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Written by Julie
Posted on Monday, January 26th 2009
Recently, we have heard news that Foxy Bingo is selling some of their assets. Well, let’s find out how much and why Foxy Bingo is looking at letting go some of their stakes. Let’s see what the investors of Foxy Bingo have to say.
According to some of the investors of Foxy Bingo, the big online bingo network in the UK is looking at selling about 20% of its stakes. One of the investors has said that the company was looking to sell some of the bingo network’s assets to be able to meet their deadlines for this year of 2009. In fact, according to Ireland’s biggest publisher, Independent News & Media PLC or INM, Foxy Bingo needs to sell some of the non-core assets to be able to pay their €200 million due end of this year. The same publisher is the owner of UK’s Independent newspaper.
They said that it should have been met when INM’s stake in APN News & Media, the Australian media company, has been sold. According to some business analysts, the most likely candidate for the sale is the 20 percent stake of INM in Cashcade. As most of you know, Foxy Bingo is owned by Cashcade. The big company also owns Think Bingo and Bingo Scotland. Aside from the 20 percent stake in Cashcade, another candidate could be their stake in Verivox. Verivox on the other hand is an outdoor advertising project in Africa and also a German price comparison website. However, according to INM, they will still be looking at various options to be able to secure enough capital to meet the deadlines and payment dues. They will try to de-risk and de-leverage their balance sheets.
Needless to say, they won’t have a hard time looking for a group to buy stakes. Cashcade is a big online gaming network in the country and a lot has shown interest in it. 888.com and Praesepe, an investment vehicle, have both show interest in buying stakes at Cashcade. In fact, 888.com has quickly offered a bid.
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