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Real-Time news about Arena Leisure (London Stock Exchange): 0 recent articles
|topinfo: DJ Arena Leisure PLC Re Media Speculation
RNS Number : 9656I
Arena Leisure PLC
23 June 2011
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION.
23 June 2011
FOR IMMEDIATE RELEASE
Arena Leisure PLC
Response to recent press speculation and commencement of offer period
The Board of Arena Leisure PLC (the "Company") notes the press speculation concerning the Company and the movement in its share price. The Company confirms that it is reviewing possible options to increase value for its shareholders, which may include a possible offer for the Company. This review has only just commenced and there is no certainty that the review will result in any change to the Company or an offer being made for the Company.
Further announcements will be made as appropriate.
|mkwng: now the share price down to 27.5p,
but trade line show that 28p maybe can support?
any comm ? please..|
|c0nn0r: Anyone done any calculations / guesstimates as to what this should mean for earnings and hence share price???|
|tryone2: this company is definetly run for the benifit of the directors, with such a low share price, or perhaps there should be an extraordinary meeting called to see whats really going on|
|gizzimodo: It would be interesting to know the true value of the assets - maybe someone is prepared to pay to get their hands on them. Bear in mind shares are held in large quantities by a small number of shareholders. Based on trading alone the current share price seems realistic.|
|cockneyrebel: Well something's going on - as fast as D.Bank sell a stake the faster the share price rises - who's having these shares off D.Bank?
The chart is looking extremely horny here imo.
|gulliverr: An interesting article in the Independent which is encouraging for all shareholders
A day in the life: Elliott bets on bookmakers deal keeping Arena in the winner's circle
The chief executive of Arena Leisure will now see his racing broadcast in 8,000 bookies. And he's on track with ambitious expansion plans
By James Moore
Published: 09 December 2006
Mark Elliott's alarm chimes just as the horses which race over Arena Leisure's seven tracks are preparing for a morning blow on the gallops. It is going to be a big day for the company he runs. Arena is preparing to announce a £55m deal with BAGS - the Bookmakers Afternoon Greyhound Service - that will see pictures from its seven courses broadcast into Britain's 8,000- plus betting shops for the next five years.
It's a significant enhancement on the previous arrangement between the two and Mr Elliott is hoping for a good reaction from the City as he begins the short drive to Esher station, Surrey. From there he takes the train to London Waterloo and heads to the group's office in Berkeley Square to await his investors' response.
The announcement is up on the City's screens and the telephone is ringing nearly non-stop from this point on as Mr Elliott fields calls from analysts keen to quiz him on the fine details.
BAGS currently handles the pictures from all 59 British racecourses, but faces a rival in the form of a joint venture between 30 courses and the technology company Alphameric. They had been hoping to persuade other racecourse groups to join them, but have received prior warning that Arena will not be among them. Calls from the racing industry will be handled by racing director Ian Renton, who is in Doncaster overseeing the redevelopment of that famous old racecourse, while Mr Elliott handles the City scribblers and shareholders. "It's a simple story and a good deal for us," says Mr Elliott, whose hopes of a good start are rewarded, with the shares heading north as trading gets underway. He has a television screen in his office, but he rarely gets the chance to watch At The Races, the TV channel in which Arena holds a 47.5 per cent stake - particularly not today.
The volume of calls has started to ease and Mr Elliott can begin work on another of the company's ventures. Arena is to launch a catering division, which demands five separate searches to secure key staff including a financial controller and chief executive. The new business will initially handle the catering at Arena's seven courses - replacing Letherby & Christopher - but Mr Elliott hopes to be able to push into other venues when the business is established.
While L&C staff at Arena tracks are expected to transfer to the new division, Doncaster, closed for redevelopment, will require a completely new team. Mr Elliott wants to expand Arena beyond its racing base, and into venue management. He once said the rather staid racing industry treated Arena as the "barbarians at the gate", decrying its naked commercialism. Mr Elliott has never been afraid to put noses out of joint where he feels the need. However, while the BAGS announcement will not win any friends among the 30 - who also own ATR's big rival Racing UK - he claims the attitude has changed.
Lunch is a brief sandwich at the desk ahead of a meeting with a big institutional shareholder, which is considering investing in Arena. "These are fairly regular exercises. At long last our story and potential is beginning to be understood," says Mr Elliott with an eye on the share price, which is up by more than 25 per cent in the last month or so.
He now starts on a review of the forthcoming planning application for what he hopes will be Britain's first casino built at a racecourse - a "racino" at Wolverhampton, one of the group's success stories. With a big glass-fronted grandstand, the course puts one more in mind of a dog track than a racecourse, a business Mr Elliott knows a thing or two about from his days as boss of Wembley. The racing there is mostly low-grade fare. Mr Elliott admits that the track's floodlit winter "twilight" meetings are there to provide a service for bookmakers, which want to have something to show on their screens with the aim of keeping punters in their shops beyond 4pm, the time at which jump racing finishes at this time of year. However, a Friday evening at the track - one of only two with floodlights in Britain - has become a popular (and boozy) night out in the local area and some of those punters might be persuaded to stay on if the casino is approved.
The first application failed after it was called in by the Government, which was unhappy with the impact on the green belt. The company has worked up an alternative. The casino will be smaller, the hotel bigger and the green-belt impact much less. Mr Elliott has high hopes for it, eyeing the success of similar ventures in the US. "There it was basically driven by competition from Indian [native American] and riverboat casinos. The racecourses had to adapt to survive and racinos have been a huge success. I think there is potential to do the same thing here," he says.
The removal of planning matters from John Prescott, the Deputy Prime Minister, has seen the Government taking a less interventionist line, and Arena's second-stage redevelopment at Lingfield (also on green-belt) was allowed. MrElliott is hoping Wolverhampton will be treated in the same way. He wades through the paperwork until 4.30pm.
The markets have finally closed, and Arena's shares are up 3.5p to 51p. Mr Elliott can now breathe easy and start work on appraisals for the men who run Arena's seven tracks. He takes time to give the work at Lingfield the once over; a large international hotel operator (he won't say who) is being drafted in to run a planned hotel.
Racing's awards season is getting into full swing and Mr Elliott is required to attend the Racehorse Owners Association Horse of the Year ceremony at the Hilton at 7pm. It will be the standard rubber chicken do, but gives Mr Elliott the chance to hobnob with the industry's movers and shakers. The mighty mare Ouija Board takes the headlines as horse of the year but there are other categories and as owner of three of Britain's four all-weather tracks, Arena has sponsored the all-weather horse of the year.
Winter flat racing on the dirt is not everyone's cup of tea. But the winner, Young Mick, is a testament to the opportunities provided by dirt racing. After starting the year with a lowly handicap mark of 60, he won fiveraces on the dirt before switching to turf and more exalted company. He finished the year with four victories at Ascot .
Mr Elliott says he is excited at the prospect of six new high-class "listed" all-weather races which might even attract horses of the quality of Young Mick.
He departs, reaching home by taxi at 1am. "We've worked hard to raise the quality of all-weather racing and it has really become established," he says. "Yes a lot of it is about providing product for the bookmakers but, remember, those races generate income from the levy on bookmakers profits that funds horse racing."
Some in the racing industry may still be ambivalent about Arena, but they'll all raise a glass to that.
At a glance
Name: Mark Elliott
Job: Chief executive, Arena Leisure
Since when: October 1, 2005
Salary: Earned £96,000 to the end of 2005
Before that: Chief executive of Wembley; began his career as an accountant
Family life: Married with two daughters; lives in Surrey|
|jonak: tote bbid was canned , tote said no.
but the 55m deal for suppling pics to the bookies is sweet... now that is somewhat interesting, a couple of million a year added to bottom line without additional costs to Arena. About 0.6 pence/share additional earnings * reasonable PE of 15 would add 10 pence to share price..... so here we are in the 50p + range....|
|kallista: Article in today's Indi.
Our view: Buy
Share price: 46.5p (unch)
The market appears to have woken up to Arena Leisure. Yesterday the company announced plans for the second phase of its redevelopment of Doncaster Racecourse, featuring a four-star hotel and apartment complex. They will cost £17.5m, falling to £10.5m when the apartments are sold. The shares finished unchanged at 46.5p but have shot up by nearly a fifth over the past month. They now trade at a fancy multiple of 30.9 times estimated full-year earnings for 2006, although at 3.3 per cent, the forecast yield is respectable. Can the company justify the hype?
There are reasons to believe it can. The rather fuddy duddy racing industry has always viewed Arena with a degree of suspicion, chiefly because it is a solidly commercial organisation. That commercialism, though, is paying the company handsome dividends. Profits are growing fast and the company's new catering division could be shooting at an open goal. There are likely to be opportunities for Arena to leverage its considerable venue management skills by moving into other sports. Who knows, if the bookies tire of owning dog tracks there might be opportunities there as well. There is still plenty of room for more growth. Keep buying.|
|emergin: Many thanks jonak, I will keep BT in my must follow file.
Record 324 fixtures held in 2005 (2004: 315 at Arena's six owned racecourses, staging 2,172 races representing 25% of all UK races.
record attendance at Arena's six owned racecourses up 6.0% to 534,000 (2004: 504,000).
Ladbrokes St Leger successfully managed in September. Annual Doncaster attendances increased by 5.2% to 224,000 (2004: 213,000).
Doncaster Racecourse, home of the St Leger - the oldest classic hoursrace in the world - acquired in December 2005. Redevelopment work underway to transform it in to a world class leisure and racing destination.
The share price closed last night at 43.5% up 1.16% on the last days trading, with 377,758 shares traded.|
Arena Leisure share price data is direct from the London Stock Exchange