5th of May 2015 Author: Glo Wood
Stride Gaming, an online bingo operator, plans to move ahead with plans to raise £10 million on the London AIM to build its presence in the market. The company has requested that its shares be traded on the London AIM starting May 19, 2015 with Cantor Fitzgerald Europe acting as adviser.
Kitty Bingo, Jackpot Café, Spin&Win and King Jackpot are Stride Gaming brands, which the company intends to leverage to boost growth and increase cash flow for potential acquisitions in the UK market.
Stride said that bingo operators in the UK hit hard by POC charges has left the company with an opportunity to establish itself using its property software to make the most of the current online bingo market.
Former Sportingbet Plc CEO and Non-Executive Chairman of Stride Gaming, Nigel Payne will lead the London AIM float.
Payne said, “We feel this is an opportune moment for a scale bingo-led operator to come to Aim to capitalise on the opportunities afforded by regulatory changes, which is forcing consolidation in the industry, to grow organically and through acquisition.
“Our business is profitable, established and run by a highly experienced and proven management team. Today's news marks an important step in our aim to become the market leader in online bingo.”
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