According to reports in British media sources this week, 32 Red Online Casino-Poker Room and Sports Betting Company have renegotiated their banking requirements with the Royal Bank of Scotland. The firm will receive a revised loan facility of 3.5 million pounds and also intends to raise an extra three million pounds in order to continue its development. 
32 Red's chief executive officer Ed Ware told media that:  “We are pleased that we have been able to successfully re-negotiate our banking facilities. With this completed and the recent new appointments of Martin Saunders and Jon Hale to the management team, we look forward to delivering on our plans to integrate the BetDirect business that we outlined at the time of the acquisition.”
Shareholder approval is needed for the new agreement with the Royal Bank of Scotland, which is expected to be given at 32 Red's Annual General Meeting on 10 April. The Bank has agreed to waive some of its loan fees for 560,000 shares in 32 Red at one pence per share. A further 12 million new shares at 25 pence each will be offered to subscribers hand picked by Numis, which is acting as agent for the company. The placing shares will subsequently represent 17.43 percent of the 32 Red's total share capital.

Back to April 2007 Online Gambling News
Back to latest Online Gambling News
Back to Online Gambling Archive