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THE BUZZ: The board of U.K. retailer GAME has announced that it sees “no equity value left in the Group,” and has opted to take itself off the London Stock Exchange.

An official statement from the company reads:

“Further to the announcements of 12 March 2012 and 14 March 2012, the board of GAME has assessed the status of the ongoing and regular discussions between GAME and its lending banks and between its lending banks and a potential third party provider of finance to the business.”

“The Board now considers itself to be unable to assess the business’s financial position, and is of the opinion that there is no equity value left in the Group. Therefore the Company has requested that the listing of its securities on the Main Market of London Stock Exchange plc be suspended from trading with effect from 7:30am today.”

“The Company will provide a further update in due course.”

Earlier this week it was reported that GAME would require £180 million by the end of the week in order to prevent going into administration.

EGM’s TAKE: Every day seems to bring more bad news for GAME. There’s no way they can get £180 million together by Friday, so expect to see many U.K. high streets missing a video game store come Saturday. Delisting from the stock exchange is basically a death knell as it means there is simply no more value left in the company. Hopefully someone will either save or replace them.

0   POINTS
0   POINTS


About Matthew Bennett

view all posts

Matt is one of the longest-serving members of the EGMNOW team. An ability to go many hours without sleep and a quick wit make him ideal for his role as associate editor at EGMNOW.com. He often thinks back to the days when the very idea of this career seemed like nothing but an impossible dream. Find him on Twitter @mattyjb89

GAME Delists Itself From Stock Exchange

The board of U.K. retailer GAME has announced that it sees "no equity value left in the Group," and has opted to take itself off the London Stock Exchange.

By Matthew Bennett | 03/21/2012 08:20 AM PT

News

THE BUZZ: The board of U.K. retailer GAME has announced that it sees “no equity value left in the Group,” and has opted to take itself off the London Stock Exchange.

An official statement from the company reads:

“Further to the announcements of 12 March 2012 and 14 March 2012, the board of GAME has assessed the status of the ongoing and regular discussions between GAME and its lending banks and between its lending banks and a potential third party provider of finance to the business.”

“The Board now considers itself to be unable to assess the business’s financial position, and is of the opinion that there is no equity value left in the Group. Therefore the Company has requested that the listing of its securities on the Main Market of London Stock Exchange plc be suspended from trading with effect from 7:30am today.”

“The Company will provide a further update in due course.”

Earlier this week it was reported that GAME would require £180 million by the end of the week in order to prevent going into administration.

EGM’s TAKE: Every day seems to bring more bad news for GAME. There’s no way they can get £180 million together by Friday, so expect to see many U.K. high streets missing a video game store come Saturday. Delisting from the stock exchange is basically a death knell as it means there is simply no more value left in the company. Hopefully someone will either save or replace them.

0   POINTS
0   POINTS



About Matthew Bennett

view all posts

Matt is one of the longest-serving members of the EGMNOW team. An ability to go many hours without sleep and a quick wit make him ideal for his role as associate editor at EGMNOW.com. He often thinks back to the days when the very idea of this career seemed like nothing but an impossible dream. Find him on Twitter @mattyjb89