Kachingo company eyes up Britain

A new joint venture had been established between New Zealand's Global Online and British company Global Online Promotions (UK) which would see the New Zealand company receive licence fees and royalties to operate Kachingo in Britain.

The agreement extends to the European Union also.

Global Online Promotions (UK) was formed by British businessmen John Hooper and Peter Mitchell, with New Zealanders Peter Meyer and Geoff Bennett.

Global Online retains a 35 percent stake in the joint venture.

Investment firm Strathmore Group, a 16 percent stakeholder in Global Online, said Global Online was now its main investment.

"The launch of the joint venture in Britain will be keenly watched by our investors, as we focus on maxisming value for all our shareholders," said Strathmore chairman Phil Norman.

Cullen Capital Ltd, an offshoot of Cullen Investments, is a co-investor in Global Online and owns 11 percent of Strathmore.

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