• Betfair not planning imminent flotation

October 14, 2005 - LONDON (Reuters) - Betfair on Friday quashed speculation that it was planning an imminent flotation that newspapers estimate would value the group at up to 1 billion pounds. "We don't have any reason to go for an immediate flotation," Managing Director Mark Davis told Reuters. "Why would we float? We have no reason to raise new money, and we don't have any shareholders who are agitating for an exit." The Financial Times reported on Friday that Betfair had planned a flotation, but had decided to wait until after next year's soccer World Cup in Germany before listing in London. The company believes a delay will allow time for its investment in international expansion to be felt, the paper said. The country has witnessed a flurry of listings by online gaming companies this year, but shares in the sector have dived in the last two months over fears that growth is tailing off. Trident Gaming and Ireland's Gameaccount emerged this week as the latest online gamers considering listing on London's junior AIM index. After listing in June, industry leader PartyGaming's shares soared to a high point of 179 pence, valuing the owner of PartyPoker and StarluckCasino at 7.3 billion pounds. But since then it has lost over half its value, although analysts are forecasting a steady recovery. "We hired Morgan Stanley and Goldman Sachs to advise us on strategic options," Betfair's Davis told Reuters. "They're still advising us, but we don't have any plans for an immediate flotation."

> Read the full story here Source: Reuters.co.uk

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