17th Apr 2007 07:02
Gaming VC Holdings S.A.17 April 2007 Press Release 17 April 2007 Gaming VC Holdings S.A. ("Gaming VC" or "the Group") Preliminary Results Gaming VC Holdings S.A., a leading European online gaming company, todayannounces its unaudited preliminary results for the year ended 31 December 2006. Financial Highlights• Recommended final dividend of 13p per share (gross) to be paid on 29 May 2007 (2005: 21p per share). The total dividend for the year of 26p per share (2005: 42p per share) represents a yield of 17.7% on last night's closing price• Turnover of €40.6 million (2005: €40.4 million)• Gross margin 72% (2005: 76%)• Operating profit before exceptional items* and share option charges €13.5 million (2005: €13.9 million)• EBITDA €15.5 million (2005: €16.2 million)• Basic earnings per share before exceptional items* €0.41 (2005: €0.41) * Exceptional items include €8.3 million of accelerated amortisation charges onthe Group's software licences, and a €33.3 million write down of goodwillprimarily driven by the potential impact of the continuing German Laender'sregulatory position against the online gaming industry. Commenting on the Results, Adrian Smith, non-executive Chairman of Gaming VC,said: "2006 has been a challenging year for Gaming VC but one in which theGroup has emerged in a much stronger position to deliver growth and increasedreturns for our shareholders." "Gaming VC's management team has been significantly strengthened with KennethAlexander installed as Chief Executive on 1 March 2007. Our core business inGermany is cash generative and I am confident in our ability to expand GamingVC's operations into new markets outside of Germany." - Ends - For further information:Gaming VC Holdings S.A.Kenneth Alexander, Chief Executive Tel: +44 (0) 207 745 [email protected] www.gamingvc.com Collins StewartChris Wells / Mark Connelly Tel: +44 (0) 20 7523 [email protected] http://www.cstplc.com Media enquiries:AbchurchChris Lane / Franziska Boehnke Tel: +44 (0) 20 7398 [email protected] www.abchurch-group.com Chairman's statement On behalf of the Board of Gaming VC I am pleased to present the results for theGroup's trading for the year ended 31 December 2006. I also want to share theimportant changes we implemented during 2006, and the new strategic direction wehave carefully planned to pursue in 2007 and beyond. I am confident that we arestronger, more knowledgeable, and in a better position to generate increasedreturns for our shareholders in the future. The financial results for the year ended 31 December 2006 show an operatingprofit of €13.5 million (2005: €13.9 million), before share option charges andtaking €8.3 million of accelerated amortisation charges on the Group's softwarelicenses, plus a €33.3 million write- down of goodwill primarily driven by thepotential impact of the continuing German Laender's regulatory position againstthe online gaming industry. Since the year-end the Board has been encouraged bythe position taken by the EU Commission, and the healthy debate in Germany atthe quarterly sessions of the Laender Prime Ministers on the regulation ofonline gaming. The Board has recommended a final dividend of 13p gross (c €0.193), giving atotal distribution of 26p (c €0.386) for the year (2005: 42p (c €0.604)). Thefinal dividend will be paid on 29 May 2007 to all shareholders on the registerat the close of business on 27 April 2007. We have made important changes in management and the Board during the financialyear. I accepted the position of non-executive Chairman on 1 November 2006. Atthe same time, we announced that Steve Barlow was stepping down from hisposition as Chief Executive, and that a search had been started for areplacement with extensive online gaming experience. I am pleased that thesearch was completed and that Kenneth Alexander was appointed Chief Executiveeffective 1 March 2007. Mr. Alexander's initial views on strategy and structureare included in the Chief Executive's review. Shareholders will be asked toconfirm Mr. Alexander's appointment to the Board, at the AGM which will be heldon 15 May 2007. During the year, the Board accepted resignations from Dr. Robert Willis andScott Miller as Executive Directors, and also from their Board positions. TheBoard appreciates their service to Gaming VC in the initial development of theGroup.. I am confident that we now have a stronger and more experienced management teamto take the Group to the next stage of its development. The core business inGermany is cash generative, and the first three months of the 2007 financialyear are in line with expectations. With experienced financial and operatingmanagement leading the business, we are able to expand with confidence into newEuropean markets outside of Germany. Adrian J.R. SmithChairman17 April 2007 Chief Executive's Statement I am delighted to be in a position to give my first statement as Chief Executivesince my appointment on 1 March 2007. In this report I would like to give youan insight into the challenges the Group currently faces and what our objectiveswill be in the coming year in taking the business forward. Notwithstanding more encouraging announcements by the EU Commission on theregulatory environment surrounding online gaming in Germany, diversificationinto other European markets is the key strategic objective for Gaming VC duringthe next twelve months. The Group is confident that it will obtain a gaminglicence in Italy in Q2 2007 which will permit the introduction of a sportsbook.The Group envisages a subsequent launch of bingo and tournament poker.Opportunities are also being looked at to secure licences or to enter newterritories enabling diversification into new markets outside Germany. Noinvestment will be made in any new market until a comprehensive business planand experienced local executives are in place. The Group's German customer base has been built by means of offline direct mailmarketing and this marketing strategy has remained the core marketing strategyin recruiting new customers. Ongoing, other marketing channels will be targeted which are expected to lowerthe Group's customer acquisition costs. Accordingly, direct mail marketing willbe used on a smaller scale for retention purposes for our established highervalue German customers. However, new recruitment channels focussing on onlineand affiliate marketing will make our marketing more efficient and is moresuited to an online business. This change in focus to concentrate more on online marketing will requiredifferent marketing skills from those that have been required in the past andrecruitment has commenced to effectively implement this strategy. The change in strategy from direct mail to online marketing, with a dedicatedmarketing team possessing the skills to implement the revised strategy, isexpected to improve the growth prospects of Gaming VC and materially improvemarketing efficiency. Customer Retention Management (CRM) will also have an increased focus ongoing inthe business. The gaming industry is maturing and the levels of sophisticationemployed to maintain and work the existing customer database is increasing allthe time. To improve in this area, work has also started to recruit thenecessary expertise and to invest in the most appropriate tools to implementeffective CRM. It is expected that these actions will increase lifetime valuesand reduce attrition, both critical areas for online gaming operations as themarket matures and focus increases on maintaining the existing customer base. As well as diversifying geographically during the new financial year there willbe diversification in terms of Gaming VC's product range. A strategic review isbeing carried out to ensure that the Group is operating on the optimal platformfor its business requirements and we will be looking to offer an increased rangeof gaming products, including fixed odds games and bingo, and explore thepossibility of launching a sportsbook in conjunction with our entry into newmarkets. Casino 2006 2005 % changeNew registrations 52,774 32,840 61%New depositing customers 22,916 18,023 27%Daily average revenue €105,091 €109,907 (4.4%)Total revenue €38,358,324 €40,116,120 (4.4%) Casino revenues fell by 4% despite new depositing customers increasing by 27%year-on-year. This reflects a disappointing third quarter and a high-stakingaccount in December 2006 which reduced that month's revenue by €0.3million whichwas subsequently recovered in January 2007. This trend highlights the issueswith our marketing strategy over the last twelve months where direct mailmarketing and CRM efforts did not deliver growth in total volumes despite anincrease in depositing customers. Poker 2006 2005 % changeNew registrations 25,957 7,308 255%New depositing customers 11,845 3,355 253%Daily average revenue €6,051 €1,779 240%Total revenue €2,208,489 €327,362 575% Poker has demonstrated solid growth during the financial year and hascompensated for the slight fall in Casino revenues. Similarly to the Casino,the marketing efforts on Poker will concentrate on online, measurable channelsto deliver further growth in our Poker offering. Group Financial Performance The total gross wagers placed were €1.6 billion (2005: €1.6 billion) and netrevenues were €40.6 million (2005: €40.4 million). The gross profit for thefinancial year ended 31 December 2006 was €29.4 million (2005: €30.8 million).The small decline in gross margin has arisen due to both the impact of the onehigh stake roulette player discussed above, and the increased percentage oflower margin poker business in the total wagers placed. The primary operatingcost element for the Group are the turnkey online casino services provided byBoss Media SA and its subsidiaries. In the financial year there were no significant one-off jackpot winners on theGroup's slot machine games with associated "progressive" jackpots, although 3players won over €0.1 million each in the year ( 2005: none). The total of theavailable jackpots at the end of December 2006 was €2.2 million (2005: €1.7million) with the largest available individual jackpot being €1.3 million (2005:€0.8 million). Upon this jackpot becoming payable it will be a charge againstthe relevant period's gross profit. The last major jackpot win was for €0.5million in November 2004. The Group operating profit for the financial year ended 31 December 2006 beforeexceptional items and share option charge was €13.5 million (2005: €13.9million) after the deduction of distribution and administrative expenses. TheGroup incurred €41.6 million of exceptional charges in the year (2005: nil),these consisting of €8.3 million of accelerated amortisation charges on theGroup's software licences and a €33.3 million write down of goodwill afterconsidering the potential impact of the continuing German Laender's regulatoryposition, against the online gaming industry in the foreseeable future. Thisresulted in a Group operating loss after exceptional items of €28.9 million(2005: profit of €13.4 million). Net operating expenses before goodwill impairment in the year of €25.1 million(2005: €17.4 million) are analysed as distribution, administration andamortisation costs as detailed below. Distribution costs of €7.1 million (2005: €7.4 million) reflect the third partymarketing costs incurred by the Group to recruit active members to the Casino. The major items within the administrative expenses (excluding amortisation)incurred during the financial year are detailed below: 2006 2005 •'000 •'000 Employment costs 3,434 2,378Travel 886 1,121Legal, accounting and tax 1,682 1,941Re-organisation costs - 545All other costs 775 1,207 Total administrative expenses 6,777 7,192 Employment costs, which are analysed in note 2 to the financial results, include€0.4 million for settlement of contractual obligations to Mr S Barlow and Mr SMiller on their standing down as Executive Directors of the Group. Of the total €44.4 million amortisation charge (2005: €2.8 million), detailed innote 5 to the financial results, €41.6 million was an exceptional charge in2006. €8.3 million reflects accelerated amortisation of the Group's softwarelicenses following a review that identified a reduced beneficial life of thelicenses due to both technical developments and price pressure on royalties inthe market place; €33.3 million reflects an ongoing concern regarding thecontinued uncertainty in the German regulatory position. Net financing income for the financial year ended 31 December 2006 of €0.1million (2005: net financing costs €0.6 million) are analysed in note 3 to thefinancial results. The majority of Group revenues are in Euros, as are both thecost of sales and marketing. Employment costs are primarily US Dollardenominated and most legal, tax and accounting services are incurred inSterling. Dividend payments are also Sterling denominated. The Group intends to add new gaming licences within the EU in 2007 to thosealready held in Curacao. The impact of this will be to strengthen the EUbusiness operationally but it will increase the overall group tax charge goingforward. It is expected that Gaming VC will increase its tax charge from acurrent base level of 2% of operating profits to closer to 10% by 2008. Thefinal charge will depend on both the markets where growth is achieved and futuredevelopments on taxation in the domiciles Gaming VC operates in. In the reporting period the Group generated €17.9 million (2005: €17 million)from operating activities. After payment of dividends totalling €15.6 millionduring the year, the Group's closing cash balance as at 31 December 2006 was€9.4 million (2005: €7.2 million). The Group had no significant capitalexpenditure during the year and does not envisage any material capitalexpenditure in 2007. Dividends The Board considers that the current dividend policy remains appropriate for theGroup. The core business is cash generative and not capital intensive and wewill continue to return excess capital to shareholders, as appropriate. The Board recommends a final dividend of 13p (gross) (c €0.193) per share (2005:21p per share), making a total distribution of 26p per share (c €0.386) for theyear. This will be paid on 29 May 2007 to shareholders on the register at theclose of business on 27 April 2007. While the total dividend for 2006 will be greater than the earnings per share inthe year, given the financial performance of the Group in 2006 and the positivestart to 2007, the Board considers the final dividend is appropriate. As at 31March 2007 our cash balances were more than sufficient to cover the finaldividend. Outlook Trading for the first three months of the 2007 financial year has been in linewith expectations. Likely benefits of the revised marketing strategy includeincreased player acquisition numbers with an associated reduction in customeracquisition costs together with an increased retention of the existing customerbase. It is expected that these initial benefits will be experienced in thelast quarter of the financial year. The impact of the associated costs of thisstrategy which will be incurred before the benefit is received will be offset bythe savings made on a significant reduction in the use of direct mail as amarketing tool. Gaming VC has started 2007 in a much stronger and more competitive position thanlast year. Management's combined experience in the online gaming industryplaces Gaming VC in an excellent position to diversify its operations into newEuropean territories. I am confident for the future. Kenneth AlexanderChief Executive17 April 2007 Consolidated Income StatementFor the year ended 31 December 2006 Total year ended Year ended Before goodwill 31 December 31 December impairment 2006 2005 Goodwill impairmentIn thousands of euro Note Revenue 1 40,573 - 40,573 40,443Cost of Sales (11,158) - (11,158) (9,677)Gross profit 29,415 - 29,415 30,766 Net operating expenses including (25,075) (33,274) (58,349) (17,404)exceptional items and share optioncharges Operating profit before exceptional 13,505 - 13,505 13,853items and share option chargeShare option charge (893) - (893) (491)Exceptional items 5 (8,272) (33,274) (41,546) Operating (loss)/profit before 4,340 (33,274) (28,934) 13,362financing EBITDA 15,536 - 15,536 16,185Depreciation (35) - (35) (21)Amortisation and impairment (11,161) (33,274) (44,435) (2,802) Financial income 3 163 - 163 46Financial expense 3 (68) - (68) (601)Net financing income/ costs 95 - 95 (555) (Loss)/Profit before Tax 4,435 (33,274) (28,839) 12,807Income tax expense 4 - - - (13)(Loss)/Profit for the year 4,435 (33,274) (28,839) 12,794 Basic earnings per share (euro) 6 (0.93) 0.41Diluted earnings per share (euro) 6 (0.93) 0.41 Consolidated statement of recognised income and expenseFor the year ended 31 December 2006 Year ended Year ended 31 December 31 December 2006 2005In thousands of euro (Loss)/Profit and total recognised income and expense for theyear (28,839) 12,794 Consolidated Balance SheetAs at 31 December 2006 31 December 31 December 2006 2005In thousands of euro Note AssetsProperty, plant and equipment 56 46Intangible assets 5 58,548 102,752Total non-current assets 58,604 102,798 Trade receivables 1,892 2,151Other receivables and prepayments 417 531Cash and cash equivalents 9,407 7,233Total current assets 11,716 9,915Total assets 70,320 112,713 EquityIssued share capital 38,608 38,608Share premium 57,926 67,522Retained earnings (29,853) 4,109Total equity attributable to equity holders of the parent 66,681 110,239 LiabilitiesIncome tax payable 4 18 18Trade and other payables 1,317 1,140Accrued expenses 1,101 1,316Withholding tax on dividends 1,203 -Total current liabilities 3,639 2,474Total liabilities 3,639 2,474Total equity and liabilities 70,320 112,713 Consolidated statement of cashflowsFor the year ended 31 December 2006 Year ended Year ended 31 December 31 December 2006 2005In thousands of euro Note Cash flows from operating activitiesCash receipts from customers 40,833 38,911Cash paid to suppliers and employees (22,934) (21,966)Net cash from operating activities 17,899 16,945 Cash flows from investing activitiesInterest received 154 46Acquisition of property, plant and equipment (45) (67)Acquisition of intellectual property 5 (231) (75)Net cash from investing activities (122) (96) Cash flows from financing activities Payment of transaction costs - (867)Dividend paid (15,612) (9,559)Net cash from financing activities (15,612) (10,426) Net increase in cash and cash equivalents 2,165 6,423Cash and cash equivalents at beginning of the year 7,233 1,270Effect of exchange rate fluctuations on cash held 3 9 (460)Cash and cash equivalents at end of the year 9,407 7,233 Notes to Preliminary Accounts 1 Segment reporting Segment information is presented in respect of the Group's business andgeographical segments. Business segments Based on risks and returns the management considers that the primary reportingformat is by business segment. The directors consider that there are twobusiness segments being the casino operation of games of chance and skilledbased games, primarily Poker which was launched in the last quarter of 2005. Geographical segments Within the year the core business activity has been concentrated in the Germanlanguage countries. Development specifically tailored for other European language countries isongoing. Owing to current legislation in the US the company continues to blockaccess to its games to potential players located there. Segment capital expenditure is the total cost incurred during the year toacquire segment assets that are expected to be used for more than one year. In presenting information on the basis of geographical segments, segment revenueis based on the geographical location of customers. Segment assets are based onthe location of the assets themselves. Games of Chance Germany Austria Switzerland Other Countries ConsolidatedIn thousands of 2006 2005 2006 2005 2006 2005 2006 2005 2006 2005euro Revenue 28,669 30,074 7,161 7,673 1,807 1,203 721 1,166 38,358 40,116Segment assets - - - - - - 111,598 112,599 111,598 112,599Capital - - - - - - 266 67 266 67expenditure Games of Skill Germany Austria Switzerland Other Countries ConsolidatedIn thousands of 2006 2005 2006 2005 2006 2005 2006 2005 2006 2005euro Revenue 1,661 219 354 69 66 10 134 29 2,215 327Segment assets - - - - - - 268 114 268 114Capital - - - - - - 10 75 10 75expenditure Assets and liabilities are not specifically allocated to business segments asthe total assets and liabilities of the Group are utilised, managed and reportedcentrally across all business segments. Consequently it is not possible toprovide a meaningful allocation of assets and liabilities for each businesssegment as this cannot be done on a reasonable basis. All segments are continuing operations. 2 Personnel expenses Year ended Year ended 31 December 31 December 2006 2005In thousands of euroWages and salaries 2,400 1,713Compulsory social security contributions 154 135Contributions to defined contribution plans (13) 39Equity-settled transactions 893 491 3,434 2,378 3 Net financing costs Year ended Year 31 December ended 2006 31 December 2005 In thousands of euroInterest income 154 46Net foreign exchange gain through profit 9 -Financial income 163 46 Interest expense -Interest expenses and bank charges (68) (141)Net foreign exchange loss through profit - (460)Financial expenses (68) (601)Net financing income/costs 95 (555) 4 Income tax expense Current tax Current tax for the current and prior periods is classified as a currentliability to the extent that it is unpaid. Amounts paid in excess of amountsowed are classified as a current asset. There is a current tax liability of€18,043 at 31 December 2006 (2005: €18,043). Year ended Year 31 December ended 2006 31 December 2005 Recognised in the income statementIn thousands of euroCurrent tax expenseCurrent year - 13Adjustments for prior period - - - 13 Deferred tax expenseOrigination and reversal of temporary differences - -Reduction in tax rate - -Benefits of tax losses recognises - - - -Total income tax expense in income statement - 13 Reconciliation of effective tax rate Year ended YearIn thousands of euro 31 December ended 2006 31 December 2005 (Loss)/Profit before tax (28,839) 12,807 Income tax using the domestic corporation tax rate - 2,818Effect of tax rates in foreign jurisdictions (Rates decreased) - (2,805) - 13 No deferred tax asset was recognised as the Group considers that it moreprobable than not that no future taxable profits will be available against whichthe asset could be utilised. 5 Intangible assets Goodwill Trade-marks Software Consulting Magazine Total licenceIn thousands of euroCostBalance at 1 January 2005 73,613 15,144 11,840 419 4,500 105,516Acquisitions - - 75 - - 75Balance at 31 December 73,613 15,144 11,915 419 4,500 105,5912005 Balance at 1 January 2006 73,613 15,144 11,915 419 4,500 105,591 Other acquisitions - - 231 - - 231At 31 December 2006 73,613 15,144 12,146 419 4,500 105,822 AmortisationBalance at 1 January 2005 - - 16 1 20 37Amortisation for the year - - 1,197 105 1,500 2,802Balance at 31 December - - 1,213 106 1,520 2,8392005 Balance at 1 January 2006 - - 1,213 106 1,520 2,839Amortisation for the year - - 9,556 105 1,500 11,161Impairment loss for the 33,274 - 33,274yearAt 31 December 2006 33,274 - 10,769 211 3,020 47,274 Carrying amountsAt 31 December 2005 73,613 15,144 10,702 313 2,980 102,752At 31 December 2006 40,339 15,144 1,377 208 1,480 58,548 Valuation methodologies The valuation methodology of each type of identifiable intangible asset isdetailed below. Asset Valuation methodologyMagazine-related CostConsulting Income (cost saving)Software licence Income (incremental value plus loss of profits)Trade-marks Relief from royaltyGoodwill Residual balance The valuation conclusions, for the assets acquired through businesscombinations, were cross-checked relative to the overall consideration paid inthe transaction over net tangible assets, to ensure that the proportion of valueattributed to (i) each identifiable tangible asset: and (ii) to all of theidentified intangible assets combined in the total purchase price appearsreasonable. In addition, the implied weighted average return on assets was reconciled withthe cost of capital derived for the business as a whole to check for thereasonableness of values placed on intangible assets and the discount rates/returns used. Amortisation and impairment charge The amortisation for the year and the accelerated amortisation on the softwarelicence are recognised in the following line items in the income statement. Theaccelerated amortisation of the Group's software licenses, as an exceptionalitem, follows a review that identified a reduced beneficial life of the licensesdue to both technical developments and price pressure on royalties in the marketplace. Year ended Year 31 December ended 2006 31 December 2005 In thousands of euroNet operating expenses 2,889 2,802Exceptional items 8,272 - Impairment tests for cash-generating units containing goodwill An Impairment Review was carried out at the year end of the Company's goodwillin the Casino operation. The carrying values of the assets were compared withthe recoverable amounts, these were determined with the assistance ofindependent valuers. The carrying amount was determined to be higher than itsrecoverable amount and an impairment loss of €33,274 thousand (2005: nil) wasrecognised. The impairment loss was allocated fully to goodwill and is shown asan exceptional item in the income statement. In performing the Impairment Review the following information was used. • Historical financial performance, unaudited financial results for the year ended 31 December 2006• Market analysis of the online gaming industry specifically -: • Market growth for the online industry • Market forecasts from independent analysts and researchers • Technology advances (including increases in internet penetration) • Perceived threats to the industry.• Net revenue forecasts for 2007 • Long-term rate of growth of 2% based on the industry average and taking into consideration increased competitive pressures, due to large online gaming companies looking aggressively to increase non-Us sources of Income. • Tax rate of 1.5% based upon the Company's current corporation tax rate• Discount rate post-tax of 30% based on the discount rate implied in the Casino-Club acquisition, a theoretically derived cost of equity based on an adjusted CAPM model and the nature of the intangible asset being valued. The following units have significant carrying amounts of goodwill: 31 December 31 December 2006 2005In thousands of euro Casino operation: GVC Corporation II B.V. 40,339 73,613 6 Earnings per share The calculation of basic earnings per share at 31 December 2006 was based on theloss attributable to ordinary shareholders of €28,838,575 (2005: Profit of€12,793,954) and a weighted average number of ordinary shares outstanding duringthe year ended 31 December 2006 of 31,135,762 (2005: 31,135,762), calculated asfollows: Profit attributable to ordinary shareholders Year ended Year 31 December ended 2006 31 December 2005 In thousands of euro(Loss)/Profit attributable to ordinary shareholders (28,839) 12,794Exceptional item (note 6) 41,546 -Profit before exceptional item 12,707 12,794 Weighted average number of ordinary shares Year ended Year 31 December ended 2006 31 December 2005 Issued ordinary shares beginning of the year 31,135,762 31,135,762 Weighted average number of ordinary shares at end of the year 31,135,762 31,135,762 Earnings per share Year ended Year 31 December ended 2006 31 December 2005 In euroBasic earnings per share (0.926) 0.411Basic earnings per share before exceptional items 0.408 0.411 Diluted earnings per share The calculation of diluted earnings per share at 31 December 2006 was based onthe loss attributable to ordinary shareholders of €28,838,575 (2005:€12,793,954) and a weighted average number of ordinary shares outstanding duringthe year ended 31 December 2006 of 31,135,762 (2005: 31,135,762), calculated asfollows: Profit attributable to ordinary shareholders (diluted) Year ended Year 31 December ended 2006 31 December 2005 In thousands of euro Loss/Profit attributable to ordinary shareholders (diluted) (28,839) 12,794Exceptional item (note 6) 41,546 -Profit before exceptional item 12,707 12,794 Weighted average number of ordinary shares (diluted) Year ended Year 31 December ended 2006 31 December 2005 Weighted average number of ordinary shares at end of the year 31,135,762 31,135,762Effect of share options on issue - -Weighted average number of ordinary shares (diluted) at end of year 31,135,762 31,135,762 Diluted earnings per share Year ended Year 31 December ended 2006 31 December 2005 Diluted earnings per share (0.926) 0.411Diluted earnings per share before exceptional items 0.408 0.411 -Ends- This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
GVC.L