China 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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