GAME UK may have been saved by private investors, but it is not out of hot water yet.
GAME Group has asked for its securities to be removed from the stock exchange. This is bad news for anyone who owns shares with GAME Group because it means they will lose their investment — the shares will be worth less than nothing because they won’t even exist any more. Their best hope is in GAME’s administrator recouping some of the value from what’s left of the company’s assets.
In a statement released today by the retailer chain, GAME group said:
“Further to the announcement of 21 March 2012 and the appointment of PWC LLP as administrators for the Group on 26 March 2012, GAME Group plc has today applied for the listing of its securities to be cancelled from the Official List and for the admission to trading of its securities to be cancelled from the Main Market of London Stock Exchange plc with effect from 3 April 2012, pursuant to LR 5.2.12(2).”
The buy-out from OpCapita has ensured that GAME retailers in the UK will remain open and jobs will be kept, but it does not necessarily increase the value of the company or its shares.
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