NEWS - Wednesday, May 29, 2002


UK Game Makers Rage To Sell Shares

The Liverpool-based company, whose games include David Beckham Soccer and Crash, said that if the share offering did not succeed, Bank of Scotland might withdraw a 6.2 million pound credit line and the company might be forced to call in administrators. Rage shares fell 10.9 percent to 1-3/4p by 0939 GMT. Rage, which has been forced to delay the release of new games because of funding problems and is suffering widening losses, said much of the proceeds from the share issue would be used to pay off creditors and the rest to meet its cash needs. "The group requires a minimum of 3.1 million pounds after expenses to be raised under the placing and open offer in order to have sufficient working capital for its present requirements," Rage said. "If the placing and open offer does not proceed, the directors believe that administrators are likely to be appointed," it said. Rage said it would offer a total of 446 million shares at 1.25 pence per share -- a sharp discount to the closing price of two pence last week. Rage has placed 280 million shares with broker Teather & Greenwood, and the rest would be allocated to its shareholders via a two-for-five offer. Rage also said the growth of its business would accelerate if the share sale succeeded. It plans to release David Beckham Soccer on Sony’s PlayStation2 (news - web sites) during the World Cup in June and on Microsoft’s Xbox (news - web sites) before the end of the same month. Its pre-tax loss widened to 8.5 million pounds for the six months ended December 2001, from 8.0 million a year ago. ($1=.6872 Pound)
Source: http://dailynews.yahoo.com

Comments

Site Statistics

Registered Members: 44,710
Forum Posts: 725,814
Xbox One Titles: 1,353
Xbox 360 Titles: 1,085
Xbox 360 Kinect Titles: 95
Xbox 360 Arcade Titles: 585
Original Xbox Titles: 987
Staff Reviews: 1,732
Member Reviews: 10,339
News Articles: 14,578
Screenshots: 31,609
Xbox 360 Achievements: 45,112
Xbox 360 Faceplates: 2,016
Cheat Codes: 1,706

Latest News








See News Archives

Community Forum Activity

Xbox Playdates Canada July, 2018 playdate info.
Post by Kiesey
2 Replies, 110 Views

Manette Xbox One Xfest18
Post by oryanphine
2 Replies, 416 Views

Xbox One X Mountain Dew
Post by oryanphine
0 Replies, 294 Views

Xbox Playdates Canada June 2018 schedule
Post by Kiesey
1 Replies, 432 Views

Xbox One X Black Panther
Post by oryanphine
3 Replies, 752 Views

Xbox Playdates Canada May 2018 schedule
Post by Kiesey
4 Replies, 719 Views

Is anything happening in XBox One land?
Post by DJ tx
7 Replies, 976 Views

Xbox One S Jojeux Anniversaire
Post by oryanphine
1 Replies, 672 Views

Xbox One X Steelbook
Post by oryanphine
1 Replies, 718 Views

Xbox Playdates Canada April 2018 Schedule
Post by Kiesey
4 Replies, 1004 Views

Xbox One X World of tanks
Post by oryanphine
2 Replies, 1139 Views

Xbox Playdates Canada - March 2018 Schedule
Post by Kiesey
7 Replies, 1387 Views

Any info on Biomutant release?
Post by DJ tx
4 Replies, 1192 Views

Xbox Playdates Canada - February Playdates Schedule
Post by Kiesey
8 Replies, 1546 Views

Xbox Prototype Communicator
Post by oryanphine
1 Replies, 1961 Views

© 2000-2018 XboxAddict.com - All rights reserved. All trademarks are properties of their respective owners.
Xbox is a registered trademark of Microsoft. XboxAddict.com is not affiliated with Microsoft.

Made in Canada
Site Design by Cameron Graphics