MY CASINO LIMITED
Australian Internet Gaming Legislation/Issue of securities
Document date: Thu 29 Jun 2000 Released time: Thu 29 Jun 2000 08:42:56
Document No: 180714 Document part: A
Market Flag: Y
Classification: Issued Capital - Other
MY CASINO LIMITED 2000-06-29 ASX-SIGNAL-G
HOMEX - Perth
+++++++++++++++++++++++++
My Casino Limited has received a number of queries regarding the
effect on the Company's operations of the Australian Government's
proposal, announced this week, to implement retrospective legislation
to ban the introduction of new interactive gaming services in
Australia. The Company's position is unchanged from that advised to
ASX on 20 April 2000 when directors advised "that in their opinion
the proposed legislation in no way impacts negatively on the
Company's operations, in fact the reverse is almost certainly true."
The gaming activities conducted by the My Casino group is carried out
by a wholly owned subsidiary incorporated in Vanuatu (which is a
stable South Pacific democracy, previously known as the New Hebrides
when it was under joint British and French Colonial administration).
Being based in Vanuatu, which actively supports regulated online
gaming, rather than Australia, confers a number of significant
advantages, which are obviously greatly enhanced by the current
announcement of the proposed legislation.
My Casino was never reliant on the Australian market and retains its
core advantages of:
* Licenses granted for 10 years with 10 year renewal (including
Sportsbook)
* Highly competitive 4% gaming tax rate.
* Secure financial transactions handled by Barclays Bank in the UK.
* Fully audited to industry best practice.
* Low overheads ensure odds are similar to any Australian land based
Casino.
* Operates in highly regulated and audited environment.
My Casino has no intention of promoting its gaming activities in
Australia. All significant current gaming activity is coming out of
Asia and this is not anticipated to change in the near future.
ISSUE OF SECURITIES TO ADVISERS AND PROMOTERS
My Casino Limited wishes to announce the issue of a total 11,000,000
fully paid ordinary shares and 4,000,000 options pursuant to
approvals obtained from shareholders at the Company's general meeting
held on 28 March 2000. These issues comprise:
* 4,000,000 fully paid ordinary shares and 4,000,000 options to
acquire fully paid ordinary shares in the Company, each option
exercisable at 40 cents on or before 31 March 2003, issued to
Advisers of the Company in consideration for services performed by
the Advisers in introducing the acquisition of My Casino to the
Company. These shares and options are subject to escrow for a period
of up to 24 months at the direction of the Australian Stock
Exchange.
* 7,000,000 fully paid ordinary shares to European based promoters of
the Company pursuant to the terms of the Company's underwriting
agreement dated 22 March 2000. The issue price of 20 cents per share
was ratified by shareholders of the Company at a general meeting
held on 28 March 2000. The issue raises $1,400,000 in working
capital for the Company.
P Baird
COMPANY SECRETARY
Australian Internet Gaming Legislation/Issue of securities
Document date: Thu 29 Jun 2000 Released time: Thu 29 Jun 2000 08:42:56
Document No: 180714 Document part: A
Market Flag: Y
Classification: Issued Capital - Other
MY CASINO LIMITED 2000-06-29 ASX-SIGNAL-G
HOMEX - Perth
+++++++++++++++++++++++++
My Casino Limited has received a number of queries regarding the
effect on the Company's operations of the Australian Government's
proposal, announced this week, to implement retrospective legislation
to ban the introduction of new interactive gaming services in
Australia. The Company's position is unchanged from that advised to
ASX on 20 April 2000 when directors advised "that in their opinion
the proposed legislation in no way impacts negatively on the
Company's operations, in fact the reverse is almost certainly true."
The gaming activities conducted by the My Casino group is carried out
by a wholly owned subsidiary incorporated in Vanuatu (which is a
stable South Pacific democracy, previously known as the New Hebrides
when it was under joint British and French Colonial administration).
Being based in Vanuatu, which actively supports regulated online
gaming, rather than Australia, confers a number of significant
advantages, which are obviously greatly enhanced by the current
announcement of the proposed legislation.
My Casino was never reliant on the Australian market and retains its
core advantages of:
* Licenses granted for 10 years with 10 year renewal (including
Sportsbook)
* Highly competitive 4% gaming tax rate.
* Secure financial transactions handled by Barclays Bank in the UK.
* Fully audited to industry best practice.
* Low overheads ensure odds are similar to any Australian land based
Casino.
* Operates in highly regulated and audited environment.
My Casino has no intention of promoting its gaming activities in
Australia. All significant current gaming activity is coming out of
Asia and this is not anticipated to change in the near future.
ISSUE OF SECURITIES TO ADVISERS AND PROMOTERS
My Casino Limited wishes to announce the issue of a total 11,000,000
fully paid ordinary shares and 4,000,000 options pursuant to
approvals obtained from shareholders at the Company's general meeting
held on 28 March 2000. These issues comprise:
* 4,000,000 fully paid ordinary shares and 4,000,000 options to
acquire fully paid ordinary shares in the Company, each option
exercisable at 40 cents on or before 31 March 2003, issued to
Advisers of the Company in consideration for services performed by
the Advisers in introducing the acquisition of My Casino to the
Company. These shares and options are subject to escrow for a period
of up to 24 months at the direction of the Australian Stock
Exchange.
* 7,000,000 fully paid ordinary shares to European based promoters of
the Company pursuant to the terms of the Company's underwriting
agreement dated 22 March 2000. The issue price of 20 cents per share
was ratified by shareholders of the Company at a general meeting
held on 28 March 2000. The issue raises $1,400,000 in working
capital for the Company.
P Baird
COMPANY SECRETARY