Key Developments For FortuNet, Inc.
FortuNet, Inc. (FNET.O) (Consolidated Issue listed on NASDAQ Global Market)
Yuri Itkis Gaming Trust Proposes to Acquire Remaining Public Stake in FortuNet, Inc.
The Yuri Itkis Gaming Trust of 1993 announced that it intends to make a tender offer for all of the outstanding shares of Common Stock of FortuNet, Inc. not already owned by the Trust for $1.70 per share in cash. The offer price represents a premium of approximately 34% over the closing price of the shares on November 20, 2009, and a premium of approximately 28% above the average closing price of the shares for the 20 trading days immediately preceding November 20, 2009. Assuming the successful completion of the tender offer, the Trust intends to acquire the remaining shares not already owned by it through a short form cash merger at the same per share cash price paid in the tender offer. The offer will be irrevocably conditioned upon the tender of a sufficient number of shares of Common Stock to cause the Trust to own 90% of the outstanding shares. The Trust expects to commence the tender offer in mid December 2009.
FortuNet, Inc. Announces Special Cash Dividend
FortuNet, Inc. announced that it has declared a Special Cash Dividend (the Special Dividend) of $2.50 per share. Record date for the Special Dividend is April 24, 2009 and the payment date will be on May 4, 2009.
FortuNet, Inc. Announces Resignation Of CFO
FortuNet, Inc. announced that Kevin A. Karo, its Chief Financial Officer (CFO), will resign as the Company's Chief Financial Officer effective immediately. The Company's Chief Executive Officer, Yuri Itkis, will assume the additional duties of the Chief Financial Officer.
FortuNet, Inc. Issues Q4 and FY 2007 Guidance Below Analysts' Estimates
FortuNet, Inc. announced that it expects the fourth quarter 2007 revenue in the range of $3.6 to $3.8 million and EPS of $0.06 - $0.08. For fiscal 2007 it expects revenue in the range of $16.4 to $16.6 million and EPS of $0.34 - $0.36. According to Reuters Estimates, analysts on an average were expecting the Company to report revenue of $4.5 million and EPS of $0.09 for fourth quarter 2007, and revenue of $17.26 million and EPS of $0.37 for fiscal 2007.
FortuNet, Inc. Announces Resignation And Appointment Of Chief Financial Officer-Form 8-K
FortuNet, Inc. announced in its Form 8-K that on November 30, 2007, the Board of Directors unanimously approved the appointment of Kevin A. Karo to the office Chief Financial Officer, effective January 5, 2008. William R. Jacques, the Company’s current Chief Financial Officer, will resign from the office of Chief Financial Officer effective January 4, 2008.
