Offshore Barbadian Firm buys Online Bingo Parlour, do local laws make provision for such an acquisition?

Scouring the Net for unusual Barbadian items I came across this doozy, a Canadian originated Letton Investments, who hold offices both here in Barbados and in Malta, have acquired an Internet gaming facility –

The Toronto-area company said it has set up a special committee of independent directors to hire a financial adviser and review the transaction.

Parlay is the world’s biggest developer and licensor of Internet bingo software. Parlay is headquartered in Oakville, just west of Toronto, and has offices in Bridgetown, Barbados, and Valletta, Malta.

This deal will benefit Parlay to the tune of tens of millions –

Parlay Entertainment Inc. (TSXV:PEI), a developer of Internet bingo software, says it struck a a non-binding letter of intent to be acquired by PEIC Acquisition Corp. in a deal valued at about $12.3 million.

Parlay shares were halted on the TSX Venture Exchange pending news of the deal.

The proposed transaction, announced Friday, would provide Parlay shareholders with 95 cents each in cash. With just under 13 million shares outstanding, the transaction values the Canadian company at about $12.3 million.

The details on who run the company are vague at best, if you do go to their website they just wanna know if you’re investing, so you’re better off reading their Letter Of Intent article where the Chief Financial Officer/CFO has a rather Bajan sounding name –

Parlay Entertainment Inc.
Scott F. White
President & CEO
(905) 337-6505


Parlay Entertainment Inc.
David Callander
(905) 337-6516

Bingo use to be rampant in this country decades ago with Lions and Jaycees having alternating nights on CBC-TV; now The Barbados Lottery has their version of Bingo. I recall that Government made it very encouraging for all gaming services in Barbados to become a single entity – with an offshore company hosting a similar function here, can this be construed as a conflict of terms? Who can enlighten me and my readers?

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