while this is inherently true, the suspension of trading on the London AIM is not to punish the online casino gambling group, but rather following AIM rules that specify that companies mush publish six month results to continue trading privileges. Once 32Red has published the six-month results it can then unsuspended its AIM trading.

The online casinos gambling group comments that it does anticipate trading on the AIM again. The company’s statement to the London Stock Exchange: “The company expects that the half-yearly report will be published when there is greater clarity in relation to the sales process.”