Game Group calls in the Administrators

Regular readers of the Amateur Investor will know that I have purchased quite a few blocks of Game Group (GMG) shares.

The computer games retailer has been having a torrid time, mainly due to the gamers switching to online retailers for their computer games fix.

Game Group shares were suspended on 21st March 2012, and it was only a matter of time before the Administrators were brought in.

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GAME shares suspended

Shares in Game Group (GMG) have been suspended at the request of Directors

A statement has been released saying:

“Further to the announcements of 12 March 2012 and 14 March 2012, the board of GAME has assessed the status of the 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. 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.”

Is this GAME over?

Breaking news today about troubled high street retailer GAME GROUP (GMG).

Apparently Electronic Arts has said that they have stopped supplying supplying the high street chain after falling out over “credit terms”

It means Game may no longer receive Mass Effect 3, the largest game of the year so far, or other March releases.

As a holder of GMG shares, I’ll be following this story as it develops.

Today’s Share Purchases

As I posted yesterday, there are some fat dividends up for grabs this week, as long as you buy in before the shares in question go ex-dividend on Wednesday.

So today’s first share purchase was prompted by the list of shares going ex-dividend this week.

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Game Group Dive

I have a small holding in Game Group (GMG), mainly because of the high dividend, my first purchase being back in September (A punt on a retailer)

The shares have faired badly, along with many other retailers, as consumers shelter from the constant bombardment of economic doom and gloom force-fed by the media and politicians.

So I realised a holding in Game wasn’t exactly a safe-haven, but the juicy dividend probably reflects the high risk.

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