GAME Removed from Stock Exchange, Files for Administration
The ailing GAME Group has today removed itself from the London Stock Exchange, with many people now expecting the company to enter voluntary administration imminently.
The board of the GAME Group has said that it sees “no equity left in the Group”, and has made the decision to delist the company as of today. A statement from GAME Group reads:
“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.”
This news comes shortly after MCV reported that the company had come up with four potential paths the company could take, and laid them on the table for its suppliers, in a bid to keep them interested and still keen to stock the chain, which includes GAME stores both in the UK and in Spain, and GameStation stores in the UK.
MCV said they had learnt of the four options, which were: refinancing the entire company, looking for a “White Knight” investor, closing all stores as of Monday, and entering into voluntary administration, followed by launching a new company from the ashes of the GAME chain.
The GAME Group has since gotten in touch with the publication to deny these rumours, although MCV’s sources confirm that meetings to discuss the future of the Group have been taking place since last Friday.
The fourth and final option is the one that is believed to be currently being pursued by the Group. MCV wrote yesterday that if this happened, the Group would remove itself from the Stock Exchange very soon, with a view to proceeding with the plan, starting this Monday coming. That analysis has been proven partly correct this morning with the removal of the GAME Group from the London Stock Exchange, so we’re now very eager to see if a new company is indeed the plan for Game.
Would you like to see a new company in place of Game and Gamestation, or would you prefer to have things stay as they are?
UPDATE: GAME Group has now officially filed for administration, which has been confirmed by a statement to its shareholders. The statement reads:
“Further to this morning’s announcement of the suspension of trading in shares of GAME Group plc, the board has concluded that its discussions with all stakeholders and other parties have not made sufficient progress in the time available to offer a realistic prospect for a solvent solution for the business. The board has therefore today filed a notice of intention to appoint an administrator.”