Would-be online gambling software minnow Global Gaming Technologies lost £11.9 million in the year to last July.

Bombed-out Global Gaming, in which financier Andrew Regan’s Corvus Capital took a 26 per cent stake last year, decided to put as much bad news as possible in following last summer’s resignation of former chief executive Paul Pullinger and non-executive director Chris Cleverly, then the company’s two principle shareholders. Chairman Ron Trenter says AIM-quoted Global Gaming lost £1.4 million in 2005-06, until a ‘non-cash impairment’ of £10.5 million relating to the ill-fated acquisition of a company called Event Data Correlation in 2005 swelled the deficit to nearly £12 million, assisted by a near-tenfold increase in the cost of amortising intangible assets.

According to Trenter, the company, which is not paying a dividend, is looking for a new chief executive and, with the help of Corvus, is scouring the gaming media and technology sector for promising acquisitions – which would, presumably, also need help from Corvus, or someone. In early 2005, Global Gaming shares hit 11.25p, but Corvus bought in last year at 0.375p.

The shares have perked up to 0.40p today, where they are a punt on the entrepreneurial Regan’s ability, with his lieutenants, to raise this Phoenix from the ashes.

Sirius Petroleum	AIM	0pm	p	p
Click here for interactive charting
Other company articles:
Write-offs hit Global Gaming			31/01/2007
Regan scales up deal campaign			11/07/2006
Corvus buys into Global Gaming			27/06/2006