PGC Entertainment raises £0.35m, fires CEO

Asia-Pacific online gaming and media company PCG Entertainment raised £0.35m before expenses on Thursday, through a placing via its broker Beaufort Securities of 250,000,000 new ordinary shares of 0.1 pence each, and a price of 0.14 pence per ordinary share.

The AIM-traded firm said the proceeds of the placing would be used for general working capital purposes.

It said the placing had been undertaken within the company's existing share authorities and was conditional only on admission of the new ordinary shares to trading on AIM.

Application had been made for admission, which was expected to occur on or around 30 March.

Following admission, the company's issued share capital would consist of 2,124,940,507 ordinary shares, with one voting right per share, and PCGE confirmed it does not hold any ordinary shares in treasury.

The company also confirmed that on 15 March, it served notice of termination on Electric Warrior, which was the consultancy company providing Nick Bryant's services to the company.

Under a power of attorney granted under the consultancy agreement the company could remove Bryant as a director of any group companies, and as such he was removed as CEO of PCG Entertainment.

In the immediate near term Richard Poulden and Michael Mainelli would assume overall responsibilities for operations and finance at PCGE.

Alan Gravett was to continue in the role of director and company secretary of PCGE and chief operating officer of PCG Software Services, which holds the group's gaming licence.

“Jack Sun, PCGE's chief operating officer in Asia, will continue to run the operations in China as he has done since the beginning of 2016,” said chairman Richard Poulden.

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

“Jack was formerly COO of Betex before joining PCGE, [and] he holds a BA (Hons) in Business Accounting from Oxford Brookes University and an EMBA from the Said Business School, University of Oxford.”

The London office of PCGE had been closed, and the board said there would be a continuing focus on keeping overheads low and conservation of cash.

It confirmed Sun was not a director of PCGE.