Casinos.co.uk: Casino News Archive
Tuesday 29th March 2005
Online casino company retires additional collateral shares
Online casino software company, AngelCiti Entertainment has announced it has entered into discussions with its lender to further improve its balance sheet by retiring shares currently held as collateral under a Revolving Credit Agreement. This step is being discussed in connection with the AngelCiti’s pending acquisition of Carib Gaming. The acquisition will then increase AngelCiti’s asset base to provide sufficient loan security for the lender.
AngelCiti President George Gutierrez said, 'On a corporate level, we continue to maintain our focus on operating the company with a focus on increasing shareholder value. The elimination of shares held by the lender as collateral is a significant measure toward making our company a more attractive investment opportunity and reducing our corporate risk profile. As the merger evolves, we are also seriously considering an additional share dividend of our shares in Midas Entertainment so that we can focus on operations and growth and let our shareholders focus directly on their own investment decisions as a way of further building shareholder value.'
Source:OnlineCasinoNews
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