GAME Group removes itself from London Stock Exchange

Board sees 'no equity value left in the Group'.

GAME has requested to be removed from the London Stock Exchange with effect from 7:30am today.
The news comes after "ongoing and regular discussions between GAME and its lending banks and between its lending banks and a potential third party provider of finance to the business".
"The Board now considers itself to be unable to assess the business's financial position, and is of the opinion that there is no equity value left in the Group," explained a unsecured loan statement released today. "Therefore the Company has requested that the listing of its securities on the Main Market of London Stock Exchange plc be suspended from trading with effect from 7:30am today.
"The Company will provide a further update in due course."
It now looks likely that GAME will go into voluntary administration in order to save some of its assets.
According to MCV, GAME's stores will be reassessed and will likely mean the end of gamestation, other than rare stores which are performing well.
"If everyone commits it's great news," MCV was told by a source close to the negotiations. "A GAME with 300+ stores is what we'll all get, which is basically where bad credit loans they should have been three years ago during the peak. There's no need for two, or even three, stores in the same town or city."