An announcement came this week that UK-based Pursuit Dynamics PLC has achieved the conditional acquisition of Gaming Realms Limited, BeJig Limited and AlchemyBet Limited for a total consideration of around GBP 12.1 million.
It has been specified that the sale is conditional on the disposal of its Pursuit Marine Drive Limited subsidiary as it seeks to eliminate its existing liabilities.
For the reverse takeover deal the company has initiated a placing of 26.2 million shares to raise approximately GBP 3.4 million. Furthermore, such acquisition will serve in the transformation of Pursuit Dynamics PLC's business, which was previously involved in the development and commercialization of its PDX platform technology used for applications in waste treatment, public health and safety, bioengineering, brewing and the food and beverages industries.
After rebranding itself as Gaming Realms PLC, the company will act as holding company to: BingoGodz, an online bingo game due for launch in the third quarter of 2013 and playable for real money via mobile, tablet and desktop, whose secondary brand is another web and mobile based casino product, CastleJackpot; a developer and operator of multiplayer online social real money games Bejig; and AlchemyBet, the Sheffield-based developer and operator of mobile slot and casino-themed real money gambling games.
For its board, Gaming Realms PLC will propose the management team behind Cashcade Limited, sold to bwin.party digital entertainment in 2009. Among the nominees for the board are former Cashcade founders Michael Buckley (Executive Chairman), Patrick Southon (Chief Executive Officer) and Simon Collins (Executive Director) as well as Mark Segal (Finance Director).
As for the Enlarged Group, its proposed non-executive directors are Jim Ryan, former Co-CEO of Bwin.party plc, and Mark Wilson, currently a strategic adviser to Sky International.