ANNUAL REPORT
2007
The Annual General Meeting of shareholders will be held on 14th May 2008 at 4 pm in the Company’s premises at Gårdsvä- gen 18 in Solna, Sweden.
Shareholders wishing to participate in the Annual General Meeting must be registered in the company’s share register maintained by VPC AB by Thursday 8th May 2008, and must also notify the Company of their intention to participate in the Annual General Meeting no later than 12 noon on 10th May 2008. Shareholders may be accompanied by up to two advisers if the number of advisers is notified within the stated time.
Application to participate in the Annual General Meeting as well as for any advisers shall be made in writing to the address Entraction Holding AB, Box 3108, 169 03 Solna, or by e-mail to info@entraction.com or by telephoning 08-564 884 60. Ap- plication must include the shareholder’s name, personal identity number or Corporate Registration Number, address and tele- phone number. If participation is based on power of attorney, the power of attorney should be included with the application for participation at the Annual General Meeting.
Shareholders whose shares are registered with a nominee must request a temporary re-registration of the voting rights attached to the shares to be eligible to participate at the Meet- ing. The shareholder must notify the nominee of this well in advance of 8th May 2008 as such registration will be carried out by VPC.
ANNuAl GENERAl MEETING May 14th 2008
INTERIM REPoRT foR THE PERIod JANuARy–MARCH
May 14th 2008
INTERIM REPoRT foR THE PERIod JANuARy-JuNE
August 26th 2008
INTERIM REPoRT foR THE PERIod JANuARy–SEPTEMBER
November 6th 2008 yEAR-ENd REPoRT 2008 February 25th 2009 FINANCIAL CALeNdAr
ANNUAL GeNerAL MeeTING
1 CONTENTS
ABouT THE ENTRACTIoN GRouP 4
ENTRACTIoN HoldING AB 6
ENTRACTIoN SoluTIoNS AB 8
MARKET ANd CoMPETITIoN 11
PRoduCTS 12
A SECuRE GAMING EXPERIENCE 16
CASABlANCA GAMING GRouP AB 18
CASGAMING lTd 21
THE SHARE 22
BoARd of dIRECToRS 25
BoARd of dIRECToRS’ REPoRT 30
fINANCIAl STATEMENTS 35
6 8 18
CONTeNTS
2
A WORD FROM THE CEO
INVeSTMeNT COMPANY
IN dIGITAL eNTerTAINMeNT
I have now been CEO at the Entraction Group for 8 months, and I find it very benefi- cial to work with some very capable people. My work in creating with them a clearer business structure with a clearer focus has in a short time resulted in the company steering away from a tough economic situation to one of profitability, positive cash flow and strong sales growth. But it is not the only difference.
WE CAN SEE THAT OUR GROUP looks different today compared to how it looked in August 2007 when I began as CEO. The group is now split up into four sections: Entraction Holding which is an investment company within the digital entertainment industry, Entraction So- lutions which offers a complete portfolio of gaming software and services to companies, the part-owned company Casablanca Gam- ing Group which is geared at the consumer market, and the New Business area which is our commitment to future growth compa- nies within the digital entertainment industry. In short, we have created for ourselves a clear position on the market for increased profitability, growth, increased value and risk distribution for our shareholders.
STreAMLINING, COST CONTrOL,
reVeNUe FOCUS ANd PrOdUCT deVeLOPMeNT
Since the summer of 2007 we have followed a strategy based on four cornerstones in our Group Company: streamlining, cost con- trol, revenue focus and product development.
It was clear to me and my colleagues in the Group that there was a lack of clear focus. Should we operate the world’s best website, develop the world’s best gaming software or, quite simply, be the world’s best company in the gaming industry? Our answer to the question was: why settle with one thing?
Our first action, in accordance with the overall strategy, was to streamline the company into a supplier section, Entraction Solu- tions, and a consumer oriented section, Casablanca Gaming Group.
This division created a clearer structure and better conditions for focussing the business, which brought about a new dynamic in the Group, as all staff are now working together towards clear goals.
Furthermore, the reaction from both Entraction Solutions’ custom- ers and the investment market has been positive.
After this initial step, the implementation by staff within the Group Company of other parts of the overall strategy has been im- pressive. I had no idea beforehand that carrying out a change to the structure of the Group could go so smoothly, a sweeping re- organisation involving staff reductions, a changed pricing model, an expanded product portfolio and changed promotion and rake structures.
A WOrd FrOM THe CeO
“IN SHOrT, We HAVe CreATed FOr OUrSeLVeS A CLeAr
POSITION ON THe MArKeT FOr INCreASed PrOFITABILITY,
GrOWTH, INCreASed VALUe ANd
rISK dISTrIBUTION FOr OUr
SHAreHOLderS.”
3
A WORD FROM THE CEO
therefore laid a good basis in terms of, for example, increased li- quidity in our poker network, which benefits all our partners. We have also to a large extent productified our customer offering and changed our price setting model as part of our increased revenue focus. Furthermore, we are in constant negotiation with new and exciting operators, and it is pleasing to note that the interest to a greater extent comes from established gaming companies.
CASABLANCA GAMING GrOUP – THe PLAYerS’ GALLerY As a result of the process of streamlining in the Group, Casablanca Gaming Group AB was formed in the autumn of 2007 as a concen- trated stake in the consumer market. The purpose of the Casablan- ca Gaming Group is to look after the business opportunities in the gaming operator market. In order to take best possible advantage of these opportunities, a CEO was recruited for the company in February 2008, Peter Sederowsky, who has solid experience in the entertainment and Internet industry. We now look forward to Peter and his staff in the subsidiary making a positive contribution to the development of all existing brands, and to the company continuing to be a successful operator in the consolidation of the sector.
NeW BUSINeSS – FUTUre OPPOrTUNITIeS
New Business is our stake in future high-growth companies in the entertainment industry. There can, for example, be forms of digital gaming, infotainment or other distribution channels other than the Internet.
AN INSPIrING WOrKPLACe
We have carried out a series off changes in recent months, which have made big demands on all staff. One of the challenges in ar- riving as a new CEO in a company is to get your new staff to work together towards new goals. What I met was a company with great expertise and a strong will to realise the potential which exists in the Group. I am impressed by the commitment and work effort of all staff and how everyone has grown and developed with new tasks and new demands. Today I am today CEO of an organisation with a strong sense of self-confidence and a rock-solid conviction that 2008 is our year.
Peter Åström
CEo, Entraction Holding AB eNTrACTION HOLdING – AN ACTIVe OWNer
The gaming industry is in a consolidation phase, and the oppor- tunities for operators with proper business sense, an established organisation and financial resources are great. In our view, there is more to the gaming industry than producing and selling online gaming – more like a digital entertainment industry with a strong potential for growth. The Board of Directors therefore decided at the beginning of 2008 that Entraction Holding AB should operate as an investment company within the digital entertainment indus- try. Entraction Holding will take charge of opportunities within this industry by using the group’s past experience, knowledge and networks to invest in new kinds of gaming, distribution channels and related services. It does not just involve new opportunities, but can also be seen as a way of spreading risks and minimising the group’s dependence on individual products or customers.
Entraction Holdings operation is based on active owner involve- ment where we are involved both in daily operational activity as well as in more general strategic issues, business development and financial and skills provision. We see our knowledge and network creating new and exciting opportunities for income and value growth. There are many companies in the gaming industry which have grown successfully under the management of enterprising business people, but which now need the resources and expertise which Entraction Holding can offer to be able to be successful in the long term. In 2008 Entraction Holding will focus both on consoli- dating existing holdings and finding interesting new investments.
eNTrACTION SOLUTIONS
– COMPreHeNSIVe SUPPLIer TO THe GAMING INdUSTrY During 2007 Entraction Solutions has promoted its position as a complete supplier of products and services for companies in the gaming industry. The market for online games is still showing strong growth in Europe, and during the autumn we noted a clear increase in both revenue and the number of active players. We see great potential for future growth both in new and mature markets.
Entraction Solutions is making a deliberate commitment to ex- panding its product portfolio, and in the summer of 2008 we will be launching bingo. We are evaluating current new products on the market and will in future new products and services which we have developed in-house, licensed or acquired.
We have also signed agreements with a series of prestigious customers, such as VC Poker (Victor Chandler), Betdaq, Pinna- cle Sports, WagerWorks, Cantor Gaming and Devilfish. We have
4
ABOUT THE ENTRACTION GROUP
THe eNTrACTION GrOUP
ENTRACTION HOLDING AB is an investment company in the digital entertainment industry. The company exercises active ownership in- volvement and is involved both in the daily operational activity as well as in more general issues relating to strategy, business development and financing and skills provision.
The business model has been developed on the basis of the com- pany’s background as a successful supplier and operator in the gaming industry and the role of Entraction Holding is to create new and excit- ing opportunities for income and value growth using its knowledge and wide network.
As an investment company, the company will in the long term create structures both to consolidate existing holdings and to find interesting new investments. The present consolidation on the gaming market cre- ates new and interesting business opportunities for Entraction Hold- ing. The company owns 100% of Entraction Solutions AB and 57% of Casablanca Gaming Group.
Entraction Holding AB is listed on first North and has approximately 8,500 shareholders.
ENTRACTION SOLUTIONS AB is a gaming group which offers complete software systems for online gaming and operates one of the world’s largest poker networks.
Entraction Solutions offers partners software for poker, sports bet- ting, casino and bingo, access to the poker network and peripheral services, such as web design, gaming licences, operation, payment so- lutions, promotional tools and around-the-clock end user support. The company’s partners can choose a customised solution of different prod- ucts or a turnkey solution in which the partner is only responsible for marketing. The poker network is operated by subsidiaries in Malta that are licensed to market and conduct their own gaming activities and to deliver gaming services to partners in the poker network.
The support organisation and administration of sports betting is oper- ated by subsidiaries in Estonia.
CASABLANCA GAMING GROUP AB is a gaming group aimed at the consumer market. The company owns the subsidiary Casagaming ltd in Malta, which operates the online gaming websites: 24hPoker.com, Staffpoker.com, Norpoker.com and danepoker.com. The websites are among Scandinavia’s most well-known gaming websites. 57% of Casa- blanca Gaming Group AB is owned by Entraction, and 43% by Epicure Ventures.
NEW BUSINESS is Entraction Holding’s stake in future high-growth companies in the entertainment sector.
THIS IS
eNTrACTION
ENTRACTION HOLDING AB
ENTRACTION SOLUTIONS AB
ENTRACTION MALTA HOLDING AB
ENTRACTION OPERATIONS LTD
ENTRACTION NETWORK LTD
ENTRACTION ESTONIA OÜ
100%
CASABLANCA GAMING GROUP AB
CASABLANCA HOLDING LTD
CASAGAMING LTD 57%
NEW BUSINESS 100%
OPerATING OrGANISATION
5 KEY EVENTS
KeY
eVeNTS
PeTer ÅSTrÖM NeW CeO
Peter Åström began as the group’s new CEo on 1st August 2007.
dIVISION OF BUSINeSS
At the beginning of 2008 the Entraction Group introduced a new strategy in which the operation was divided into four sections. En- traction Holding AB which will act as an investment company in the digital entertainment industry, Entraction Solutions AB which offers companies complete solutions for online gaming, Casa- blanca Gaming Group which offers consumers online gaming, and New Business which is the group’s stake in to future high-growth companies in the digital entertainment industry.
FOUr STrATeGIC COrNerSTONeS
Since the summer of 2007 the Group has followed a strategy based on four cornerstones: streamlining, cost control, revenue focus and product development.
NeW PrOdUCTS
Entraction Solutions has developed its own version of the popular casino game Caribbean Stud® Poker that is played directly in the poker client. The company has also launched a poker service in which players get access to the poker network IPN. during 2008 bingo is being introduced into Entraction’s portfolio.
NeW CUSTOMerS
during 2007 Entraction Solutions signed a number of new part- ner agreements, which included agreements with significant in- ternational operators, such as VC Poker (Viktor Chandler), Pin- nacle Sports and Cantor Gaming. furthermore, an agreement was signed with Betdaq, an Irish online gaming operator. The agreement also includes an option for Betdaq to acquire 125 mil- lion Series B shares in Entraction Holding AB. In March 2008 an agreement was signed with devilfish Gaming.
COLLABOrATION AGreeMeNT WITH WAGerWOrKS WagerWorks, a world-leading producer of online gaming, and Entraction Solutions signed a strategic collaboration agreement in August which involves offering partners each other’s gaming services.
LISTING ON FIrST NOrTH
Entraction Holding AB’s series B shares began trading on first North on 4th June 2007.
KeY dATA 2007 2006 2005
Net sales, SEK 000s 234,625 208,512 136,040
Sales growth, % 12.5 53.3 499.4
operating income, SEK 000s –18,514 1,630 27,117
operating margin, % –2.92 0.78 19.93
Return on shareholders’ equity, % –91.1 22.4 79.7
Earning per share, SEK –0.07 0.02 0.04
Equity/Assets ratio, % 20.8 29.2 28.0
Market capitalisation at end of period, SEK 000s 264,228 347,123 N/A
Average number of employees 106 98 50
Net sales per employee, SEK 000s 2,213 2,128 2,737
6
ENTRACTION HOLDING AB
eNTrACTION HOLdING AB
Entraction Holding’s operations are based on shareholder involvement in compa- nies in the digital entertainment industry, which is operated as a common concern.
The company is involved both in everyday operational activity as well as in more
general issues relating to strategy, business development and financial and skills
provision.
7
Entraction Holding will be established as a market-leading con- cern within the digital entertainment industry.
Entraction Holding will in the long term generate the highest possible profit through active and professional ownership in companies within the entertainment industry. Entraction Holding contributes in terms of its knowledge, experience and contact network, offering a unique opportunity for investors to look after the value potential in the holding.
Entraction Holding is a long-term and active investor.
Entraction Holding operates according to the philosophy that all investments are part of an offensive concern to highlight the im- portance of the benefit of synergistic effects between the com- pany’s investments.
Entraction Holding’s main stake in its investments will be in terms of skills and network rather than provision of capital.
Entraction Holdings aim is over time to generate the highest possible profit through professional, active and responsible own- ership in selected companies within the digital entertainment industry.
Entraction Holding AB’s CEo is Peter Åström. Read more about the company's board of directors and management on pages 27-28.
ENTRACTION HOLDING AB
ENTRACTION HOLDING’S BUSINESS MODEL has been developed on the background of being a successful supplier and operator in online gaming. The company’s knowledge and network creates new and exciting opportunities for revenue and value growth. By operating as an investment company, Entraction Holding can, on a long-term perspective, create new structures both to strengthen existing holdings and to find and conduct interesting new investments.
The present consolidation on the gaming market means that competition for both suppliers and operators will increase, which means new demands for products and services, but also interesting new business opportunities emerging for Entraction Holding.
eNTrACTION HOLdING’S MeTHOdOLOGY
The common factor for Entraction Holding’s operations is that the company actively uses its holdings to implement a methodology of focussing on clear positioning, revenue maximisation, cost control and continual business development. In addition to Entraction’s philosophy, comes its experience, network and knowledge, and it is possible therefore to make a concrete contribution to value growth.
Entraction Holding operates by showing a strong active and strategic partial involvement in companies to ensure that compa-
nies are developed in line with Entraction Holding's objectives and expectations. Entraction Holding sees itself as a long-term owner, and the holdings which are acquired for the portfolio will belong to the gaming industry in a wider sense. There will also be holdings which can be related to other holdings and add value to the group as a whole.
Details of Entraction Solutions AB can be found on pages 8-16, and details of Casablanca Gaming Group AB can be found on pages 18-21 in this annual report.
NeW BUSINeSS
New Business is Entraction Holding’s stake in future high-growth companies in the entertainment industry. This can include digital forms of gaming which are not based on gambling, e.g. PC-based games and infotainment where serious information is supplied in an entertaining way, and distribution channels other than the In- ternet are also interesting for New Business, e.g. mobile phones and IPTV. Moreover, the Entraction Group sees big growth opportuni- ties in peripheral services in the area of digital entertainment. The operations in New Business can be own initiative, acquisition or joint ventures, depending on where and how business opportuni- ties appear.
VISION
BUSINeSS IdeA
BUSINeSS PHILOSOPHY
AIM
MANAGeMeNT
8
ENTRACTION SOLUTIONS AB
Entraction Solutions is one of the world’s premier suppliers of complete systems for Internet-based gaming. Entraction offers all necessary gaming software, IT- systems and services to be able to run successful online gaming. The wide range of different games provides completely unique opportunities for partners to offer their players the best gaming experience.
eNTrACTION SOLUTIONS AB
9
ENTRACTION SOLUTIONS AB
TODAY THE ENTRACTION SOLUTIONS AB GROUP INCLUDES software de- velopment in Sweden, subsidiaries Entraction Operations Ltd and Entraction Network Ltd in Malta which runs their own gaming op- erations and Entraction Estonia OÜ in Tallinn which offers support to end customers and administers sports betting.
BrOAd PrOdUCT POrTFOLIO
Entraction Solutions offers partners a complete solution for gam- ing operations. The company offers proprietary software for poker and access to Entraction’s poker network and proprietary software for sports betting with a wide range of gaming, and high-class risk management. Furthermore, it offers access to the poker network IPN via the so-called Cardroom2, and two of the world’s most popular casino solutions, WagerWorks and NetEnt. The latest ad- dition to Entraction’s gaming portfolio is bingo, which is licensed from NYX Interactive. Entraction Solutions continues to add new products to its gaming portfolio and chooses between developing its own software, licensing games or acquiring companies with in- teresting products.
UNIQUe TUrNKeY OFFer
Entraction’s partners can choose a customised solution of differ- ent products or Entraction’s turnkey solution where the customer is only responsible for marketing. The turnkey solution gives the part- ner access to the company’s broad gaming portfolio and a complete set of peripheral services, such as web design, gaming licences, operation, payment solutions, promotional tools and around-the- clock end user support.
Entraction Solutions has over 100 active partners, including VC Poker (Victor Chandler), Betdaq, Cantor Gaming, Pinnacle Sports, Redbet, Devilfish and Casagaming.
Entraction’s poker network is one of the world's biggest, and at the end of 2007 the network had over 1 million registered players, mainly in Europe.
Entraction Solutions AB strives to offer the most sought-after products on the gaming market. The company can develop its own products, license products from other operators or acquire companies with interesting products.
Entraction Solution’s partners will find the company to be a trust- worthy and professional supplier.
Entraction Solution AB’s CEo is Peter Åström.
BUSINeSS PHILOSOPHY
AIM
MANAGeMeNT
ENTRACTION SOLUTIONS ENTRACTION OPERATIONS
Poker operation
Sports betting licences
Casino Player support
Bingo Payment solutions
Backoffice Poker network
Affiliate program Bingo network Web design Tournament administration Technical support Compliance Promotional support
PARTNERS Marketing Brand name
PLAYERS
Entraction Solutions will be the leading aggregator of online gaming.
End users will find Entraction Solution’s products to be the best and most attractive on the market.
Entraction Solutions offers attractive, user-friendly and secure online gaming to established and new gaming operators, media operators and strong brands.
The company offers complete solutions to make it quick and easy for customers to function as professional online game op- erators in relation to their own customer databases and provide a selection of services adapted for specific customers.
Entraction Solutions operates on the global entertainments market with a focus on Europe.
VISION
BUSINeSS IdeA
10
ENTRACTIoN SoluTIoNS AB MARKNAD OCH KONKURRENS
The number in millions of online poker players the world will have in the world in 2012, compared to today’s 9.5 million players.
18,3
11
MARKET ANd CoMPETITIoN ENTRACTION SOLUTIONS AB
SALES IN ONLINE GAMINGin 2006 totalled nearly 10 billion euros, which is just over 5% of the total sales in the gaming market. An annual growth of over 20% is expected in the next three years, of which poker is expected to account for the largest part.
Sweden, which is Entraction’s largest market, is regarded as a mature market and annual growth is expected to remain at about 10%. The main growth will occur in the new product segment. An example of this is the emerging bingo boom.
GrOWTH MArKeTS
Poker is still growing strongly and last year Entraction saw strong growth in Southern Europe, mainly in Italy, which is now the com- pany’s third largest market. One of the main driving forces for on- line gaming is access to fast and safe Internet connections, and the market expansion for online gaming is following the same pattern as the Internet penetration. The largest number of Internet users per capita is in Scandinavia (about 70%) followed by the countries of Central Europe. The countries of what was formerly Eastern Eu- rope are developing fast and in, for example, Hungary, Poland and Belarus, Internet penetration per capita is 30%. Overall there are more than 220 million Internet users in Europe.
The market for online gaming in general and the poker market in particular have grownconsiderably in recent years. Strong growth is expected to continue in the same way for new markets, while new gaming types are expected to account for the biggest growth in mature markets.
MArKeT ANd COMPeTITION
■ Poker 26%
■ Sports betting 29%
■ Casino 32%
■ Games 13%
drIVING FOrCeS
• TV exposure • Celebrities that play
• Internet penetration • Accessibility (easy, convenient)
• Wide range of gaming • Secure payment solutions
eXPeCTed dISTrIBUTION OF ONLINe GAMING IN 2012 SUPPLIer MArKeTS
Entraction estimates that the market for software suppliers totals about 10% of the online gaming market, i.e. 1 billion Euro. There is a very large number of software suppliers, but in most cases they specialise in one product such as, for example, casino, betting or poker. Entraction’s strategy is to offer a broad product portfolio, both different gaming types and peripheral services and other tools are needed so that the company's customers can offer a superior gaming experience. The demand for interacting and chatting with other players is also increasing. According to surveys, 40% of online players visit forums and chat rooms regularly.
Entraction Solutions’ competitors are found mainly among poker suppliers who operate open poker networks, i.e. networks comprising many different gaming sites. Entraction’s network is the world’s seventh largest in terms of the number of simultaneous players, but the company takes market shares both from new web- sites coming onto the network and from established websites that have chosen to switch networks to Entraction. Entraction’s turnkey offer is unique on the market and is a strong competitive advantage as the company can offer an overall solution, rather than the part- ner having to administer several different suppliers and systems.
12 PRoduCTS
ENTRACTION SOLUTIONS AB
HUNdredS OF TABLe GAMe
Cash game involves players sitting at a virtual gaming table and playing for real money. Entraction has no financial risk when it comes to games on cash game tables, as the company is not actively involved in the playing. The game only takes place between players.
For each pot played Entraction charges a fee called a rake.
Tournaments differ from cash game as the player buys into the tournament at a predetermined cost and then gets markers with a nominal value.
CASINO GAMING IN THe POKer CLIeNT
During 2007 Entraction made a very successful change in the way rake is distributed between players. The change led to cost savings for the existing bonus system and loyalty scheme, while at the same time the new system rewards players that are active. In addition to this, Caribbean Stud® Poker was also launched, which is a proprietary variation on the classic casino game. The game is available among the usual poker games and is an excellent addition
POKer
BeTdAQ — WOrLd-LeAdING BeTTING eXCHANGe BACKS POKer
Entraction Operations operates one of the world's premier poker networks with proprietary software offering a wide range of poker variations. Via our partners, players from all over the world gather in the network and play poker with each other. The most popular game is Texas Hold’em.
”Betdaq has been operating its betting exchange since 2001 and launched poker in 2008. Entraction offers a superior poker platform, and what we value most of all is its pure style, which makes it easy for customers to navigate and access the wide range of gaming.
The implementation process with Entraction went very smoothly and according to schedule. The problems which cropped up along the way were quickly solved with the help of Entraction's IT department.
Betdaq offers the world’s best betting exchange, and we are also very pleased to be able to offer our existing and new customers a first- class poker product. We believe that the poker market will continue to grow strongly, particularly in Europe, and we think that the partner- ship between Betdaq and Entraction offers an excellent opportunity to capitalise on this growth through the continual development of the poker platform.
Traditionally Betdaq’s customers are enthusiastic players who want to make the most of their betting opportunities. Therefore we also expect to attract established poker players whose demands on us will
be just as great as those made on us by our sports betting custom- ers today. Moreover, we also want to convert our existing customers to poker.
Betdaq will be carrying out several exciting marketing activities for the betting exchange and poker game during 2008, and will be in- creasing cross-selling between our two products. We also have high expectations for the development projects which Entraction plans for 2008, i.e. new lobby design, better promotional tools and new games in the product portfolio.
We look forward to our continued collaboration with Entraction and value the expertise and professionalism which is the hallmark of that company.”
Brian O’Sullivan CEO, Betdaq www.betdaq.com
to Entraction’s wide range of games. The range of tournaments has been drastically changed for the better, which has manifested in increased revenue from tournaments and an increased number of active tournament players.
During 2008 Entraction plans to undertake a number of exciting projects for the poker software products. This includes developing multilingual support for poker clients, which will make it easier for our partners to attract players in local markets where insufficient knowledge of English can be an obstacle.
TWO NeTWOrKS dOUBLe THe eNJOYMeNT
In addition to Entraction’s network, partners also have the oppor- tunity to offer games on the International Poker Network, IPN. This means that players get access to two different poker networks with one and the same account. Entraction calls the alternative network Cardroom2.
13 PRoduCTS
ENTRACTION SOLUTIONS AB
CASINO
SPOrTS BeTTING
ENTRACTION SOLUTIONS HAS A VERY WIDE OFFERING in casino, compris- ing both popular and well-known games and new and innovative casino products, as well as gaming based on known brands. During 2007 Entraction’s casino became ever more popular with partners, and the turnover in casino made strong growth during the year.
Entraction Solutions has decided to work with two leading ca- sino producers, NetEnt and WagerWorks, to be able to guarantee a constant flow of new market-leading casino products. Further- more, Entraction continues to work closely with its partners to help them to maximise revenue from casino. During 2007 WagerWorks casino was launched in Entraction’s product portfolio. Wager-
THE SPORTS BETTING MODULE IS FLEXIBLE and allows Entraction's part- ners to choose between different repayment rates. The application functions in the web browser which makes it easy to integrate.
In sports betting customers are offered the chance to bet on the result in various sports events at fast odds. Since there are many competent players who live on incomes from betting, it is important to provide effective risk management for sports betting. Entraction offers very effective and partly automated risk management. By of- fering sports betting with high repayment rates, and therefore at- tractive odds, it is possible to recruit customers who are interested in the odds first of all, but then start to play poker and casino.
Works offers a complement to games from NetEnt, and there are also casino games which are associated with strong brands, such as Monopoly, Cluedo and Elvis. WagerWorks also offers so-called
“Life Changing Jackpots”.
By having two different casino providers, Entraction Solutions can offer its partners more newly launched games with different profiles and target groups each month. New games generate more playing customers. Entraction Solutions will also carry out opera- tion in the casino environment which will support tournament gaming, leader board and the bonus offer.
Entraction Solutions partners receive a unique casino solution as the company offers casino games from the world’s two leading casino suppliers, NetEnt and WagerWorks. The combination of two casinos heightens the gaming experience, which means that the player becomes more active.
Entraction Solutions offers attractive odds, and this draws in both new beginners and experienced players. The company has a user-friendly and advanced system of managing placed bets.
The system handles several different sports, odds and gaming.
During 2007 turnover in sports betting increased by 112%, and the gross margin was also higher than the previous year. The increase in sales was very positive, particularly in view of the fact that no big events, such as the Olympic Games or the European Cup/World Cup in football, were held during the year. Of the total turnover football was clearly the dominating sport with 59% of sales, closely followed by ice hockey with 19%. None of the other individual sports accounted for than 5% of the total turnover. Entraction’s sports bet- ting is constantly developing and during 2007 the number betting objects doubled.
14 PRoduCTS
ENTRACTION SOLUTIONS AB
ENTRACTION IS LAUNCHING BINGO IN PARTNERSHIP with a proven and reliable software provider, NYX Interactive AB. Entraction’s bingo client does not need to be downloaded, but is a flash pop-up with its own graphics and sound features. The haphazardly-generated bingo cards function quite technically as lots, and the most com- mon and most popular form of game is 75-bollars multiplay with various patterns and prize structures
MULTI-FeATUre BINGO
Entraction’s bingo has a large number of different features which make the game an attractive product for partners to add to their offering. For example, it is possible to use jackpots which are one of the strongest incentives for players, and there are also side games built into the bingo client, such as slots and wheel of fortune.
Communication and company are very important for bingo players. Therefore Entraction’s bingo solution offers players the
BINGO
BINGO FACTS
• 8% of all Europeans play bingo regularly. Of these 80% are women and 20% are men.
• An average bingo game lasts 4-4½ minutes.
• Most play bingo for pleasure, not to make money.
• A survey carried out in Great Britain shows that 38% of bingo players play every day. 15% of players play 2-3 times a week.
During the spring of 2008 Entraction Solutions complemented its product portfolio with a new gaming vertical; bingo. Bingo is a widespread and popular game offline and is growing strongly as an online game.
chance to chat in three different languages in the same bingo game.
Initially client and chat will handle Swedish, English and Finnish, but it is also possible to customise the bingo client to a specific partner and offer other languages.
There is a big demand for bingo among Entraction’s partners, and therefore there is strong will to add the product to the range and to promote it.
COMPLeTe PrOdUCT OFFer OFFerING ATTrACTS POKerIHUONe'S PLAYerS
“Pokerihuone, which is operated by the Maltese company Cylex International ltd, has been offering poker in the Entraction’s network since 2005. The partnership with Entraction has always worked extremely smoothly, and we are proud that we have always been able to offer our customers the best and most secure products on the market. This is very important for us, as our customers above all appreciate that the product is simple to use, has good functionality and is secure. Entraction’s poker software is extremely user-friendly and reliable, in other words precise as a poker game should be. Many more features have also been added recently simplifying the game.
We would like to entice as many customers as possible who are in- terested in gaming with different products, and for this reason casino games are a natural complement to poker. The casino from NetEnt, works very well and is greatly valued by our customers. We have been positively surprised by the rapid growth of the casino. during 2008 we also added WagerWorks casino, which has been very well received by
our customers.
during the spring we will also be launching bingo and we have very high expectations of it. Although the marketing for the most part is targeted at new player groups, we believe that bingo will also attract some of our existing poker and casino players. And why shouldn’t bin- go players want to play poker when they have a break from bingo?
Some of our players want clarity, others like detailed and well laid out design. for many players appearance is very important in their choice of gaming site, and even though security and user-friendliness are actually the most important features, we try to offer a product which takes account of both.
The Board of Directors Cylex International Ltd www.pokerihuone.com
15 PRoduCTS
ENTRACTION SOLUTIONS AB
TOOLS CMS
To make it easy for partners to publish content, text, banners and modules on their websites, Entraction offers a user-friendly Con- tent Management System. Partners can work with text and pictures in an editing mode or use HTML code. Partners can simply apply flash-animations and different languages.
BACK offICE
Entraction’s back office makes it easy for partners to monitor the activity of their players and affiliates. It also makes it possible for partners to segment their customer database, administer affiliate accounts and export statistics external accounts and campaign programmes. Key data is presented graphically and there is access to a large number of detailed reports to allow complete control of the financial situation.
PoKER SCHool
The interactive and flash-based poker school can be designed ac- cording to each web site's graphical profile, colours and preferenc- es. This is a very useful tool for training new players and creating confidence in the brand, perfect for focussed campaigns.
MAIl PRoMoTERS
Partners use the mail promoter to send newsletters to their players.
It has been developed to work effectively with Entraction's back of- fice. The mail promoter has advanced features such as spam check and statistics. In the mail promoter partners can easily set up their own and individual templates and administer multiple user lists.
AffIlIATE PRoGRAM
Entraction makes it easy for partners to recruit and administer af- filiates. In a couple of easy steps players can upgrade their account to an affiliate account and start earning commission on players that are introduced to the partner's website. The affiliate tool includes an interface to monitor affiliate activity. Affiliates have access to the interface online, and they can see reports and statistics and make new bonus codes for publication online.
TOOLS & SerVICeS
SerVICeS PlAyER SuPPoRT
In the competitive online industry it is particularly important to build up strong relationships. To be able to meet demand, fast feed- back, accurate information and accessibility are essential.
PARTNER SuPPoRT
Entraction offers a dedicated and professional partner support serv- ice, which aims to help and support the partners’ daily operation.
Partner support is available 24/7 and the staff have special training in Entraction’s product portfolio and system.
PAyMENT SoluTIoNS/CASHIER
Entraction endeavours to make financial transactions for players as secure, easy, fast and flexible as possible. Entraction therefore offers a large number of user-friendly payment solutions: credit/charge card transactions, MoneyBookers, NETeller, WebMoney, PaySafe- Card and bank transfer. Entraction offers help in integrating new payment solutions, local bank accounts and additional currencies.
The company helps with anything from registration of formal doc- uments to technical development.
MulTI lANGuAGE
Entraction offers web content in 20 different languages and new ones are added continually.
WEB SITE PRoduCTIoN
As a partner of Entraction you have access to our professional front- end developers and designers. We can help you with most design jobs, from small adjustments to big new productions. Entraction also offers stable and secure web hosting.
VIP SHoP
The integrated web shop from Entraction Solutions offers players a choice of products from X-Box and plasma screens to profile cloth- ing. Partners do not need to manage orders, customer support, packing, freight and storage, as the VIP shop is a complete service package. This is a valuable marketing tool in which partners’ players can make use of VIP points they have earned to buy products.
Entraction Solutions offers its customers different types of tools and services which are specially adapted to Entrac- tion’s system and give partners opportunities to administer
their gaming sites and communicate with players. Entraction can help its partners
with anything from the design of the website to a host of secure payment solutions.
16 PRoduCTS
ENTRACTION SOLUTIONS AB
A SeCUre GAMING eXPerIeNCe
GAMING IS LICeNSed ANd CONdUCTed FrOM MALTA All direct gaming operations in the group are conducted by the company's subsidiaries Entraction Operations Ltd and Entraction Network Ltd. These companies hold all relevant gaming licences is- sued by the Maltese equivalent to "Lotterinspektionen" (The Swed- ish Gaming Board/Lottery Inspectorate), the Lotteries & Gaming Authority (LGA). LGA is also the supervisory authority and is re- sponsible for checking that Entraction’s subsidiaries comply with licensing conditions.
There are four classes of licence for online gaming in Malta, and Entraction’s subsidiaries have been granted all of them. Entraction Operations Ltd has a class 1 licence which regulates casino opera- tions, a class 2 licence for sports betting and a class 3 licence which authorises the promotion and conducting of gaming operations in- cluding poker from Malta. Finally, Entraction Network Ltd holds a class 4 licence which makes it possible to offer the poker network to third party customers, e.g. within the scope of Entraction's turnkey solution.
COMBATING FrAUd
The company works proactively to prevent fraud and money laun- dering in the network, and has a dedicated staff that monitors the system round the clock. Checks are put in place to ensure, for ex- ample, that no one tries to use stolen credit cards or defrauds in some other way. In addition, various automatic systems are used to identify and counteract attempted fraud, for example systems that verify the player’s identity and trigger the alarm in the event of sus- picious behaviour. Entraction observes the EU’s directive on money laundering and works with the Financial Intelligence Analysis Unit in Malta whose task it is to combat money laundering. Any suspi-
cion regarding fraud or money laundering is closely investigated.
It is important for Entraction to be able to offer secure payment solutions and the Company complies with the Payment Card In- dustry Data Security Standard (PCI DSS).
reSPOSNIBLe GAMING
Entraction regards online gaming as a form of adult entertainment.
Most players share this view, but there is a small proportion of play- ers who allow gaming to become an excessive part of their life. En- traction tries in various ways to help its players play responsibly, for example by, according to the player’s wishes, adjusting how much money the player can deposit by credit card, imposing limits on the maximum that may be gambled during a month or blocking the player’s account for a specified period.
TIPS FOr GAMING ON THe INTerNeT
do not trust unknown links or attachments which you receive by email or instant messaging.
Websites in Entraction’s network will never send you program updates or questions regarding user information by email.
you must have an updated an anti-virus program and spyware software on your computer. There are many excellent free programs to download if you do not want to spend money on software.
Choose a difficult password, which preferably comprises both letters and other characters, for your player profile.
1 2 3 4
It is crucial for Entraction Solution’s operations to be able to offer a secure gaming
experience in a regulated environment. The subsidiaries that operate gaming are
licensed by the lottery authorities in Malta and all transactions are monitored.
17 AVSNITT
ENTRACTIoN HoldING AB
The percentage of bingo players in Great Britain who play every day. According to the same survey, 15% play bingo two or three times a week.
38%
18
CASABLANCA GAMING GROUP AB
CASABLANCA
GAMING GrOUP AB
Casablanca Gaming Group AB is a gaming group aimed at the consumer market.
The company will grow both by organic growth and acquisition and be active the consolidation of the operator market. The subsidiary Casagaming Ltd in Malta op- erates the online gaming websites: 24hPoker.com, Martinspoker.com, Staffpoker.
com, Danepoker.com and Norpoker.com.
19
DURING THE AUTUMN OF 2007 operations in the Entraction Group were streamlined and the Casablanca Gaming Group was formed. Casa- blanca Gaming Group owns and manages companies in the gaming industry and is a parent company in a group in which the subsidiary Casagaming Ltd offers online gaming to consumers.
CONSOLIdATION ON THe OPerATOr MArKeT
After several years of strong growth the gaming industry has ma- tured and is now starting to consolidate. Some operators’ gaming websites are growing, while others are being knocked out as the de- mand gets too big and there are not enough resources. Casablanca Gaming Group can contribute both in terms of style of business, through experienced management, and expertise and many years of experience on the operating level in Casagaming Ltd. This ex- perience is the basis on which to run a successful operation, and Casablanca Gaming Group is expected to grow both organically and by acquisition.
FUTUre PrOSPeCTS
During 2008 Casablanca Gaming Group will consolidate its pres- ence on growth markets by working strategically with established operators and by on own initiatives in, for example, South America and Eastern Europe. The group will in future not only focus on poker, but will also look after other business opportunities in gam- ing-related products and services targeted at end consumers.
The subsidiary Casagaming will strengthen the market position of its existing websites so that they attract different target groups and a larger share of the European gaming market.
Casablanca Gaming Group will be a leading international gaming group targeted at the consumer market. Through its subsidiary or interest companies, the group will offer a comprehensive range of gaming-related products and services of the highest quality.
The group will grow by taking an active part in the consolida- tion of the gaming market and exploiting the synergistic effects made possible by acquisition and collaboration. The group will work with different brands so as to optimise growth on each in- dividual market by segmenting the market.
Casablanca Gaming Group has an offensive growth strategy and is working actively to make use of the power of growth and ener- gy in the group, and will carry out acquisitions and work together with companies that share the group's vision.
The group will offer consumers on selected markets a complete and unique offering in gaming-related products and services.
Casablanca Gaming Group’s CEo is Peter Sederowsky. Börje fors (chairman), Peter Åström and Tommi Maijala are on the company’s board of directors.
CASABLANCA GAMING GROUP AB
VISION
BUSINeSS IdeA
BUSINeSS PHILOSOPHY
AIM
MANAGeMeNT
20
CASABLANCA GAMING GROUP AB A WoRd fRoM THE CEo
I HAVE WORKED WITH many companies in the Internet and entertain- ment industry before, including Bidlet, Lovesearch and Paradox Entertainment, and I have a lot of experience to share with others.
Even though my role in the subsidiary is not an operative one, I see it as my task to be a strong leader who will develop the company along with my colleagues.
Casablanca Gaming Group is a Swedish holding company and does not operate its own gaming activity, but has as its task to manage holdings in gaming-related companies that are targeted at the con- sumer market. Today we own Casagaming Ltd. which operates five strong brands. My ambition is to ensure that the group takes an active part in consolidating the gaming market and expands with further subsidiaries and brands in Europe and in other new geo- graphical markets.
STrONG GrOWTH
Casablanca Gaming Group AB has been active in its present form since 1st October 2007, but its brands are among the first estab- lished and most well known in the Nordic countries.
During 2008 Casablanca Gaming Group will continue to make strong growth during 2008. That is my promise. New subsidiaries, new brand names and a more customer-oriented offering will be added. Better care will be taken of the brands in the group, and Casagaming has initiated a development and re-positioning of its brands. Brand building will be important for Casablanca Gaming Group’s future. Further resources will be put in place to consolidate and promote our brands.
Furthermore, the poker, sports betting, casino and bingo seg- ment will become separate areas of focus to allow us to optimise their potential. Customer value will be under focus during 2008 as well as in future years. Customer value is what drives the sub-
CUSTOMer VALUe IN FOCUS
A WOrd FrOM THe CeOJust before Christmas 2007 I was introduced to the gaming world when I met En- traction and Casablanca Gaming Group. I was quickly fascinated by this fast-grow- ing and intensive industry, and when I was offered the job as CEO of Casablanca Gaming Group, the Entraction Group’s stake in the consumer market, I gladly ac- cepted.
sidiaries’ offering and the way there is to focus on various attrac- tive sectors in the gaming industry, regional offerings and develop an organisation which has strength, experience and knowledge to achieve our goals.
Together with my colleagues I now look forward to achieving our goal of offering consumers a complete and unique offering in gaming-related products and services.
Peter Sederowsky
CEo, Casablanca Gaming Group AB
21
CASABLANCA GAMING GROUP AB CASAGAMING lTd
CASAGAMING TODAY RUNS FIVE BRANDS which are positioned for vari- ous target groups on the Nordic market, but the company sees big growth potential in Central and Eastern Europe and in South America. Casablanca Gaming Group’s gaming websites are active within Entraction’s poker network, but the strategy is also to add new brands on other networks. Acquisition of new gaming websites is interesting in cases where the object of acquisition is aimed at a target group which complements Casagaming’s other portfolio of brands, or has an attractive customer database.
STrATeGY
At the beginning of 2008 carried out some extensive work by repo- sitioning its websites to give them a more consumer-friendly profile and a more appropriate user interface. The various websites are now
CASAGAMING LTd
24hPoker.com 24hPoker was estab- lished in 2001, was the first commercial poker website in Scandinavia and offers a poker environment which is secure, man- aged and easy to navigate for its many customers. The product range consists of poker in Entraction’s network, casino and sports betting. In 2007 poker was launched in the IPN, called Cardroom2 and bingo is being launched in 2008.
Martinspoker Martinspoker is positioned as a more glamorous site for players with international ambitions. Cardroom2 is also being offered here and further develop- ment of the gaming offering is planned.
Staffpoker Staffpoker has been operat- ing Immediate Rakeback™ since March 2008. This gives players a 30% flat rake- back.
Danepoker danepoker is a poker web- site in danish.
Norpoker Norpoker is a website in Nor- wegian for players who prefer that lan- guage.
adapted to respective customer segments. The company's ambition is to make significant growth during 2008 and to add new games such as bingo. A geographical expansion is also planned, mainly towards Eastern Europe and South America.
The marketing of Casagaming’s gaming websites will be fo- cussed and intensified during 2008 and will result in increased cus- tomer value. Players will also be given an exclusive offering which they would otherwise never get access, and this is a good reason for being a customer with Casagaming.
22 THE SHARE
ENTRACTION HOLDING AB
ENTRACTION HOLDING AB’S SHARE is listed on the Stockholm Stock Exchange’s alternative trading place, First North. A trading lot to- tals 10,000 shares. The ticker is ENT B and the ISIN code is SE 0000355729.
TrAdING ANd SHAre PrICe TreNd
During 2007 a total of 1,273 million shares were traded with a total value of SEK 1,250 M. The highest paid price during the year was SEK 0.84 (February 5, 2007), and the lowest price was SEK 0.28 (Au- gust 2, 2007). At year end, the share price was SEK 0.51, and Entrac- tion’s market capitalisation was SEK 264 M (347).
SHAre CAPITAL
At December 31, 2007, the share capital in Entraction totalled SEK 289,879,945.38. The par value was SEK 0.56 per share. The number of shares totalled 518,094,118 distributed among 18,213,800 series A shares, each with ten voting rights, and 499,880,318 series B shares, each with one voting right. At the Annual General Meeting, share- holders may vote for the full number of shares owned and repre- sented by them with no limit to voting rights. All shares carry equal rights to participation in profits and in the company’s assets in the event of liquidation. Series A shares are not listed.
At an extraordinary meeting of shareholders on August 2, 2007, a resolution was passed to reduce the share capital to 25,904,705.9 to reduce the par value. This reduction was registered by Bolagsver- ket (The Swedish Companies Registration Office) in February 2008 and the par value was then SEK 0.05.
WArrANTS
At an extraordinary meeting of shareholders on January 15, 2007, a resolution was passed to issue 9,100,000 warrants aimed at all employees at Entraction in Sweden. The warrants are valid until February 28, 2009. Each warrant carries the right to subscribe to a new series B share at a strike price of SEK 0.92 per share for the period from and including February 1, 2009, up to and including February 28, 2009. A market-compatible premium according to the Black & Scholes model has been paid for the warrants.
At an extraordinary meeting of shareholders on December 14, 2007, a resolution was passed to issue without charge a stock op- tion with the right to subscribe 125 million series B shares to Global Betting Exchange.
OWNerSHIP SITUATION
At March 31, 2008, the number of shareholders totalled 8,326. The Board of Directors and executive management jointly hold approx- imately 25 per cent of the number of votes.
THe SHAre
dIVIdeNd POLICY
The objective is to pay an annual dividend equivalent to approxi- mately 30 per cent of net profit, provided that the distributable un- restricted capital is available and the company's equity/assets ratio is no less than 30 per cent. The dividend will take the form of a normal dividend, share redemption, share buyback or via a combi- nation of these dividend forms. However no dividend can be paid prior to 2011 (for the 2010 financial year) due to the fact that the Company reduced its share capital during 2007. However, share re- demptions and buybacks may be conducted.
SHAreHOLder CONTACTS
Entraction welcomes questions concerning the Company and its progress. Contact persons are:
PETER ÅSTRöM, CEo Phone: +46 (0) 8 564 884 60
E-mail: peter.astrom@entraction.com
BRITT-MARIE BoIJE, Cfo Phone: +46 (0) 8 564 884 60
E-mail: britt-marie.boije@entraction.com
PIA RoSIN, CoMMuNICATIoN MANAGER Phone: +46 (0) 8 564 884 73
E-mail: pia.rosin@entraction.com SHAre TreNd
0,9
500 000 400 000 300 000 200 000 100 000 JAN FEB
2007 MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR2008 © OMX AB 0,8
0,7 0,6 0,5 0,4
0,3
0,2
Number of shares traded in thousands (inc. off floor) Entraction Holding AB’s series B share
OMX Stockholm Index
23 THE SHARE
ENTRACTION HOLDING AB
THe TeN LArGeST SHAreHOLderS, MArCH 31, 2008 NAME
SERIES A SHARES
SERIES B SHARES
HOLDING VOTES (%)
försäkringsaktiebolaget, Avanza Pension 0 35,420,670 6.84 5.19
Altraplan Bermuda limited 0 32,045,800 6.19 4.70
JP Morgan Bank 0 22,481,840 4.34 3.30
Hildebrand, Per Alexander 7,780,500 9,573,928 3.35 12.81
Borg, Niklas 4,231,500 9,828,500 2.71 7.65
Winplan Assurance B. ltd 0 11,764,662 2.27 1.72
Akelius Insurance ltd 4,914,000 6,007,761 2.11 8.09
Private Investment Bank ltd 0 10,336,500 2.00 1.52
Sköld, Hans 0 8,800,000 1.70 1.29
Näppi, Peter 0 8,500,000 1.64 1.25
TOTAL, THE TEN LARGEST SHAREHOLDERS
– IN TERMS OF SHAREHOLDING 16,926,000 154,759,661 33.14 47.51
Total, other shareholders 1,287,800 345,120,657 66.86 52.49
TOTAL, MARCH 31, 2008 18,213,800 499,880,318 100.00 100.00
SHAre dISTrIBUTION, MArCH 31, 2008 NUMBER OF SHARES
NUMBER OF SHAREHOLDERS
SERIES A SHARES
SERIES B SHARES
HOLDING (%) VOTING
RIGHTS (%)
1 – 10 000 6,345 0 13,810,124 2.67 2.02
10 001 – 20 000 562 13,800 9,441,150 1.82 1.40
20 001 – 30 000 254 0 6,807,572 1.31 1.00
30 001 – 40 000 156 0 5,808,530 1.12 0.85
40 001 – 50 000 144 0 6,943,691 1.34 1.02
50 001 – 60 000 74 0 4,257,674 0.82 0.62
60 001 – 70 000 97 0 6,336,088 1.22 0.93
70 001 – 80 000 33 0 2,551,532 0.49 0.37
80 001 – 90 000 19 0 1,644,309 0.32 0.24
90 001 – 100 000 130 0 12,811,200 2.47 1.88
100 001 – 512 18,200,000 429,468,448 86.41 89.66
TOTAL 8,326 18,213,800 499,880,318 100.00 100.00
24 THE SHARE
ENTRACTION HOLDING AB
TreNd IN SHAre CAPITAL
YEAR/
MONTH EVENT
CHANGE IN NUMBER OF SERIES A SHARES
CHANGE IN NUMBER OF SERIES B SHARES
NUMBER OF SERIES A SHARES
NUMBER OF SERIES B SHARES
INCREASE IN SHARE CAPITAL SEK
ACCUMULATED SHARE CAPITAL SEK
PAR VALUE PER SHARE SEK
ISSUE PRICE SEK
95/02 Incorporation 0 500 0 500 - 50,000 100
96/01 Bonus issue 0 500 0 1,000 50,000 100,000 100 -
96/11 New share issue 0 1,250 0 2,250 125,000 225,000 100 100
96/11 Split 0 1,404,000 0 1,406,250 - 225,000 0.16 -
96/11 New share issue 690,000 1,035,000 690,000 2,441,250 276,000 501,000 0.16 0.16
96/12 New share issue 0 2,618,750 690,000 5,060,000 419,000 920,000 0.16 7.65
00/01 Non-cash issue 0 1,100,000 690,000 6,160,000 176,000 1,096,000 0.16 14.38
00/05 New share issue 0 3,425,000 690,000 9,585,000 548,000 1,644,000 0.16 9
00/10 Non-cash issue 0 100,000 690,000 9,685,000 16,000 1,660,000 0.16 28
00/12 New share issue 0 2,075,000 690,000 11,760,000 332,000 1,992,000 0.16 21
01/01 Non-cash issue 0 1,900,000 690,000 13,660,000 304,000 2,296,000 0.16 16.75
02/07 New share issue 0 28,700,000 690,000 42,360,000 4,592,000 6,888,000 0.16 0.5
03/01 Non-cash issue 0 6,000,000 690,000 48,360,000 960,000 7,848,000 0.16 0.63
03/03 New share issue 0 7,200,000 690,000 55,560,000 960,000 9,000,000 0.16 0.41
03/04 Combination of shares –676,200 –54 448,800 13,800 1,111,200 - 9,000,000 8 -
03/05 Reduction share capital - - 13,800 1,111,200 –6,750,000 2 250,000 2 -
03/06 New share issue 0 87,870 13,800 1,199,070 175,740 2,425,740 2 20.5
03/10 Non-cash issue 0 680,906 13,800 1,879,976 1,361,812 3,787,552 2 16.72
04/01 Set-off share issue 0 146,155 13,800 2,026,131 292,310 4,079,862 2 8.49
04/01 Set-off share issue 0 168,748 13,800 2,194,879 337,496 4,417,358 2 6.73
04/01 Non-cash issue 0 550,000 13,800 2,744,879 1,100,000 5,517,358 2 9.56
04/03 New share issue 0 1,724,174 13,800 4,469,053 3,448,348 8,965,706 2 6
04/05 Non-cash issue 0 775,000 13,800 5,244,053 1,550,000 10,515,706 2 9.04
04/07 Non-cash issue 0 2,399,647 13,800 7,643,700 4,799,294 15,315,000 2 6.75
05/01 New share issue 0 7,657,500 13,800 15,301,200 15,315,000 30,630,000 2 2.25
05/03 Non-cash issue 0 3,882,000 13,800 19,183,200 7,764,000 38,394,000 2 2.45
05/11 Non-cash issue 0 1,899,999 13,800 21,083,199 3,799,998 42,193,998 2 2.75
06/03 Reduction share capital - - 13,800 21,083,199 –12,447,229 29,746,769 - -
06/03 Non-cash issue 0 14,000,000 13,800 35,083,199 19,740,000 49,486,769 1.41 3.8
06/04 Non-cash issue 18,200,000 439, 134,241, 18,213,800 474,231,240 644,841,280 694,328,049 1.41 1.58
06/05 New share issue 0 17,548,499 18,213,800 491,765,939 24,743,384 719,071,433 1.41 1.75
06/06 Non-cash issue 0 5,819,268 18,213,800 497 585,207 8,205,168 727,276,600 1.41 1.58
06/10 Non-cash issue 0 2,295,111 18,213,800 499,880,318 3,236,106 730,512,706 1.41 1.58
07/01 Reduction share capital - - 18,213,800 499,880,318 –528,456,000 202,056,706 0.39 -
07/05 Bonus issue - - 18,213,800 499,880,318 87,823,239 289,879,945 0.56 -
08/02 Reduction share capital - - 18,213,800 499,880,318 –263,975,239 25,904,706 0.05 -
