$ £

Montreal gaming company has been building up a stock of Crypto shares

The first real confirmation that Montreal-based gaming provider Amaya Gaming is building a share base in online gambling software developer Cryptologic surfaced this week in a formal stock exchange notification by Amaya.

On April 15 the company filed an SC13D notification - a schedule filed to report acquisition of beneficial ownership of 5% or more of a class of equity securities - advising that it had acquired 652,170 shares in the common stock of the developer for some $1,075,816.19, which Amaya funded from general working capital.

The advisory notes that this constitutes 5.05% of the common Cryptologic shares in issue. This percentage of outstanding common shares is based on 12,907,120 shares outstanding as of March 24, 2011.

The notice was filed by Amaya's chief executive and president, David Baazov, and additionally provided a schedule of common stock purchases in the company starting in March:

25 March 90,000 shares at $1.63

30 March 110,200 shares at $1.68

31 March 216,970 shares at $1.66

1 April 125,000 shares at $1.59

4 April 10,000 shares at $1.69

7 April 100,000 shares at $1.64

Under "purpose of transaction" Baazov noted that the stock was acquired "...in order to facilitate a possible strategic transaction with the Issuer. Amaya is also considering one or more other alternatives to a strategic transaction with the Issuer. Amaya will continue to monitor the business and affairs of the Issuer, including its financial performance, and depending upon these factors, market conditions and other factors, and the status of its alternative discussions, Amaya may acquire or dispose of Common Shares as it deems appropriate, in open market purchases, privately negotiated transactions or otherwise."

The purchases follow an announcement by Cryptologic on March 25 that it was to undertake an independent strategic review to decide the way forward, which might include provision for disposing of the company.

Amaya is a Quebec corporation engaged in the design, development, manufacturing, distribution and sale of technology-based gaming solutions for the regulated gaming industry worldwide.

The executive officers and directors of Amaya are David Baazov (CEO), Daniel Sebag (CFO), Wesley Clark Sr., Divyesh Gadhia and Harlan Goodson.

Clark is chairman and CEO of Wesley K. Clark & Associates, LLC, a strategic consulting firm, whilst Gadhia is president of Atiga Investments Inc., an investment holding company in Vancouver.

Source: InfoPowa News

Share this