http://www.proactiveinvestors.co.uk Proactiveinvestors RSS feed en Thu, 25 May 2017 19:09:29 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[RNS press release - Change of Accounting Reference Date ]]> http://www.proactiveinvestors.co.uk/companies/rns/170421pcge0121d/ Fri, 21 Apr 2017 12:04:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/170421pcge0121d/ <![CDATA[News - PCG Entertainment confirms joint venture possibility ]]> http://www.proactiveinvestors.co.uk/companies/news/175939/pcg-entertainment-confirms-joint-venture-possibility-175939.html Online media and entertainment firm PCG Entertainment Plc (LON:PCGE) has confirmed it is looking to joint venture its Client Provider Authorization by the Kahnawake Gaming Commission in Quebec, Canada.

The CPA allows PCG to provide interactive gaming services from the region.

“A further update on discussions with potential joint venture partners will be announced by the company when they are available,” read this afternoon’s press release.

The Asia Pacific-focused group also updated investors on what was said at an investor event over the weekend.

Chairman Richard Poulden said he was still in contact with Shenzen Tianrong Sports Culture Management on a personal level, but doesn’t feel Tianrong has the financing in place to complete a significant football deal.

Back in November, the two partnered up to try and take advantage of the football frenzy in China at the moment with the aim of setting up a “major” football academy in the country.

PCG also informed investors that it has around £800,000 net cash in the bank following its recent placings and the clearing of a stock overhang created by its decision to sell off its former subsidiary Centre Point Development Corp.

It also cleared up recent rumours, stating that it had not agreed a recent games deal.

Shares dipped 14% to 0.14p.

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Tue, 04 Apr 2017 13:57:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/175939/pcg-entertainment-confirms-joint-venture-possibility-175939.html
<![CDATA[RNS press release - Share Price Movement ]]> http://www.proactiveinvestors.co.uk/companies/rns/170404pcge5463b/ Tue, 04 Apr 2017 12:22:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/170404pcge5463b/ <![CDATA[RNS press release - Update on Board Change ]]> http://www.proactiveinvestors.co.uk/companies/rns/170316pcge7332z/ Thu, 16 Mar 2017 15:38:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/170316pcge7332z/ <![CDATA[News - PCG Entertainment axes chief executive's contract, closes London office as it raises another £350,000 via a placing ]]> http://www.proactiveinvestors.co.uk/companies/news/174907/pcg-entertainment-axes-chief-executive-s-contract-closes-london-office-as-it-raises-another-350000-via-a-placing-174907.html PCG Entertainment Plc (LON:PCGE) saw its shares shed a quarter of their value today after it revealed it has axed its chief executive, Nick Bryant, closed its London office, and raised another £350,000 for working capital though a discounted placing.

In a brief addition to its placing statement this morning, PCGE said that it yesterday served notice of termination on Electric Warrior Limited, which is the consultancy company providing Bryant's services to the company.

The AIM-listed group added that under a power of attorney granted via the consultancy agreement it can remove Bryant as a director of any group companies.

In a later statement clarifying the management situation, PCGE said that, in the immediate near term, the group’s chairman Richard Poulden and director Michael Mainelli will assume overall responsibilities for operations and finance.

It added that Alan Gravett continues in the role of director and company secretary of PCGE and COO of PCG Software Services which holds the group's gaming licence.

Poulden said  "Jack Sun, PCGE's COO in Asia, will continue to run the operations in China as he has done since the beginning of 2016.

“Since the only current operations of the Company are in Asia this means that management on the ground remains unchanged.”

PGCE also announced that its London office has been closed, adding that “there will be a continuing focus on keeping overheads low and conservation of cash.”

Placing again ...

The Asia-Pacific online gaming and media company this morning said its broker, Beaufort Securities had placed 250 mln new ordinary shares in the company a price of 0.14p each.

The firm said the proceeds of the placing will be used for general working capital purposes.

In late afternoon trading, PCGE shares were down 25%, or 0.0525p at 0.1525p.

The latest cash-call comes less than a month after PCGE raised £750,000 through another discounted placing which took advantage of a spike in its share price following the clearance of a stock overhang.

READ: PCGE raises an extra £750,000 … WATCH: PCGE boss “very pleased” to have subsidiary sale behind them …

On February 22, the firm said Beaufort had placed around 535.714 mln new ordinary shares at a price of 0.14p each, with the proceeds again to be used for general working capital purposes. 

That placing came a day after the firm revealed that a stock overhang created by its decision to draw a line under its ill-fated purchase of Center Point Development Corp (CPDC) was finally cleared with two tranches of share sales by Beaufort which gave PCGE net proceeds of approximately £0.42mln.

Beaufort sold around 402.589 mln ordinary shares on behalf of the CPDC purchasers, equivalent to 30.06% of the AIM-listed firm’s share capital.

The company revealed it had opted to sell  the CPDC subsidiary on January 11 after a dispute between the unit’s vendors  and its major supplier.

The company sold CPDC to a consortium of investors, some of whom are existing shareholders of PCG, while others are previous owners of the company.

PCG purchased CPDC in August 2015, shelling out 114.8mln shares plus US$410,000.

 -- Adds clarification on management change; updates share price --

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Thu, 16 Mar 2017 08:39:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/174907/pcg-entertainment-axes-chief-executive-s-contract-closes-london-office-as-it-raises-another-350000-via-a-placing-174907.html
<![CDATA[RNS press release - Placing of New Ordinary Shares and Board Change ]]> http://www.proactiveinvestors.co.uk/companies/rns/170316pcge6457z/ Thu, 16 Mar 2017 07:44:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/170316pcge6457z/ <![CDATA[Media files - PCGE boss Nick Bryant 'very pleased' to have subsidiary sale behind them ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/6981/pcge-boss-nick-bryant-very-pleased-to-have-subsidiary-sale-behind-them-6981.html Fri, 24 Feb 2017 08:15:00 +0000 http://www.proactiveinvestors.co.uk/companies/stocktube/6981/pcge-boss-nick-bryant-very-pleased-to-have-subsidiary-sale-behind-them-6981.html <![CDATA[News - PCG Entertainment uses stock overhang clearance boost to raise an extra £750,000 via a discounted placing ]]> http://www.proactiveinvestors.co.uk/companies/news/173550/pcg-entertainment-uses-stock-overhang-clearance-boost-to-raise-an-extra-750000-via-a-discounted-placing-173550.html Having rocketed nearly 150% higher over the past week after a big share overhang was cleared, shares in PCG Entertainment Plc (LON:PCGE) came down to earth today, dropping 36% as it used the boost to raise an extra £750,000 through a discounted placing.

The online media and entertainment company said its broker, Beaufort Securities had placed around 535.714 mln new ordinary shares at a price of 0.14p each.

In late afternoon trading, PCGE shares were down 0.0925p at 0.1625p.

The group said the proceeds of the placing will be used for general working capital purposes.  

PCGE’s chief executive, Nick Bryant, said: "This sale provides the working capital the company needs to realise the opportunities we have created over the past months.

“I look forward to up-dating the market on these opportunities in due course."

Overhang gone …

The placing comes a day after the firm revealed that a stock overhang created by its decision to draw a line under its ill-fated purchase of Center Point Development Corp (CPDC) was finally cleared with two tranches of share sales which gave PCGE net proceeds of approximately £0.42mln.

The group revealed yesterday that Beaufort had completed the sale of around 402.589 mln ordinary shares on behalf of the CPDC purchasers, equivalent to 30.06% of the AIM-listed firm’s share capital.

PCG said those shares were sold to multiple investors, none of which now hold notifiable stakes in the company.

Bryant had said: "This concludes the disposal on a very positive note, and brings additional funding into the Company.”

The Asia-Pacific company revealed it had opted to sell  the CPDC subsidiary on January 11 after a dispute between the unit’s vendors  and its major supplier.

The company sold CPDC to a consortium of investors, some of whom are existing shareholders of PCG, while others are thee previous owners of the company.

PCG purchased CPDC in August 2015, shelling out 114.8mln shares plus US$410,000.

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Wed, 22 Feb 2017 15:58:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/173550/pcg-entertainment-uses-stock-overhang-clearance-boost-to-raise-an-extra-750000-via-a-discounted-placing-173550.html
<![CDATA[RNS press release - Issue of Equity ]]> http://www.proactiveinvestors.co.uk/companies/rns/170222pcge5712x/ Wed, 22 Feb 2017 12:31:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/170222pcge5712x/ <![CDATA[News - Game changer: Stock overhang clearance, funding boost to revive PCG Entertainment ]]> http://www.proactiveinvestors.co.uk/companies/news/173479/game-changer-stock-overhang-clearance-funding-boost-to-revive-pcg-entertainment-173479.html After a torrid year dominated by its ill-fated acquisition of games delivery platform Center Point Development Corp (CPDC), shares in online media and entertainment company PCG Entertainment Plc (LON:PCGE) finally got a boost over the past week.

PCG’s shares rocketed nearly 150% higher over a five-day period as a stock overhang created by its decision to draw a line under the CPDC purchase was finally cleared, bringing the group additional funding to plot its next course.

The group revealed yesterday that its broker, Beaufort Securities, had completed the sale of around 402.589 mln ordinary shares in the company on behalf of the CPDC purchasers, equivalent to 30.06% of the AIM-listed firm’s share capital.

READ: PCG up as share sale completes ...

PCG said that, after selling 302mln of the shares - equivalent to 22.55% of its share capital -- last week, Beaufort had sold the final chunk of 100.5mln - a 7.51% holding.

It said the shares were sold to multiple investors, none of which now hold notifiable stakes in the company.

The group said it expected to receive net proceeds of approximately £0.42mln from the share sales, around £0.3mln from last week’s tranche, and £0.12mln from the final tranche.

Nick Bryant, PGCE's  chief executive,  said: "This concludes the disposal on a very positive note, and brings additional funding into the Company.

“We look forward to reporting further good news to the markets in due course."

PCG shares were hoisted over 70% higher yesterday by the overhang clearance news, having surged around 30% on the previous Friday when the initial tranche disposal was unveiled.

One day later, the group used the share price boost to raise an extra £750,000 through a discounted placing, which saw its shares drop 35%.

The firm said Beaufort Securities had placed around 535.714 mln new ordinary shares at a price of 0.14p each, the proceeds of the placing will be used for general working capital purposes.  

Bryant said: "This sale provides the working capital the company needs to realise the opportunities we have created over the past months."

Vendor dispute …

The Asia-Pacific company revealed it had opted to sell the CPDC subsidiary on January 11 after a dispute between the unit’s vendors  and its major supplier.

The company sold CPDC to a consortium of investors, some of whom are existing shareholders of PCG, while others are thee previous owners of the company.

PCG purchased CPDC in August 2015, shelling out 114.8mln shares plus US$410,000.

It was not long, however, before PCG became entangled in a dispute between the sellers of CPDC and its major supplier.

It proved impossible to resolve the dispute amicably, and the disagreement hung over the company like a black cloud, affecting trading and preventing PCG from developing the business in the way it intended.

After a long period of negotiation, it was decided that the best solution was for PCG to cut its ties with the company.

PCG’s first-half results, reported at the end of September, saw its revenues boosted to US$8.6mln, up from US$745,000 a year earlier, with all of the growth coming from the CPDC business.

READ: Revenues soar at PCG despite dispute ...

However, the firm still posted an interim loss of US$746,000 after it was forced to write down a US$2.2mln disputed payment due from a customer, although the losses were substantially below the US$2.5mln posted for the same period a year earlier.

PCGE was upbeat then about the second half of 2016 and also told investors that it was in talks with “potential sports and media projects”.

China football …

In early November, PCGE revealed that it is to partner up with Shenzhen Tianrong Sports Culture Management Co to build a “major” football academy in China.

At the time Nick Bryant said: “This partnership…represents another significant step in China's commitment to developing world-class players by collaborating with internationally renowned partners.”

The group said that Chelsea FC and Spanish outfit RCD Espanyol had already attached their names to academies in China, and PCG intended to bring a “western football club” on board as well.

WATCH: Sport an enormous deal in China, says PCG boss ...

Football China has taken off in the past few years, with the country’s professional league attracting some of the world’s top talent with eye-watering transfer fees and wages.

On top of that, the Chinese government has introduced plans to develop the sport at a more grass roots level and is aiming to open 50,000 soccer schools by 2025.

With the CPDC debacle now in the past, investors will be keen to see where the share sale funding boost directs PGCE’s strategy next. 

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Tue, 21 Feb 2017 15:29:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/173479/game-changer-stock-overhang-clearance-funding-boost-to-revive-pcg-entertainment-173479.html
<![CDATA[News - PCG Entertainment up again as share sale completes ]]> http://www.proactiveinvestors.co.uk/companies/news/173457/pcg-entertainment-up-again-as-share-sale-completes-173457.html PCG Entertainment Plc (LON:PCGE) shares jumped by a third as a placing of a major stake in the online media group was completed.

In total, 30.06% of PCG’s share capital changed hands with a final chunk of 100.5mln (7.51%) being sold by Beaufort Securities.

The vast majority of the shares were those issued when PCG acquired Center Point Development, but this business has now been sold on following a dispute between CPD’s vendors and its main supplier that proved impossible to resolve.

PCG itself will receive around £420,000 following the share sales.

Nick Bryant, PGCE's  chief executive,  said: "This concludes the disposal on a very positive note, and brings additional funding into the Company. We look forward to reporting further good news to the markets in due course."

Shares  jumped 29% to 0.188p to make a gain of almost 80% in a week

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Tue, 21 Feb 2017 11:13:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/173457/pcg-entertainment-up-again-as-share-sale-completes-173457.html
<![CDATA[RNS press release - Disposal of shares received from sale of CPDC ]]> http://www.proactiveinvestors.co.uk/companies/rns/170221pcge4323x/ Tue, 21 Feb 2017 10:31:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/170221pcge4323x/ <![CDATA[News - PCG Entertainment soars as Centre Point share overhang starts to be cleared ]]> http://www.proactiveinvestors.co.uk/companies/news/173352/pcg-entertainment-soars-as-centre-point-share-overhang-starts-to-be-cleared-173352.html The biggest market gainer today was online media and entertainment company, PCG Entertainment Plc (LON:PCGE) which soared over 30% higher after it said the disposal of shares from the sale of Centre Point Development Corp. (CPDC) has commenced.

PCG said Beaufort Securities, the company's broker, is selling around 402.589mln ordinary shares in the company on behalf of the CPDC purchasers, equivalent to 30.06% of the AIM-listed firm’s share capital - a slightly higher number than originally anticipated.

The group said 302mln of the shares - equivalent to 22.55% of the share capital - have now been sold as part of this process, to multiple investors, none of which now hold notifiable stakes in the company.

PCG said it expects to receive net proceeds of approximately £0.3mln from the share sales.

Nick Bryant, PCG’s CEO, said: "This draws a line under the CPDC dispute.  It provides the Company with further working capital, enabling us to focus on our core business and exploit the opportunities we have created over the last few months.

“I look forward to updating the market on these opportunities in due course."

The Asia-Pacific company revealed in had opted to sell  the CPDC subsidiary on January 11 after a dispute between the unit’s vendors  and its major supplier.

The company sold CPDC to a consortium of investors, some of whom are existing shareholders of PCG, while others are thee previous owners of the company.

PCG purchased CPDC in August 2015, shelling out 114.8mln shares plus US$410,000.

In late afternoon trading today, PCG shares were up 34% at 0.155p, having dropped by around 10% on the disposal news in January.

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Fri, 17 Feb 2017 16:13:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/173352/pcg-entertainment-soars-as-centre-point-share-overhang-starts-to-be-cleared-173352.html
<![CDATA[RNS press release - Disposal of Shares from sale of CPDC ]]> http://www.proactiveinvestors.co.uk/companies/rns/170217pcge1967x/ Fri, 17 Feb 2017 10:58:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/170217pcge1967x/ <![CDATA[RNS press release - Results of EGM ]]> http://www.proactiveinvestors.co.uk/companies/rns/170210pcge6485w/ Fri, 10 Feb 2017 14:53:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/170210pcge6485w/ <![CDATA[RNS press release - Notice of Extraordinary General Meeting ]]> http://www.proactiveinvestors.co.uk/companies/rns/170120pcge6701u/ Fri, 20 Jan 2017 07:00:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/170120pcge6701u/ <![CDATA[News - PCG Entertainment to sell ill-fated CPDC subsidiary ]]> http://www.proactiveinvestors.co.uk/companies/news/171473/pcg-entertainment-to-sell-ill-fated-cpdc-subsidiary-171473.html PCG Entertainment Plc (LON:PCGE) is to draw a line under its ill-fated acquisition of games delivery platform Center Point Development Corp (CPDC) by selling it.

Subject to shareholder approval, the company will sell CPDC to a consortium of investors, some of whom are existing shareholders of PCG, while others are thee previous owners of the company.

PCG purchased CPDC in August 2015, shelling out 114.8mln shares plus US$410,000.

It was not long, however, before PCG became entangled in dispute between the sellers of CPDC and its major supplier. 

Read PCG Ent't confident of growth in China despite disputes

It has proved impossible to resolve the dispute amicably, and the disagreement hung over the company like a black cloud, affecting trading and preventing PCG from developing the business in the way it intended.

After a long period of negotiation, it has been decided that the best solution is for PCG to cut its ties with the company.

The purchasers of CPDC will effectively sell 399.8mln PCG shares through the company’s broker, with the proceeds then handed over to PCG.

The shares to be sold represent around 30% of the PCG shares currently in issue, which partially explains the 10.5% fall in the share price of PCG on the announcement.

"These negotiations have been long and complex, and have meant the board has been unable to provide clarity to shareholders on the position with CPDC until now; we are pleased to be able to disclose this previously inside information,” revealed Richard Poulden, chairman of PCG. 

“We look for forward to building the other business streams within the company," he added.

Watch Sport an enormous deal in China, says PCG Entertainment PLC boss

 

 

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Wed, 11 Jan 2017 12:29:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/171473/pcg-entertainment-to-sell-ill-fated-cpdc-subsidiary-171473.html
<![CDATA[RNS press release - Disposal of Center Point Development Corp ]]> http://www.proactiveinvestors.co.uk/companies/rns/170111pcge9193t/ Wed, 11 Jan 2017 11:41:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/170111pcge9193t/ <![CDATA[RNS press release - Total Voting Rights ]]> http://www.proactiveinvestors.co.uk/companies/rns/161230pcge0480t/ Fri, 30 Dec 2016 09:39:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/161230pcge0480t/ <![CDATA[RNS press release - Issue of Equity ]]> http://www.proactiveinvestors.co.uk/companies/rns/161222pcge6353s/ Thu, 22 Dec 2016 13:03:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/161222pcge6353s/ <![CDATA[RNS press release - Results of AGM and EGM ]]> http://www.proactiveinvestors.co.uk/companies/rns/161214pcge8468r/ Wed, 14 Dec 2016 11:22:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/161214pcge8468r/ <![CDATA[RNS press release - Notice of AGM and EGM ]]> http://www.proactiveinvestors.co.uk/companies/rns/161122pcge7628p/ Tue, 22 Nov 2016 07:00:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/161122pcge7628p/ <![CDATA[Media files - Sport an enormous deal in China, says PCG Entertainment plc boss ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/6344/sport-an-enormous-deal-in-china-says-pcg-entertainment-plc-boss-6344.html Tue, 08 Nov 2016 10:16:00 +0000 http://www.proactiveinvestors.co.uk/companies/stocktube/6344/sport-an-enormous-deal-in-china-says-pcg-entertainment-plc-boss-6344.html <![CDATA[News - PCG taps into China's football frenzy ]]> http://www.proactiveinvestors.co.uk/companies/news/168528/pcg-taps-into-china-s-football-frenzy-168528.html PCG Entertainment Plc (LON:PCGE) is looking to take advantage of the rising interest in football in China after setting its sights on building a “major” football academy in the country.

The media and entertainment company is to partner up with Shenzhen Tianrong Sports Culture Management Co on the venture, with the two having signed a Memorandum of Understanding (MoU).

“This partnership…represents another significant step in China's commitment to developing world-class players by collaborating with internationally renowned partners,” said PGC chief executive Nick Bryant.

Chelsea FC and Spanish outfit RCD Espanyol have already attached their names to academies in China, and PCG intends to bring a “western football club” on board as well.

Football in the country has taken off in the past few years, with the country’s professional league attracting some of the world’s top talent with eye-watering transfer fees and wages.

On top of that, the Chinese government has introduced plans to develop the sport at a more grass roots level and is aiming to open 50,000 soccer schools by 2025.

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Fri, 04 Nov 2016 07:38:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/168528/pcg-taps-into-china-s-football-frenzy-168528.html
<![CDATA[RNS press release - Trading Update ]]> http://www.proactiveinvestors.co.uk/companies/rns/161104pcge3075o/ Fri, 04 Nov 2016 07:00:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/161104pcge3075o/ <![CDATA[News - Revenues soar at PCG Entertainment despite customer dispute ]]> http://www.proactiveinvestors.co.uk/companies/news/166744/revenues-soar-at-pcg-entertainment-despite-customer-dispute-166744.html PCG Entertainment Plc (LON:PCGE) enjoyed a strong first half of the year and had it not been for a customer dispute, would have swung to a profit.

Interim revenues at the Asia-focused online gaming group rose to US$8.6mln (US$745,000), all of came from its Centre Point Development Corporation (CPDC) business acquired last summer.

There was a loss of US$746,000 after it was forced to write down a US$2.2mln disputed payment from a customer.

The board did add that it was still hopeful of reaching an “amicable solution” on the matter.

Losses were substantially below the US$2.5mln posted for the same period a year ago.

PCGE was still upbeat about the second half of 2016 and expects trading from CPDC to remain strong as it launches its own games management platform.

It also told investors that it is in talks with “potential sports and media projects” and will update investors on its progress with these discussions in the coming weeks and months. 

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Fri, 30 Sep 2016 07:47:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/166744/revenues-soar-at-pcg-entertainment-despite-customer-dispute-166744.html
<![CDATA[RNS press release - Interim Results ]]> http://www.proactiveinvestors.co.uk/companies/rns/160930pcge2696l/ Fri, 30 Sep 2016 07:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/160930pcge2696l/ <![CDATA[RNS press release - Total Voting Rights ]]> http://www.proactiveinvestors.co.uk/companies/rns/160801pcge8546f/ Mon, 01 Aug 2016 12:58:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/160801pcge8546f/ <![CDATA[News - PCG raises £400,000; says it was profitable in H2 ]]> http://www.proactiveinvestors.co.uk/companies/news/127720/pcg-raises-400000-says-it-was-profitable-in-h2-127720.html PCG Entertainment Plc (LON:PCGE) said it was ‘operationally profitable’ in the third quarter of the last financial year as it revealed it had raised the £400,000 of new capital.

It did so via a placing of stock at 0.275p. The proceeds will be used for general working capital purposes.

The fundraising announcement was accompanied by the firm’s results statement for the year to last December.

The figures charted PCG’s transformation after the reverse takeover of Center Point Development Corp.

CPDC is a games and gaming software distributor in Taiwan and the deal boosted annual revenues to US$10.9mln from US$4,450 for the comparable period 12 months earlier.

AIM-listed PCG posted a loss of US$2.03mln. However the momentum was positive in the latter part of the year with a modest surplus in Q3, which “more than doubled” in the final three months of 2015.

“The company is involved in a number of additional projects involving programme distribution and sport and we intend to provide regular updates on their progress,” said chief executive Nick Bryant.

PCG said it hoped to come to an “amicable resolution” in a dispute over trading terms with one of its customers.

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Thu, 30 Jun 2016 15:14:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/127720/pcg-raises-400000-says-it-was-profitable-in-h2-127720.html
<![CDATA[News - PCG Ent't confident of growth in China despite disputes ]]> http://www.proactiveinvestors.co.uk/companies/news/126791/pcg-ent-t-confident-of-growth-in-china-despite-disputes-126791.html PCG Entertainment Plc (LON:PCGE) believes it is in a ‘very strong’ position in a debt dispute relating to its 2015 acquisition CPDC.

A supplier to CDPC is pursuing PCG for a unpaid debt of US$2.1mln, but the Asia- based online gaming and media group again stated it had a written agreement that relieved it of any obligations in connection with the debt.

Gaming software and games distributor CPDC was acquired in August last year, since when it had made good profits PCG said.

In addition, CDPC is being withheld US$1.2mln in a separate dispute with a major customer. Legal counsel had advised that its trading terms were clearly stated and cannot be altered.

Nick Bryant, PCG’s chief executive, said the company was in a very strong position to defend both the assignment letter and the contract and hoped to reach negotiated settlements in both in stances without recourse to legal action.

In addition to games, PCG also supplies sports (motor racing, snooker, football) and general media services. In all three areas, Bryant said the company expects significant expansion over the remainder of the year.  

New delivery platform set for launch 

“The company has selected what it believes to be a world-class games delivery platform that it intends to populate with games from a number of global developers.

“This will be backed up by a games management system that the directors believe will give the company a competitive advantage in the rapidly expanding markets in Asia.

This will become available in the third quarter.

Discussions are also underway for a number of broadcast programmes to be distributed in China including a snooker series; a reality TV 'Search for a Motor-Racing Star' and a horse racing tipping service.

Chief executive still upbeat on CPDC

CPDC was in effect a reverse takeover in August of last year.

To acquire the business PCGE will paid an initial consideration of US$9.59mln in shares, and a further US$10mln worth of shares may be payable in the future depending on CDPC’s performance over the next two years.

That maximum contingent payment will be payable if the unit achieves a US$29.13mln cumulative net profit, whereas no further payment will be due if cumulative net profit is below US$14.56mln.

CPDC brought customers in Asia access to established third-party gaming content. Its agency deals cover China, Taiwan, Macao, Hong Kong, Vietnam, Malaysia and Thailand.

Talking to Proactive, Bryant said it had carried out extensive due diligence before they bought CPDC and it is very clear that the debt remains with the previous owner (Kolarmy).

He added he expected that in both of the disputes a negotiated settlement can be reached, with a solution to each in the near future.

CDPC remained a very good business with good infrastructure in Asia, he added, and had been responsible for three quarters of growing profit at PCG, though it was not the whole business.

“We are a well-diversified media distribution business.

Growth strong before dispute

Group operating profit for the three months to March rose to around US$870,000 compared to net profit of US$ $820,000 in the previous quarter, it said.

Over the same period, gross profit rose by 21% and revenue by 16%, the company added.

“There are tremendous opportunities in China,” Bryant said.

In addition to the motor racing, snooker and horse race tipping products, there were also football projects in the pipeline, he said.

Shares today rose 2% to 0.536p.

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Mon, 06 Jun 2016 16:04:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/126791/pcg-ent-t-confident-of-growth-in-china-despite-disputes-126791.html
<![CDATA[Media files - PCG Entertainment confident of swift resolution on debt issues ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/5111/pcg-entertainment-confident-of-swift-resolution-on-debt-issues-5111.html Mon, 06 Jun 2016 13:59:00 +0100 http://www.proactiveinvestors.co.uk/companies/stocktube/5111/pcg-entertainment-confident-of-swift-resolution-on-debt-issues-5111.html <![CDATA[News - PCG Entertainment says position 'very strong' in debt dispute ]]> http://www.proactiveinvestors.co.uk/companies/news/126760/pcg-entertainment-says-position-very-strong-in-debt-dispute-126760.html PCG Entertainment Plc (LON:PCGE) believes it is in a ‘very strong’ position in a debt dispute relating to its 2015 acquisition CPDC.

A supplier to CDPC is pursuing PCG for a unpaid debt of US$2.1mln, but the Asia- based online gaming and media group again stated it had a written agreement that relieved it of any obligations in connection with the debt.

Gaming software and games distributor CPDC was acquired in August last year, since when it had made good profits PCG said.

In addition, CDPC is being withheld US$1.2mln in a separate dispute with a major customer. Legal counsel had advised that its trading terms were clearly stated and cannot be altered, PCG said.

Nick Bryant, PCG’s chief executive, said the company was in a very strong position to defend both the assignment letter and the contract and hoped to reach negotiated settlements in both in stances without recourse to legal action.

In addition to games, PCG also supplies sports (motor racing, snooker, football) and general media services.

In all three areas, Bryant said the company expects significant expansion over the remainder of the year.  

“The company has selected what it believes to be a world-class games delivery platform that it intends to populate with games from a number of global developers.

“This will be backed up by a games management system that the directors believe will give the company a competitive advantage in the rapidly expanding markets in Asia.

This will become available in the third quarter.

Discussions are also underway for a number of broadcast programmes to be distributed in China including a snooker series; a reality TV 'Search for a Motor-Racing Star' and a horse racing tipping service.

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Mon, 06 Jun 2016 07:54:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/126760/pcg-entertainment-says-position-very-strong-in-debt-dispute-126760.html
<![CDATA[RNS press release - Strategy/Company/Ops Update ]]> http://www.proactiveinvestors.co.uk/companies/rns/160606pcge2431a/ Mon, 06 Jun 2016 07:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/160606pcge2431a/ <![CDATA[News - PCG Entertainment caught up in debt dispute from 2015 acquisition ]]> http://www.proactiveinvestors.co.uk/companies/news/126525/pcg-entertainment-caught-up-in-debt-dispute-from-2015-acquisition-126525.html Asia-focused online gaming group PCG Entertainment Plc (LON:PCGE) has been dragged into a dispute over its 2015 acquisition CPDC.

As part of the deal, PCGE says it was agreed all cash and debtor and creditor balances would remain with the vendor Kolarmy including a US$2.7mln debt to a supplier.

That supplier debt has not been paid and now PCGE has been asked for the money despite a signed agreement that 'irrevocably and unconditionally' released it from any obligations in connection with it.

While no legal action has yet been taken, this dispute could materially affect the company's trading and financial position going forward, PCGE said.

In addition, PCGE said it is also in dispute with a principal customer that owes it money over trading terms.

PCGE is taking advice and is seeking to resolve this matter amicably.

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Tue, 31 May 2016 07:29:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/126525/pcg-entertainment-caught-up-in-debt-dispute-from-2015-acquisition-126525.html
<![CDATA[RNS press release - Trading Statement ]]> http://www.proactiveinvestors.co.uk/companies/rns/160531pcge6394z/ Tue, 31 May 2016 07:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/160531pcge6394z/ <![CDATA[News - PCG Entertainment continues to grow revenues ]]> http://www.proactiveinvestors.co.uk/companies/news/125033/pcg-entertainment-continues-to-grow-revenues-125033.html PCG Entertainment PLC (LON:PGGE), the Asia-Pacific focused online gaming and media group,  updated on trading, saying revenues and gross profit rose in its first quarter to end March.

Group operating profit for the three months rose to around US$870,000 compared to net profit of US$ $820,000 in the previous quarter - Q4, 2015,  it said.

Over the same period, gross profit rose by 21% and revenue by 16%, the company added.

Chief executive Nick Bryant said: "While PCGE's revenues continue to grow quarter-on-quarter the company is now able to invest in the development of our software distribution platform to expand the business in the Asian market.

"Over the coming months we anticipate further investment in people and infrastructure. We will also continue to seek opportunities for growth, both organic and through acquisitions."

Shares in London fell 16.67% to stand at 1p each.

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Wed, 20 Apr 2016 14:59:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/125033/pcg-entertainment-continues-to-grow-revenues-125033.html
<![CDATA[RNS press release - Trading Statement ]]> http://www.proactiveinvestors.co.uk/companies/rns/160420pcge8029v/ Wed, 20 Apr 2016 12:23:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/160420pcge8029v/ <![CDATA[RNS press release - Change of Adviser ]]> http://www.proactiveinvestors.co.uk/companies/rns/160311pcge8241r/ Fri, 11 Mar 2016 09:00:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/160311pcge8241r/ <![CDATA[RNS press release - Directorate Change ]]> http://www.proactiveinvestors.co.uk/companies/rns/160203pcge8668n/ Wed, 03 Feb 2016 07:00:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/160203pcge8668n/ <![CDATA[Media files - PCG Entertainment chief not fazed by potential Chinese slowdown ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/4595/pcg-entertainment-chief-not-fazed-by-potential-chinese-slowdown-4595.html Fri, 29 Jan 2016 16:21:00 +0000 http://www.proactiveinvestors.co.uk/companies/stocktube/4595/pcg-entertainment-chief-not-fazed-by-potential-chinese-slowdown-4595.html <![CDATA[News - PCG Entertainment says profits doubled in fourth quarter ]]> http://www.proactiveinvestors.co.uk/companies/news/121917/pcg-entertainment-says-profits-doubled-in-fourth-quarter-121917.html PCG Entertainment (LON:PGGE) has told investors that operating profits doubled in the final three months of 2015.

The Asia-Pacific focussed online gaming and media group said unaudited figures for the fourth quarter show an US$820,000 operating profit, up from US$400,000 in the preceding three month period.

"This is a very exciting time for PCGE,” said Nick Bryant, PCG Entertainment chief executive.

“We continue to develop all aspects of the business, and these figures show that our strategy is reaping positive results."

In the summer PCGE made a transformational acquisition, of Center Point Development Corporation (CPDC), a profitable software distributor. The deal was also expected to deliver a competitive edge over other western entrants to China’s gaming sector, thanks to the acquired infrastructure and network of contacts.

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Fri, 29 Jan 2016 07:54:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/121917/pcg-entertainment-says-profits-doubled-in-fourth-quarter-121917.html
<![CDATA[RNS press release - Trading Statement ]]> http://www.proactiveinvestors.co.uk/companies/rns/160129pcge3782n/ Fri, 29 Jan 2016 07:00:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/160129pcge3782n/ <![CDATA[News - PCG Entertainment names new chairman ]]> http://www.proactiveinvestors.co.uk/companies/news/119625/pcg-entertainment-names-new-chairman-119625.html Richard Poulden, deputy chairman at China-focused PCG Entertainment (LON:PCGE) has been appointed chair after Kung Min Lin resigned.

Kung Min Lin had increased work load since taking over as chief executive of Money Swap on November 11.

Although no longer a Director, Lin will continue to support PCGE with his contacts and skills, the firm noted.

Poulden said: "Although sorry to see my friend Kung Min resign as chairman, I fully understand his reasons. I am of course extremely excited to be taking over as chairman and look forward to working closely with CEO Nick Bryant to continue expanding and developing PCGE and adding to the management team."

Bryant added: "I would like to thank Kung Min for his tireless leadership over the last few years.

"I know that he will continue to be an invaluable source of support and advice in the years to come. As one of the principal architects of PCGE, Richard Poulden has been pivotal to its success and I very much look forward to working more closely with him to take the group to the next stage of its development."

Last week, the firm saw shares surge 40% as it reported US$6mln in revenue in its latest quarter thanks to the recent acquisition of gaming software distributor Center Point Development Corporation (CPDC).

It said the third quarter numbers underlined the effectiveness of its strategy.

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Tue, 24 Nov 2015 09:14:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/119625/pcg-entertainment-names-new-chairman-119625.html
<![CDATA[RNS press release - Directorate Change ]]> http://www.proactiveinvestors.co.uk/companies/rns/151124pcge6739g/ Tue, 24 Nov 2015 07:00:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/151124pcge6739g/ <![CDATA[Media files - PCG Entertainment boss sees great potential in China regions ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/4370/pcg-entertainment-boss-sees-great-potential-in-china-regions-4370.html Mon, 16 Nov 2015 15:41:00 +0000 http://www.proactiveinvestors.co.uk/companies/stocktube/4370/pcg-entertainment-boss-sees-great-potential-in-china-regions-4370.html <![CDATA[News - PCG rockets as acquisition sends up revenue ]]> http://www.proactiveinvestors.co.uk/companies/news/119199/pcg-rockets-as-acquisition-sends-up-revenue-119199.html China-focused PCG Entertainment (LON:PCGE) saw shares surge 40% as it reported US$6mln in revenue in its latest quarter thanks to the recent acquisition of gaming software distributor Center Point Development Corporation (CPDC).

The AIM firm said its third quarter numbers underlined the effectiveness of its strategy and  chief executive Nick Bryant told Proactive that CPDC had "delivered" what PCG had expected and "will continue" to do so.

Revenue for the three months to end September at PCG surged to around US$6mln.

The acquisition of cash generative CPDC has been accounted for since June 16 this year and from that date to June 30 this year, the firm recorded revenue of US$750,000.

In the latest third quarter, operating profit swung to a positive US$400,000 compared to a  third quarter loss of around US$2.2mln.

Bryant told investors: "These results demonstrate the effectiveness of the group strategy in expanding in the Chinese media and games market both through organic growth and by acquisition.

In September, the  firm said it was already benefitting from the acquisition of Center Point Development Corporation (CPDC), which increases the number of territories and enables the group to benefit from the gaming experience, local knowledge and strong relationships the CDPC management has built up in the region.

With CPDC on board, PCG acts as the intermediary between the software developers and the agents, which sell it, so it is a volume business where the margins are quite small.

"To build the business requires us to get more suppliers on the one hand and enlarge our agency and distribution network on the other," said Bryant.

The opportunity for PCG now, he reckons, is to extend its geographical reach into less well covered areas of China - the north and west and source more products to increase the potential market.

Earlier Bryant noted that the media and gaming sectors were among the fastest growing in China, and analysts reckon it will grow substantially to over US$22bn during the coming year.

He added: "In recent months there has been significant adverse sentiment towards the AIM market and in particular Chinese stocks, but I think it's fair to say that PCGE, having been through two thorough admission processes, once for the first admission and again for our re-admission post the CPDC takeover, demonstrates transparency and accountability in its business."

Shares in PCG added 40% in London on Monday to stand at 1.75p each.

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Mon, 16 Nov 2015 07:49:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/119199/pcg-rockets-as-acquisition-sends-up-revenue-119199.html
<![CDATA[RNS press release - Trading Update ]]> http://www.proactiveinvestors.co.uk/companies/rns/151116pcge7612f/ Mon, 16 Nov 2015 07:00:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/151116pcge7612f/ <![CDATA[News - PCG Entertainment reaping benefit from acquisition ]]> http://www.proactiveinvestors.co.uk/companies/news/111305/pcg-entertainment-reaping-benefit-from-acquisition-111305.html PCG Entertainment (LON:PCGE) is already profiting from its acquisition of Center Point Development Corporation (CPDC).

Group revenue rose to around US$750,000 in the first half of the year, giving a gross profit of £256,000.

Cash in the business as of June 30 was US$720,000.

Nicholas Bryant, chief executive, said the company has had “an active year” having listed on AIM in December last year.

A temporary suspension in February 2015 was followed by readmission in August 2015 with the acquisition of CPDC.

PGC paid an initial consideration of US$9.59mln, in shares, and a further US$10mln worth of shares may be payable in the future depending on CDPC’s performance over the next two years.

Speaking in July the company said that the cash flows from CPDC would be transformational.

Bryant added: “The merger also increases the number of territories in which the group has a presence and enables us to benefit from the gaming experience, local knowledge and strong relationships the CDPC management has built up in the region amongst major gaming software distributors and agents.”

PCG distributes of gaming software and services in Asia and agreed in February to acquire CPDC for US$20mln.

PGC focuses on the Chinese gaming market, valued at US$18bn in 2014, and analysts calculate this will grow substantially to over US$22bn in 2015.

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Wed, 30 Sep 2015 10:25:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/111305/pcg-entertainment-reaping-benefit-from-acquisition-111305.html
<![CDATA[RNS press release - Half Yearly Report ]]> http://www.proactiveinvestors.co.uk/companies/rns/150930pcge6330a/ Wed, 30 Sep 2015 07:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/150930pcge6330a/ <![CDATA[RNS press release - Result of General Meeting ]]> http://www.proactiveinvestors.co.uk/companies/rns/150826pcge1446x/ Wed, 26 Aug 2015 11:52:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/150826pcge1446x/