Odds are looking good as gambling firm mulls sale

THE three words ‘formal sale process’ set alarm bells ringing for shareholders. And rightly so. It usually means it’s all going wrong and the company has launched a fire sale.

GAN, the internet gambling software firm that has a tie-up with Paddy Power Betfair in America, said those dreaded words on Friday and it sent shareholders into a selling frenzy.

The company said it was looking at all its options, including a sale, a move to a US stock exchange or finding a strategic investor (another betting company).

The Aim-listed shares plunged as much as 17 per cent on the day – to as little as 40p – before clawing back some of the losses to finish 4 per cent lower at 49p.

But it might not be all doom and gloom for shareholders.

My moles in the City tell me that Dermot Smurfit Jr, GAN’s chief executive and a member of the wealthy Smurfit family, is holding out for bids of around £1 a share, valuing the company at £80 million – virtually double Friday’s closing price.

That certainly wouldn’t be a bad deal for shareholders at all.

IT’S crunch time for Metals Exploration, the Philippines gold miner controlled by Nick Candy, the property tycoon known for his penchant for gold decor in his Knightsbridge apartments.

Candy will be working through the weekend with the Aim-listed company’s lenders to secure an agreement by Monday to delay debt repayments it is unable to meet. Without a deal, £34 million would be due immediately, which would force the company under.

An announcement will be made ‘ no later than’ 7am tomorrow, the company says.

So long-suffering shareholders won’t have long to discover its fate.