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FAVOURIT CLOSED FOLLOWING AUSSIE STOCK EXCHANGE CONCERNS
13th June, 2016 at 20:47:02
Celsius Coal IPO on hold due to concerns regarding legality of Favourit Global operations in some jurisdictions.
The abrupt closure of Australian online gambling company Favourit Global last week (see previous report) has been explained as being a result of a failed Australian Stock Exchange listing by the new owners Celsius Coal.
Aussie media outlets have reported that the Australian Securities and Investment Commission blocked the listing on grounds that they are "not satisfied that Favourit Global is able to lawfully conduct its operations in all jurisdictions in which it proposes to carry its business, and will not conditionally approve Favourit Global reinstatement until the condition is satisfied".
readers will recall that earlier this year Favourit disclosed that it had agreed to be taken over by Celsius Coal Ltd, a Perth-based company that wished to convert its core business from coal mining and exploration to online gambling through Favourit, and would file an Australian IPO in order to raise A$6 million in additional funding for the new venture.
Related News Tags: Australia
GROWING ROW IN AUSTRALIA OVER FEDERAL GOVERNMENT PLANS TO BAN GAMBLING ADVERTS
16th March, 2017 at 08:13:32
Federal government is reportedly mulling a ban on gambling adverts during live sports broadcasts which could cost media companies A$120 million or more in lost revenue.
WILL HILL HAS BIG PLANS FOR AUSTRALIA
06th March, 2017 at 06:25:03
Undeterred by a largely hostile government attitude to online gambling, UK bookie plans to increase its penetration and market share.
ONLINE GAMBLING ENTREPRENEUR JOINS FORCES WITH BITCOIN CREATOR
02nd March, 2017 at 16:50:53
Calvin Ayre and Craig Wright (aka Satoshi Nakamoto) go after patent protection.
CHINESE CLAMPDOWN ON HIGH ROLLERS IMPACTS AUSSIE LAND OPERATORS
16th February, 2017 at 06:54:37
17 Crown employees remain incarcerated in China months after being arrested.
FORMER UKGC COMMISH WEIGHS IN ON AUSSIE REGULATION
02nd February, 2017 at 09:41:45
Meets Australian lawmakers to share experience regarding proposed amendments to the Interactive gambling act.