GAME - Shares Suspended From Trading | Gamerillaz

GAME – Shares Suspended From Trading

GAME – Shares Suspended From Trading
 

The GAME saga continues as trading in the company’s shares have been suspended from trading on the stock exchange. The move comes as the gaming retailer announces that there is no intrinsic value left in it’s stock which has seen a drop from 62p each last year down to 2.39p when trade ceased.

With 600 store in the UK and 1200 outlets worldwide, MCV reported last night that the firm would enter into voluntary administration with a new enterprise being founded soon afterward. According to the report this would mean Gamestation would close, its portfolio of over 600 stores would be severely cut and international stores in Australia, France, Portugal and Scandinavia would be cut loose with the company focusing only on sales in the UK and Spain.

GAME Group have released this statement:

“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.”

We’ll be sure to bring you further news as the situation progresses.

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