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The company was established in
1993 by Alan Stack, Barry Stack and Brian Nichols. They built
the group's business steadily over the first two years but in
1995/96 the growth stabilised and it was decided that new money
was need to expand the business. In addition the directors believed
that a trading facility on AIM would raise its profile and enhance
its reputation with its customers and suppliers.
In July 1996, the Company raised approximately �850,000 (net
of expenses) through a placing of 33,000,000 Ordinary Shares.
The Ordinary Shares, which were the subject of the placing,
were admitted to trading on AIM on 11 July 1996. The proceeds
of that placing were used to repay borrowings from certain of
the Directors and to provide funds for future expansion and
development of the Lotteryking Group's business and additional
working capital. In February 2000 the directors issued a further
20,000,000 shares raising �1.25million (before expenses).
In April 2000 share options for 2,800,000 shares were exercised
by two directors raising �35,000.
In May 2000 the directors issued 10,000,000 shares raising �
600,000 (before expenses).
In January 2001, the company acquired the business of one of
its major competitors, Club Lottery Limited. The acquired business
has been successfully integrated into the core Lotteryking business.
During the year, using the expertise gained from the acquisition
of the biz, the company has launched its own web site 'clubbiz.co.uk',
which is targeted at the club market. This site is not expected
to generate revenues for at least the first fifteen months of
its existence.
In January 2002 the company acquired the pull tab machines of
Kinnick Leisure Limited,
A brief review of the history and description of the business
(Lottery King):
The Company supplies purpose printed, pull tab lottery tickets
to private members' clubs in mainland UK and Northern Ireland
through its subsidiary Lotteryking and also to public houses
in the Republic of Ireland through its subsidiary Lotteryking
International Limited. These lottery tickets are dispensed in
a secure manner through electronic vending machines, which are
assembled and supplied by Lotteryking. The lottery tickets are
priced in various denominations and both the profit to the club
and the payment of prizes are fixed for each of those denominations
within each box of tickets purchased by the clubs. Whilst Lotteryking
installs and services each vending machine, each club retains
total control over filling the machine and paying out prize
monies from the cash collected within the machine, retaining
the balance of the cash as its profit. Lotteryking retains the
ownership of the majority of the installed vending machines.
The machines are introduced to the clubs by Lotteryking's sales
force, and are installed and regularly serviced by Lotteryking's
service engineers. The uniformed mobile service engineers who
are employed by Lotteryking remain in contact with the Group's
head office to receive emergency service request calls in addition
to the daily preventative maintenance and customer support service
they use.
Lotteryking maintains a fully computerised order processing
and vending machine servicing system. In addition to providing
financial controls and information this system provides management
information highlighting sales trends and service problems.
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A brief review of the history, and description of, the Business
Information Zone (BIZ) Limited:
The Biz was incorporated on 20 February 1991. It acquired the
rights to the Site on 10th June 1999 and commenced trading immediately
thereafter. Prior to this date, the Site had been developed
by Easy i limited, which launched it on a non-commercial basis
in December 1995.
The Site is designed to be the first choice and a comprehensive
business to business resource available on the Internet.
The Biz has developed two particular areas of the Site, which
the Directors believe are capable of being developed independently
of the Site. The Business Events Zone lists business conferences
and exhibitions being held in the UK and The Business Training
Zone lists UK training providers, products and courses. The
target market for The Biz is small and medium sized enterprises
as well as administrative staff and executives within larger
companies.
Revenues are expected to be generated from three sources: e-commerce,
advertising and sponsorship. The directors of The Biz anticipate
that the last two revenue sources will grow in line with the
anticipated growth in visitor traffic whilst e-commerce revenues
are expected to grow more slowly as users adapt to transacting
on-line.
Advertising and sponsorship revenues have begun to be generated
following the commercial launch of the Site in June 1999. Initial
advertisers have included British Telecom, Microsoft, Dell,
NTL, Jobworld, Travelstore, W H Smith, H W Group, British Gas,
Exchange & Mart, Hewlett Packard, IBM and The Royal Bank of
Scotland. |
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