Waltech The only online legal betting for USA Options

[Third Eye]

Looking interesting after today's announcement, Mkt cap only circa £5m



Waltech Services plc - Statement re Successful BetBug Negotiations

Waltech Services plc Newstrack Announcements 07/02/2005

Waltech Services PLC

Successful negotiations to take 20% in BetBug

Waltech Services PLC ("Waltech") announces the successful conclusion in
negotiations with Canadian company 1X and its subsidiary, the Peer-to-Peer
online betting platform, BetBug Ltd (www.betbug.com). An agreement has been
signed whereby Waltech will take a 20% shareholding in BetBug Limited, which
owns, develops, and markets the BetBug application. The deal is a mixture of
cash , loans and services in preparation for the anticipated admission to
trading on the AIM market of BetBug's share capital.


1X is a Canadian software company that originally developed BetBug - the first
"Peer-to-Peer" (P2P) sports betting platform. BetBug is the only gaming platform
that does not use a central server. Instead, BetBug employs P2P technology
developed and refined for file-sharing networks. This provides a distinctive
legal and regulatory advantage over its competitors.


BetBug has just received confirmation from its legal advisors that, unlike any
other existing system, it can be distributed and operated in the US without
violating the federal laws such as the Wire Act that prohibits other forms of
online gambling.


BetBug is the only legall way to offer online sports betting in the US market.
The legal advantages mean that BetBug can now collaborate with major US-facing
gaming brands that have been denied sports gambling due to concerns over
violating the Wire Act. This untapped market reaches into the millions of
existing real-money casino and poker customers who will now enjoy sports betting
from their favourite US casino and poker sites.


BetBug will however not be restricted to the US market as it will be marketed
worldwide, through a variety of channels to maximise its international
potential.



The BetBug software allows users to place or accept odds and bets directly and
anonymously between individuals. BetBug does not act as a bookmaker or conduit
for any kind of betting information, but allows its users to search and/or post
their own odds between themselves. BetBug is free for anyone to download from
the internet.


BetBug's management team has a combined experience of over 20 years in the
online gaming industry, which will assist the company in establishing
white-label partnerships with key gaming brands that have a strong distribution
in the US.


The deal has far-reaching and exciting ramifications for both parties. Waltech
will provide ongoing logistical and management support. Under the agreement,
Waltech will nominate one member of the BetBug Board of Directors. The Waltech
Directors are confident that BetBug will flourish as this new wave of technology
starts to revolutionise the online gaming industry.


The project has met all the requirements of the Board and the Directors are
convinced that the agreement will offer increased shareholder value.


7 February 2005

For any investor enquiries, contact us at:



26-28 Hammersmith Grove
London
W6 7BA
(T) +44 (0) 208 834 1038
(F) +44 (0) 208 834 1100
email: enguiry@waltechservices.com

This post has been edited by Third Eye: Feb 7 2005, 18:59

[Third Eye]

Some large buys on the bell or after


16:32:41 35.00 100,000 O £35,000.00



16:30:00 34.00 15,000 O £5,100.00


Might be worth checking out.....£35k investments are pretty big for Ofex.

[Third Eye]

Up 6 yesterday
Up 4 at opening bell.

[Third Eye]

I have done some research here:

http://www.finfoex.com/forum/viewtopic.php?t=775

[Third Eye]

Just had a pm from someone saying they couldn't access the article, so here it is:

This could be absolutey HUGE
Waltech on Ofex.



As nothing has yet been published on the net or in the press, this is possibly breaking news for finfoex on explanation of revenue stream. Though the FT may publish something Saturday, see below.

For those who like strong balance sheets, strong cashflow, dividends, tangible assets etc; I'll say goodbye now.

For those who don't mind risk, & paying for a bit of potential read on, but I'll warn now this share could go flat or bust if the potential doesn't turn into reality. I bought into Waltech, thinking that they had a very good chance of success after reading their latest announcement as follows:

Quote:
Waltech Services plc Newstrack Announcements 07/02/2005

Waltech Services PLC

Successful negotiations to take 20% in BetBug

Waltech Services PLC ("Waltech") announces the successful conclusion in
negotiations with Canadian company 1X and its subsidiary, the Peer-to-Peer
online betting platform, BetBug Ltd (www.betbug.com). An agreement has been
signed whereby Waltech will take a 20% shareholding in BetBug Limited, which
owns, develops, and markets the BetBug application. The deal is a mixture of
cash , loans and services in preparation for the anticipated admission to
trading on the AIM market of BetBug's share capital.


1X is a Canadian software company that originally developed BetBug - the first
"Peer-to-Peer" (P2P) sports betting platform. BetBug is the only gaming platform
that does not use a central server. Instead, BetBug employs P2P technology
developed and refined for file-sharing networks. This provides a distinctive
legal and regulatory advantage over its competitors.


BetBug has just received confirmation from its legal advisors that, unlike any
other existing system, it can be distributed and operated in the US without
violating the federal laws such as the Wire Act that prohibits other forms of
online gambling.


BetBug is the only legal way to offer online sports betting in the US market.
The legal advantages mean that BetBug can now collaborate with major US-facing
gaming brands that have been denied sports gambling due to concerns over
violating the Wire Act. This untapped market reaches into the millions of
existing real-money casino and poker customers who will now enjoy sports betting
from their favourite US casino and poker sites.


BetBug will however not be restricted to the US market as it will be marketed
worldwide, through a variety of channels to maximise its international
potential.



The BetBug software allows users to place or accept odds and bets directly and
anonymously between individuals. BetBug does not act as a bookmaker or conduit
for any kind of betting information, but allows its users to search and/or post
their own odds between themselves. BetBug is free for anyone to download from
the internet.


BetBug's management team has a combined experience of over 20 years in the
online gaming industry, which will assist the company in establishing
white-label partnerships with key gaming brands that have a strong distribution
in the US.


The deal has far-reaching and exciting ramifications for both parties. Waltech
will provide ongoing logistical and management support. Under the agreement,
Waltech will nominate one member of the BetBug Board of Directors. The Waltech
Directors are confident that BetBug will flourish as this new wave of technology
starts to revolutionise the online gaming industry.


The project has met all the requirements of the Board and the Directors are
convinced that the agreement will offer increased shareholder value.



The basis for my thinking is as follows: 1X (20% owned by Waltech) has an opportunity to sell software similar to Betfairs, which of course has been a hugely successful innovation for the UK....great but to be honest I'd sooner have a stake in something like betfair.

Well, after contacting the company, I must admit I have got rather excited, now I have a chance of not only getting into a betfair situation at an early stage, but one maybe upto 100 times better.

Why?

Well apparently 1X whom Waltech own 20% of, are giving their software, which is claimed to be much better than Betfair's away free of charge.


So why the excitement?

Betbug, will take a revenue from each bet, which is how the software gets paid for. Brilliant! They operate in a similar manner to www.betfair.co.uk & take 5% commission on winning bets only. So if the system is successful (highly likely as it follows betfair in making odds roughly 20% more attractive to the punter & enables them to lay odds as well as back them) then the US market (being what 50 or 100 times bigger than the UK?) is absolutely huge.

If say Betbug got half of the US gambling market, then imagine having a share of every single winning bet in that half of the market. I don't know what Betbugs net share will be, but say 2.5% of $b/millions per day or week (I'm guessing here) then that is really huge.

I feel the float of this on AIM is going to be pretty interesting.

Meanwhile 1X inc. isn't listed so Waltech is the only listed company that the public can buy a share in with a market cap of circa £6m, it seems low for the numbers involved if of course success is forthcoming.

Furthermore I don't think any of this revenue information has yet been published in the press or on the internet until now, although I understand that the FT are doing an article on Waltech or Betbug & some other publication which I forget on Saturday. Not sure if it will be one or two lines, or half a page, but it's not often Ofex companies make the FT nowadays & I suspect if it reveals how revenue is earnt, then that alone will generate further excitement.

In conclusion, highly speculative, poor fundamentals, but absolutely massive potential......talking numbers... surely hundreds of millions of dollars are bet every day via racing, poker etc etc just in the USA

Lets say 1X get 1.5% (maybe 2.5%?) & the vendor gets 3.5% of say $150m each day, (in total for all software distributed) on winning bets only 1.5% of say $75m is $1,125,000 per day or $410m per annum. Costs can't be huge, (the software is now developed) so lets say $300m profit, Waltech have rights to 20% that's $60m or £32m per year.

Another angle would be imagine in investing in a potential 100 or 500 worldwide Betfairs, those who understand Betfair will know how huge that would be. Even with only owning 20%, you are in effect having a good potential slice of revenue from 20 to 100 Betfairs (20% of the above number)

I have only mentioned the USA in the £32m guess above, the rest of the world is potential too & indeed only calculated 1.5% what if it's 2.5%....then add another 60% to the figures.

Also I understand they are targeting the AIM float as quickly as the second quarter this year, I think there will be huge demand and the chances of getting stock slim, Waltech is the only public company where you can get a share in Betbug until we find out.

Furthermore it's not all about Betbug, this company has other products & they have shown they have an eye for huge potential, so who knows what deals will follow.

Mkt cap c£6.5m...worth a punt? My advice have a chat to the company to get an even better insight.

Whatever.....take responsibilty yourself & DYOR...my numbers above are my own personal guesses at the moment, I shall endevour to find out more myself. Also remember it's all potential at the moment, but read the above Ofex announcement to note the distinct advantages at this point in time.



Third Eye (I hold)

[Third Eye]

Telegraph article appeared at last

http://www.opinion.telegraph.co.uk/money/m...20/cnbetb20.xml


Didn't realise Betbug was already taking money.


£25m+ valuation, could easily go to a strong premium the way gambling stocks are at the moment.


Also expect Waltech to take a stake in the P2P

to add to their other business & future businesses.

[Third Eye]

Waltech now own Own 8% of Trident Gaming which in turn have bought Gamebookers in a $43m deal.


Now Trident make £3.2m pre-tax annually WITHOUT betbug, so we have £256,000 pre-tax attributable to Waltech.


Synergy improves with the 54% holding that waltech have of payment systems ltd.

Note: "In recent weeks
PSL had expanded its customer base and more significantly its merchant base to
include a number of established players in the person to person (P2P)
skill-gaming market. It is also beginning to see a corresponding increase in
sales revenue."




then they have 27% of Alchemex International Limited (AIL)




market cap waltech £5.1m just the profits from Trident = p/e of 19.9

then you have Betbug
then you have 54% of PSL
then you have 27% of Alchemex



in a hot sector, this is now starting to get backed by fundamentals with all the bubble & reward the other deals may bring are starting to look as if they are in the price for zilch.

[Third Eye]

How much is P2P worth?

This post has been edited by Third Eye: Jul 28 2005, 14:37

[Third Eye]

this is the link that gives the £3.2m profit figure:

http://www.tridentgaming.com/news/egamingreviews.html

[Third Eye]

Looks like gamebookers is going to offer poker not offered before:



Gamebookers bought by Trident Gaming - soon offering poker
Gamebookers has recently (last week) been aquired by Isle of Man based Trident Gaming, the company which earlier also bought the betting exchange BetBug. Gamebookers, one of Bettingadvice alltime favourite bookies, has not offered poker before, but will now offer poker and also advertise their casino more. The old owner did not do that due to company policy.
Gamebookers had a turnover of 180 mill EUR last year, served 21 mill bets and got approx 150000 registered clients.
Free SMS service, daily news from various sports and possibility to sell long term bets (and other bets), bundled with good odds, and a very good number of events makes Gamebookers a very interesting choice for all punters. Test here
(published : 2005-07-26)

[Third Eye]

From the Times July 21:

The company, which currently has around 180,000 registered users, says that its three licensing deals will give it access to a further 2.25 million registered punters.

Gamebookers offers a sports book service, including a combo-betting offering, free SMS bet alerts, and an online casino. The company claims annual growth of over 40 per cent since starting in 2000. It has annual sports betting turnover of over €180 million, customers from 123 countries, and says it enjoys "unmatched customer diversity across Western, Central, and Eastern Europe".

Gamebookers has just launched а version of its website in Romanian, and will be rolling out further Eastern European languages in the coming 2 months.

[Third Eye]

http://www.iomonline.co.im/ViewArticle2.as...ticleID=1096112

Interesting link from IOM news.

[Third Eye]

Tipped by UQA this weekend:

Waltech: Speculative buy at 27p

There is no one that can dismiss the huge impact that the online gambling phenomenon has borne on the World Wide Web. Alongside the more dubious successes of the internet, such as pornography and the promotion of extremist religious groups, gambling sites are at the top of surfers most frequently visited web portals. You may or may not be one of the tens of millions of online gamblers and who knows, maybe qualifying for the world series of poker isn't at the top of your to-do list, but no doubt one time or another you have been spammed by an online gaming company with the promise of instant online riches. It has become ludicrously easy to set-up an online casino and to date; thousands of people and companies alike have done that very thing leading to the proliferation and dominance of the gambling sector on the internet.

With the explosion of online gambling came the inevitable flotation of wannabe online betting sites on the various bourses. It all began on OFEX, with the world's first listed online gaming company, Sportingbet.com floating with the princely value of 20 million pounds. It is now valued at 1.2 billion, albeit an achievement facilitated by a number of acquisitions. The most notable recent addition to the London market is not so much a wannabee, rather than an incredible online success story; Party Gaming was propelled straight into the FTSE 100 on its debut with a market capitalisation of 4.64 billion. The stock has since climbed a further 50% handing its institutional backers and the market at large, some spectacular returns. But will it all end in tears? In some cases yes it will. It is likely to be a case of survival of the fittest and what's more likely in the short term, is the start of another round of consolidation among the gaming firms. But caveat emptor. There will be casualties and some valuations at present look pretty full.

can the market really handle yet another gambling story, let alone one quoted on the junior OFEX market? We think it can, and this little company (thankfully) has more strings to its bow than simply wagering; but it is its stake holding in two companies in particular that make little known Waltech an absolute cracker.

Waltech Services is backed by some seriously smart players. Former Merrill Lynch chairman, Michael Marks, together with his high-flying city colleague Paul Roy own a large stake in the company through their jointly owned vehicle, New Smith Ltd, and the smart money doesn't end there. But despite the involvement of some big names from the world of investment, gaming and online payment systems; this under-researched and little known stock is waiting for the markets to wake up to its true potential. But here is where the opportunity lies for any investors wanting to make a turn. The fact that Waltech has yet to achieve the valuation it arguably deserves, presents investors with the chance to pick up some stock on the cheap. It would be hard for anyone to dismiss the possibility that this little OFEX company holds multi-bagger potential, yet its fundamental value seemingly provides limited downside protection on a sum-of-parts basis. Make no mistake here, this is by no means a no-brainer - each stock has its risks, and an investment in Waltech carries a higher risk than most due to its very nature; but there is clearly the potential to capitalise on the lowly £5 million market valuation.

Waltech Services is a UK based holding company that funds, operates and provides value added management to various technology projects in a wide range of markets. To date, the company has concentrated on the South African Information Technology, Global Gaming and Eastern European Technology sectors. To this end, Waltech has made significant inroads into the online payments and gaming markets. The acquisition of a 20% stake in a Canadian person-to-person betting platform called Betbug has already proved a great success, with news less than one week ago that its investment had been swallowed up by one of the fastest growing online gaming businesses, Trident.

Isle of Man based Trident, which also recently bought the European sportsbook, Gamebookers.com for $43 million, is one of the strongest performers in the European market with a turnover of E180 million over the past year - though this is growing fast. Currently the company is ranked as the 33rd most influential online gaming concern. Through its stake in Betbug, Waltech now holds an 8% holding in unlisted Trident, which on an annualised basis makes profits of over 3.2 million pounds. This stake alone, especially for a business that is growing at Trident's phenomenal rate, would be worth comfortably more than Waltech's current market capitalisation, though is currently held with a book value of just 2.4 million pounds.

The strength of Trident's offering has led to a 40% increase in compounded annual growth, both in terms of turnover and customers since inception. With customers in 123 countries, this business has unmatched customer diversity across Western, Central and Eastern Europe. Its potential going forward stems from a number of areas, though interestingly, the white-labeling of the BetBug software could see the creation of the world's largest betting exchange platform. Still, there is some way to go yet to catch up with market leader, Betfair.

Waltech Services' 54% stake in online payment solution provider, Payment Systems Limited, may be a foray into another crowded market, but its management, led by one of Earthport's chief early backers, David Venrenen, has done this all before and knows the market inside out. One can't ignore the possibilities for this business, which operates via its PayP2P platform (www.paymentsystemsltd.com); with Waltech's close association and stake in Trident there would appear to be clear possibilities here to enter the lucrative gaming payments market. Whilst the dizzy heights of Neteller may be quite some way off, important progress has been made with this company, and a solid product service offering does now exist. Could a tie-up with Trident provide the platform for success for PSL?

A 27% stake in Alcomex (www.alchemex.com) completes the lineup. This was Waltech's first business, with its chief product running alongside existing accounting packages to provide automated customised reports into Microsoft Excel. Alcomex runs alongside accounting packages such as Accpac, Pascal and Sage AIL. More recently, additional functionality has seen the addition of a feature that caters for the clause 404 of the US Sarbanes-Oxley Act, which addresses the scope and adequacy of the internal control structure and procedures for financial reporting. Operations are now up and running in the UK with two value added resellers already appointed and others under negotiation.

The bottom line is that Waltech, which has stakes in three established businesses, is significantly undervalued. Its stake in one of the fastest growing online sports books, its majority holding in an advanced online payment system and its accounting software product, all serve to contribute to an emerging growth story. With Waltech Services constantly considering new opportunities and new markets, the shares are prime for the picking, and when the market wakes up to the betting business stake alone, the current 27pcould look very cheap indeed. Not for widows and orphans (but is anything on Ofex?): Waltech services is a “speculative buy”

[Third Eye]

Good start after uqa tip up 2p, hope it now gets a re-rating. Worth 50p in my opinion.

[Third Eye]

from the UQA tip unknown to me, but i find significant:

Waltech Services is backed by some seriously smart players. Former Merrill Lynch chairman, Michael Marks, together with his high-flying city colleague Paul Roy own a large stake in the company through their jointly owned vehicle, New Smith Ltd, and the smart money doesn't end there.

[Third Eye]

LONDON, July 21 /PRNewswire/ -- Trident Gaming, a provider of sports betting services, today announced the acquisition of gamebookers.com, a European online sports betting provider established in June 2000. Having acquired BetBug, a U.S.-facing peer-to-peer sports betting exchange last month, this acquisition makes Trident the only company in the world with a regulatory compliant online betting platform for both the European and U.S. markets.

[Third Eye]

still in demand up again today.

[Third Eye]

Been having a closer look at 54% owned P2P

they say:
PayP2P is the world's first way to make anonymous-but-guaranteed payments online to safely settle things like auction payments or wagers without exposing your personal details to others. It's also perfect for sending money to friends or family instantly and cheaply!


http://www.paymentsystemsltd.com/index.php


https://www.payp2p.com/

[Third Eye]

Trident gaming is gearing for a float in 12 months that will value it at £100m.


-Source Observer 31 July.



That means it will be worth £8m to Waltech (current mkt cap £5m) & that's excluding P2P 54% owned & Alcomex 27%.

[Third Eye]

continuing to get re-rated.

I strongly recommend some research.

[Third Eye]

folk still catching on up 5.5p

[Third Eye]

Shares in OFEX traded Waltech Services surged 5.5p to 36p after small caps specialist website, Watshot.com published its rumour of the day. The investment company attracted buyers to its shares as investors speculated over the possibilities for two of its chief investments. Trident, which is reportedly on target to make 7 million pounds pure profit this year, up from 3.5 million pounds the year before, is likely to attract a market capitalisation of at least 100 million pounds if it lists in February as current market talk suggests. This would value Waltech's 8% stake at an impressive 8 million pounds, a useful premium to its current 6 million pound market capitalisation. Meanwhile, Waltech, which is backed by former Merrill Lynch chairman Michael Marks through his New Smith Ltd vehicle, is thought to have been approached by at least two AIM traded shell companies with a view to buying its online payments business, Payment Systems Limited. In turn, the payments business is thought to be operating at full capacity after resellers outperformed expectations. Waltech owns over 40% of the online payments provider.

[eyecatcher]

On today's numbers they are estimating their stake in Payment Sys to be worth 8 million and in Trident at 4 million.

They have also a stake in a South African subsidiary likely to be about 30% (unvalued).

If the valuations are taken at face value, on a market cap of 6.7 million, looking interesting, I make it a nav of about 65p per share, PLUS the 30% of another company against a share price of 37p.

Edit: Indeed such a 'no-brainer' that I'm in for a few. Just bought 5k.

CHAIRMAN'S STATEMENT

The financial year 2004/05 has been a busy one for Waltech Services Pic. The
company listed on OFEX in October 2004 and has raised almost GBP600,000 of
additional share capital.

We have reorganised Alchemex, specialists in software that extrapolates
information from diverse data bases. The group's wholly owned South African
subsidiary, Alchemex International (Pty) Limited, has merged its operations
with those of Alchemex (Pty) Limited in South Africa and the Board are
currently concluding contractual arrangements which should leave the group with
a 30% interest in the new combined operation.

The group has acquired an 8% interest in Trident Gaming, an Isle of Man group,
owners of BetBug, a peer-to-peer sports betting exchange. Based on the recent
issue of convertible debt by Trident Gaming to finance its acquisition of
Gamebookers, the implied value of the group's holding in Trident Gaming is GBP4
million.

The group has also provided capital to Payment Systems Limited (PSL), a company
set up in Isle of Man to develop and operate an online electronic payments
integration platform. An initial loan facility of GBP450,000 was provided but,
since the year end, this has been converted into a 46.68% shareholding. Waltech
also placed GBP1 million in convertible loan notes in July 2005 to provide
further working capital for PSL to enable it to manage the rapid growth in its
customer base. Conversion of these loan notes will leave Waltech with 54% of
PSL. Based on this transaction, the implied value of PSL is almost GBP15
million, in turn valuing Waltech's interest at GBP8 million. Waltech is
assisting PSL in seeking an AIM listing or a reverse takeover through a cash
shell to further develop its business opportunities. Part of PSL's strategy is
to become a holding company in the online payments arena and as such will look
to acquire similar companies with positive cash flow. Several targets are under
review and the directors will report on progress at a later date.

This post has been edited by eyecatcher: Sep 9 2005, 16:08

[eyecatcher]

From unquoted-Analyst tonight, an even more amazing valuation and a buy recommendation.

They believe the Trident holding in reality is probably worth nearer 8 million than the modest 4 million book value, that would mean assets close to 90p per share, plus of course that 30% of another business. Share price 37.5p.

'Waltech Full Year Numbers

Waltech today announced its results for thev year to June 30th and they gave supporters grounds for ptimism. Losses of £377,815 were largely irrelevant as the company confirmed that the value of its investments was £12 million. With plans for its two main investments to float on AIM within months, the realisation of value in this interesting OFEX company is likely to come through sooner rather than later.

Waltech Services is a UK based holding company that funds, operates and provides value added management to various technology projects in a wide range of markets. To date, the company has concentrated on the South African Information Technology, Global Gaming and Eastern European Technology sectors. To this end, Waltech has made significant inroads into the online payments and gaming markets. It currently owns an 8% stake in Trident and a 54% interest in Payments Systems, an online payments provider that is set to join AIM via a reverse takeover in due course. Waltech's stake in PSL is valued at £8 million and its stake in Trident is assumed to have a value of £4 million, although with Trident set to list with a market capitalisation of £100 million, this figure is likely to be nearer £8 million too.

The bottom line with Waltech remains the same; with stakes in several established businesses and with exits for each of its investments just around the corner, the stock's vast discount to its holding is unwarranted. At 37.5p the company is valued at £7 million and thus shares in Waltech Services are a "buy" .

[1ce_man]

Hi EC. I just tried to look at the chart under the epic WAL on 'advfn' and 'bigcharts' but can't get anything up. Is there anywhere I can get a chart up for them.

cheers, 1ce

[eyecatcher]

www.ofex.com Ofex:WAL

Viturally all brokers trade Ofex, though some only on phone. My broker (TDW) bought mine electronically while I was on the phone. Can't see much downside on this one, but it could double comfortably and probnably still be well below nav.

This post has been edited by eyecatcher: Sep 11 2005, 17:11

[1ce_man]

Thanks Eyecatcher.

[1ce_man]

HSBC don't trade ofex. Any recomendations for brokers that can set up a speedy account?

[Third Eye]

http://www.ofex.com/broker_dealers.shtml

Brokers & dealers are listed above, actually HSBC is on the list.



Squaregain aka Comdirect are pretty speedy at setting up accounts....message me if want an account via squaregain.

This post has been edited by Third Eye: Sep 12 2005, 10:19

[eyecatcher]

Announcement of huge import today:

'The Board of Waltech announces that it has received a number of approaches from
third parties interested in acquiring all or part of its 8% shareholding in
Trident Gaming PLC, the unlisted global online gaming company specialising in
sports betting that recently acquired Gamebookers and BetBug. Discussions are
continuing and may or may not lead to this investment being sold. A further
announcement will be made in due course.'

UQ-A said recently of this stake:

It currently owns an 8% stake in Trident and a 54% interest in Payments Systems, an online payments provider that is set to join AIM via a reverse takeover in due course. Waltech's stake in PSL is valued at £8 million and its stake in Trident is assumed to have a value of £4 million, although with Trident set to list with a market capitalisation of £100 million, this figure is likely to be nearer £8 million too.

The entire market cap of Waltech is 7.3 million.

The implications are pretty obvious.................