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> October
2007China Interest Gambling Firm, Betex, De-lists Shares on
AIM
You might have heard of Betex, but chances are they have nothing
to do with you. Or at least you need not concern yourself with doing
business with Betex. That is of course, unless you have bought their
shares. The UK based gambling operation announced yesterday they
will be delisting its shares off of the Alternative Investment
Market of the London Stock Exchange today.
The company's shares had been suspended since April, after a
scandal surfaced in which three Betex employees were arrested for
allegedly operating an illegal betting business now thought to be a
shadow operation of Betex's legal betting business. Betex offers
sports lottery betting in China, which is no doubt a very large and
profitable industry there. Although there have been no moves by
Chinese officials to charge Betex, nor freeze their assets, they
still are not in the clear. Only until the three individuals are
formally charged would Betex know for certain whether it would be
cleared or not.
The company is hoping formal charges will take place by December,
after which they plan to carry on business as usual. However, part
of their operations affected by the arrests have been put on hold.
Furthermore, both Betex CEO, Peter Greenhill and Finance Director,
Stuart Barker, left China and Betex when Chinese officials would not
offer a guarantee the two men would not be arrested in connection
with the case.
If things go smoothly, Betex is hoping to re-list their shares in
the next twelve months. A press release on their website advised
shareholders that a share trade is unlikely in the short term.
Company Directors still have every intent to preserve share value so
long as business investments in China keep performing in line with
expectations, which they apparently are. Further communications with
shareholders are promised soon, which will be published via their
company website, betexgroup.plc.uk.
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