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PartyGaming Puts £5bn on Its Flotation Value

18 May 2005

GIBRALTAR -- As reported by the Guardian: "PartyGaming, the world's largest online poker company, is understood to be confident of a valuation of more than £5bn should it decide to float on the stock market.

"Yesterday the Gibraltar-based group, which operates the PartyPoker website, said its underlying profit before financial charges reached $391m (£210) last year - four times the level of 2003. Revenues made a similar fourfold jump to $602m.

"...Yesterday the likelihood of a flotation appeared to grow after the appointment of Michael Jackson, chairman of the FTSE 100 software group Sage, as chairman. Brian Larcombe, former chief executive of the private equity group 3i, was named deputy chairman.

"...If PartyGaming were to be valued on a comparable multiple to Sportingbet, the quoted gambling group that operates the Paradise Poker website, it could expect to reach an enterprise value of £5.1bn..."

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