UK online gaming company gameplay.com got off to a flying start this morning as early trading saw shares jump by over 70 per cent.
With a starting price of 135 pence, the 39.7 million shares attracted huge demand as they launched on London's Alternative Investment Market, hitting 230 pence within the first hour, then settling at 205 pence at 10am.
Mark Strachan, executive chairman of Gameplay.com told VNU Newswire this morning he was pleased with the first morning’s trading.
“It’s been quite positive and I’m pleased with what I’ve seen initially. We hoped for some small premium and are delighted that is the case. It is always a difficult issue to manage a stock that goes completely bananas when trying to achieve a stable and sustainable business,” he said.
Strachan played down suggestions that he will become a multi millionaire overnight, instead saying there was still a lot of work to do. The most important thing is delivering the product they set out to do - an online gaming portal, he said.
"If everything goes according to plan I will be a very happy man," he said, adding that the first website of several they intend to create will be up and running tomorrow.
Gameplay.com was set up in March of this year as a holding company to acquire leading European online gaming community, Wireplay and UK games supplier Interactive Commercial Enterprises. It combined the companies to create a gaming portal where consumers can read about all the latest games, play them online and then buy them, all in one place. (see Newswire 29 July 1999)
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