Jumbo Corporation Limited (ASX:JUM) is pleased to announce that all resolutions have been passed at the Global Approach Limited (ASX:GLO) Annual General Meeting held on Friday 26th November 2004. In particular, shareholders approved the re-election of Mr Mike Veverka, CEO of Jumbo Corporation Limited to the GLO board and also to amend the Music Hall Casino Acquisition Agreement that Jumbo was a party to as an original vendor. The amendment to the Music Hall Casino Acquisition Agreement removed the possibility that the Music Hall Casino could revert back to a private company under certain conditions.
“As the major shareholder in GLO with 17.7% of the shares, Jumbo regards the acceptance of all resolutions as a positive step forward for GLO”, said Mr Mike Veverka. “The amendment to the Music Hall Agreement removes the uncertainty hanging over the company at December 31, 2004 and gives the company a boost with the addition of an online poker room”.
“From Jumbo’s point of view, the amendment to the Music Hall Agreement ensures the current shareholding in GLO is retained without the risk of the business reverting back to a private company”, said Mr Veverka.
Music Hall Casino Update – Improved Performance and 13 new games including the Lara Croft “Tomb Raider” online slot game.
The performance of the Music Hall Online Casino has improved considerable since July 2004 with the casino heading towards its 5th consecutive month of operations with a positive bottom line. Earlier in November, 13 new casino games were added including the Lara Croft “Tomb Raider” online slot game. This game was an instant success and within the first days of its release it became the most popular new game played in the casino.
New Online Poker Room
As part of resolution to amend the Music Hall Casino Acquisition Agreement, GLO acquired at no cost the benefit of a fully functioning online poker room as an adjunct to the Music Hall Casino. The launch is expected to occur by 15 December 2004.
“Online Poker Rooms are a hot sector in the online gaming market with a lot of discussion devoted to them at the recent I-gaming conference in Barcelona”, said Mr Mike Veverka. “The meteoric rise of online poker rooms in recent years is expected to continue into 2005 and GLO is now well placed to take advantage of this popular pastime”.
Jumbo Corporation Limited currently holds 8.65 million ordinary shares (17.7%) of the fully paid ordinary shares in GLO plus 5.58 million unlisted 10c options (34.6%). GLO shares closed at 11.0c yesterday, giving a value of Jumbo's shareholding of $1,062,970. This represents an increase of $332,911 over the
$730,059 price paid by Jumbo to acquire the shareholding.
For further enquiries, please contact:
Mike Veverka, CEO