26th of May 2013 Author: Ava Jackuard
Online gambling group The Weather Lottery (TWL) has announced the acquisition of Poseve Ltd for GBP 350,000 in an all-shares deal, with the price tag for Poseve satisfied by the issue of 236.6 million new shares at 0.15p each in TWL to Poseve owner James Rose, representing a 29.75 percent share in TWL.
Poseve is 100 percent owned by James Rose, who joins the management team of Prize Provision Services Limited, while TWL decided to name Phil Jackson - chairman of the controversial Media Corp plc - as its CEO.
Incorporated on 26 April 2012, Poseve has had sales from that date of over GBP 700,000, achieving monthly profitability at the operating level. During April 2013 an operating profit of GBP 25,000 was achieved on sales of GBP 92,000, and now the company has long term debt of approximately GBP 350,000, and cash of a materially similar amount.
As the TWL announcement says: "Poseve have a range of lottery, skills and hybrid games that will provide TWL a significant opportunity to better serve its existing customers and introduce new games for existing societies as well as opening new revenue streams appealing to new customers."
Also revealed in the statement is the intention to rebrand in Q3 2013; additional strengthening of the board to support the launch of an updated online lottery platform; and the strategic roll out of new gaming, technology and payment products for customers.
New CEO Jackson, who boasts over twenty years of experience in general management, sales and marketing, was leading Media Corp plc at the height of the controversial Purple Lounge Poker liquidation scandal, and has been advising on the corporate development of betting software group, Intabet.
He has also held senior international marketing positions for UnitedHealth Group, as well as advising specialist health analytics group, LA-SER, through international expansion.
Jackson is a founder of Docobo, a leading eHealthcare company, and a founder of Jackson Beazeley Limited, a specialist manufacturer and international distributor of nursery products.
Replacing Jeff Williams as managing director of PPS, James Rose will also assume the regulatory responsibilities to the Gambling Commission, and Williams will continue as a consultant to oversee the changeover. Rose will be assisted by lottery industry expert Garth Caswell who accepted to become a consultant to the company.
Lord Tim Razzall and Andrew Flitcroft remain in their roles as Non-Executive Chairman and Finance Director respectively.
As confirmed, the PPS is in full compliance with the UK Gambling Commission licence.
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