TOW
Royal Sports (r. 5) management meets TheOffshoreWire to explain recent issues, disclose their short and medium term plans and re open a line of communication. Management tells TOW that they are still unable to process payout via checks within industry standard timeframes. Some significant delays may therefore be expected from time when requesting payouts via cashiers checks. However they disclosed their available Neteller balance which appears to be within industry average levels. Management discarded circulating rumors about a possible demise, indicating that said rumors may have been fueled by a couple of recently dismissed middle managers. Royal Sports principals also disclosed the numbers related to the group's performance (sportsbook, casino and poker). The overall performance appears to be balanced and individual results of the three products indicate that the company will score an overall positive result in 2005. Management confirmed its intention to maintain an open line of communication to better assist in handling possible disputes TOW should come across to. The only remaining pending item concerns full disclosure of the company's ownership. A new meeting has been scheduled for January 2006 to address this remaining unsolved issue. In light of the outcomes of the meeting and in consideration of Royal's availability to fully disclose its financial performance on demand TOW conditionally raises the group's rating from 2 to 5. Royal's rating will be further reviewed in February '06.