he exclusive management contract, which has been signed for an initial 12-month period, includes an option for Praesepe to acquire 100% of the Agora estate at a date to be agreed during the period between 25 May 2011 and 24 February 2012.
The agreement increases Praesepe’s total UK venues under management from 96 to 171 High Street gaming venues, four Family Entertainment Centres, six Bingo Clubs and an on-line bingo web site. Included in the estate are the iconic Crystal Rooms in London’s Leicester Square and the Beacon Bingo Club in Cricklewood, the largest bingo club in the UK. The company now has an estate of over 7,000 gaming machines.
“The management contract provides us with an important opportunity to assess Agora’s operating performance before proceeding to any acquisition. We look forward to finalizing the option agreement that will give us the opportunity to acquire Agora in the coming months. We believe that a full acquisition would allow us to fully integrate the two businesses and generate value for Praesepe’s shareholders,” Nick Harding, CEO of Praesepe said.