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Non-Tech : Gambling, The Next Great Internet Industry

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To: beats_the_s_p500 who wrote (355)	5/9/2000 7:43:00 AM
From: Herc	Read Replies (1) of 827

AUSTRALIAN INTERNET GAMING NEWS <<ONLINE gaming concern Lasseters Holdings has scaled back its $40 million float by 25 per cent, the group announced today. Lasseters will now seek $30 million under its restructured initial public offer of 40 million shares at 75 cents per shared. Shares were being offered at $1 in the original offer, which would have seen 30 million new shares issued and 10 million shares held by existing shareholders sold. The existing shareholders will no longer be selling shares as part of the IPO under the prospectus. Lasseters managing director Peter Bridge said the company remained confident in the quality of its businesses and their growth potential. Investors have become more cautious in their appetite for new technology offerings since the recent slump in Internet stocks, fuelled by a volatile Nasdaq index in the United States. Bridge said Lasseters combined the stability of the Alice Springs hotel casion with a successful, albeit online casino. "This clearly differentiates Lasseters from the pure technology companies on the market,'' he said. The growth potential of Lasseters Online would not be impacted by the Commonwealth Government's proposed moratorium on new online gaming licences. "Even if the moratorium is introduced, there would be no charge to Lasseters' existing online operations given the company already holds a licence,'' Bridge said. "It may make it more difficult for new entrants to the market.'' Bridge acknowledged that the decision to restructure the Lasseters' float was a direct result of recent sharemarket volatility. "We are sensitive to the expectations of future shareholders,'' he said. "The re-pricing of the offer should make it more attractive to a broader base of investors.''>>

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