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London Clubs director resigns, disagreement reported

Wednesday, Feb. 21, 2001 | 11:26 a.m.

London Clubs International said a British investor has quit its board of directors.

The London-based casino operator said in a press release that Gavin Simonds, chairman of investment company Greenchip Investments plc, resigned as a non-executive director Tuesday. LCI gave no reason for his resignation; however, the Daily Telegraph newspaper reported today that Simonds resigned "over a disagreement with the board over options for the business."

LCI's shares have been hammered down over the past several months due to losses taken from its 40 percent stake in the Aladdin hotel-casino on the Las Vegas Strip. The company is considering a number of options to recapitalize itself, including gaining a majority stake in the Aladdin, then selling half of this equity stake to a new investor. Another often-mentioned option is an LCI rights offering.

Because of its depressed stock price, LCI is also considered a prime takeover target.

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