GAME Group taken off the stock market

[garyopa]

They were delisted from London Stock Exchange



Due to the financial problems and shares falling, the GAME Group is out of the stock market

The GAME "soap opera" continues and the last update was from the board of directors of the retailer that has decided to get out the stock market due to the financial crisis and the shares falling even more as time passes by.

According to MCVUK:

GAME said its board sees "no equity value left in the Group" and as such wants to be taken off the stock market.

The news comes just hours after we revealed the various scenarios ahead for the stricken retailer - one of which was to go into voluntary administration to save some assets of the firm.

The full statement from GAME 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.”

GAME has fought hard to survive over the last three months - we reported yesterday that it had continued crunch talk negotiations with its publishing suppliers despite credit problems stopping new stock going into stores.

NEWS SOURCE: http://www.mcvuk.com/news/read/game-...xchange/093127

Our thanks to 'Kaos2K' for another GAME update!

[billysastard]

for what its worth game went into administration (think chapter 11 in the us) within 2 hours of their stock market delisting.

[JonathanD]

for what its worth game went into administration (think chapter 11 in the us) within 2 hours of their stock market delisting.

So its "Game over man, Game over!!!"

[billysastard]

So its "Game over man, Game over!!!"

well no, now they have a few weeks to find a buyer to maximise the money any creditors make, failing that it will be shut and any remaining assets sold off with revenue being shared between all the creditors (although the taxman gets first dibs).

there are 6 groups noting an interest in buying the group and 20 looking to buy at least part of their overseas division so chances are the overseas arm will be saved completely.