Directors of the newly ASX-listed games retailer Games R Us must be questioning their decision to take the company to market after the its share price reached a low of 13 cents per share yesterday.
The Western Australian-based computer games retail chain listed on the Australian Stock Exchange last Wednesday at an issue price of 25 cents. By the end of trading that figure had slipped to 17 cents.
"Although we would seriously have preferred the shares to close in positive territory, I was encouraged by the low volume of trades for the opening day, which amounted to a dollar value of only $74,000," Games R Us chairman David Taylor said last week in a statement to the ASX.
Taylor hopes the new wave of games consoles such as Sony's PlayStation 2, Nintendo's Games Cube and Microsoft's X-Box will help stimulate the market.
Games R Us operates 18 retail outlets around Australia, selling and renting console-based hardware, software and accessories as well as PC CD-ROMs. The company is developing a Web site which will provide online retail sales, loyalty schemes, promotions, news and game customisations as well as online game-play services.