Scotland Bank Provides SupportPublished March 28, 2007 by OCR Editor
An online casino group has announced that it has undergone a financial restructuring initiative by renegotiating its banking facility with Royal Bank of Scotland.
A leading online casino group has recently announced that it has undergone a financial restructuring initiative by renegotiating its banking facility with Royal Bank of Scotland. The group has accepted the revised loan facility with RBS for GBP 3.5 million, with the business deal ensuring the continuation of a constructive relationship with the bank.
The next phase of development will be the focus of this revised gearing in order to form a sound financial platform. We are pleased that we have been able to successfully re-negotiate our banking facilities, says CEO of the online casino firm, Ed Ware speaking of the fruitful collaboration with two individuals, Martin Saunders and Jon Hale to the management team.
He continues eagerly 'We look forward to delivering on our plans to integrate the business that we outlined at the time of the acquisition, This is definitely going to be a major move for the company. The agreement with RBS is subject to shareholder approval being given for the placing at the company's AGM to be held on April 10th, 2007.
With all of the recent changes in the industry, and the constant need to get ahead in such a competitive market, companies are always moving forward and striking business deals with companies that will help them lead this developing and popular sector of the entertainment industry. This business deal is yet another example of the inner workings of the online gambling industry. It proves yet again, that collaborating with the industry can be quite beneficial.