Ongame Network up for Sale


Trading performance fulfills expectations

In the latest development with the bwin.party digital entertainment's Ongame network, the giant announced that it will start a share buy-back program and the sale of Ongame, adding that its trading performance from April 2011 has met management expectations, with the exception of sports margins due to a favorable run of events for punters in May.

As for the sale of Ongame B2B network, the company specified that it has already initiated the process of sale, which is expected to be completed by the end of 2011.

In terms of the share buy-back program, the company said it will fund it with up to GBP 75 Million from the existing cash resources.

In addition, it was pointed out that the Board 'has adopted a progressive dividend policy commencing with a dividend of GBP 30 Million for the year ending on 31 December 2011,' adding that its merger integration is on-track to bring 'GBP 55 million of annualized synergies by 2013.'

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