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To: Knighty Tin who wrote (32449)	6/22/2005 10:15:43 AM
From: zonder	Read Replies (2) \| Respond to of 116555

Uh-oh... And there we thought PartyGaming's legal problems were limited to legislations to block US clients from gambling online: [from page 15 of prospectus] "The Company and most other members of the Group are exempt companies for Gibraltar tax purposes under a regime that will be phased out by 31 December 2010. Prior to that date existing Gibraltar tax exempt companies will maintain their tax exempt status unless there is a change in their ownership and/or activity. Although, at present, what constitutes a "change of ownership" is unclear, the Company does not expect the sale of Shares in the Offer, or any subsequent sales of Shares following Admission by the existing shareholders to result in a change of ownership for these pusposes provided that the ecisting Shareholders maintain control of the Company. However, there can be no assurance that this will be the case. If PartyGaming loses its exempt status prior to the end of 2010, it will become subject to Gibraltar corporate tax on its profits, the current rate of which is 35 percent". Ouch!!!