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Gfinity Share Discussion Threads
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|Results out today, no date yet for the AGM which I shall attend this year to ask them whether there is any intention in the next year or so to repeat the shafting they gave ordinary PIs earlier this year with another mega discounted placing with no accompanying open offer.
It looks like Allenby are now forecasting breakeven in 2019 (see below), so with a current market cap of £16m Gfinity are consigned to my bottom draw for another 12 months or so (unless there is discounted fund raise in which we can participate in the meantime)
|Major article in the Times today wrt eSports.
Relevant to GFIN?
Bookies prepare for war as an esports revolution puts $2bn on the gaming table
|The Gfinity general meeting to approve the placing of 74,000,000 new ordinary shares at a price of 5p per placing share to raise £3.7m was held today (July 20th) at the offices of Fladgate LLP at 16 Great Queen Street, London.
There were around 10 attendees which included the BOD (Chairman Tony Collyer, CEO Neville Upton and CFO Jonathan Hall) and representatives from the broker (Allenby) and the PR firm (Walbrook). Not surprisingly I was the only ordinary PI present.
The Chairman kicked of the meeting with the normal formalities before coming to the resolutions and then invited comments and questions.
I started off by stating that I had invested in both the IPO and the placing at the end of last year and I was extremely disappointed with the huge discount of the current placing. I acknowledged that in this case that it may have been difficult to conduct an accompanying open offer for existing shareholders but questioned why I was not given the opportunity to participate in this placing at 5p when my money had been readily accepted for the IPO at 17p and the previous placing at 20p, I added that I now want to apportion blame, was it the fault of my broker, the BOD or Allenby, so needed answers to some direct questions to help me with that.
Q: Why the huge discount?
A: We wouldn’t have got Charles Street on board without it, they dictated terms, they wanted 29.9% and they were the cornerstone investor, we wanted their expertise and contacts (as well as the cash). They are in regular contact and they will be a bit like unpaid non-execs. We did discuss ways of getting current shareholders involved, but we couldn’t find a way to make it work. [They then commented that the share price was now doing well indicating that the market regarded the placing as good news and that I could have got in at a good price immediately after the placing announcement (8p). In response I pointed out that 8p was 60% higher than 5p so that was irrelevant].
Q: You are issuing 74M shares, the offer document identifies where around 63 million shares issued have gone, what about the other 11 million shares, who has taken them?
A: There were 4 other placees (7 in total), two of these were smaller institutions and two were uber high net worth individuals who were invited to apply as we wanted them on board for their expertise. The directors deliberately excluded themselves from the placing so they have suffered the same dilution as other shareholders.
Q: So to clarify the remaining placing shares were not offered around the so called bucket shops.
A: That is correct.
Q: Are any time restrictions on the 7 placees for disposing of their shares?
A: No, but they are not the types who flip, besides you can’t flip several millions of shares.
The Q&As probably went on for about 20 minutes, and in their expanded answers the BOD did seem very upbeat about the recently announced deals and future prospects. I told them that I was somewhat placated following the Q&A session, but I still intended to vote against both resolutions even though the outcome was a forgone conclusion but at least it would ensure they couldn’t use the word unanimous in the resulting RNS. I reminded them that there was a requirement to read out the proxies after each resolution and it was considered best practice to publish the proxy votes in the resulting AGM RNS.
Each resolution received around 14.5m shares in favour and just over 4,000 shares against (I hadn’t submitted my proxies otherwise it would have been more) and I was the only dissenter present at the meeting on the show of hands.
After the meeting I had a good natured chat with the BOD and with the representatives from Allenby and Walbrook. When discussing the possibility of any future fund raisings we touched on the subject of the new onerous EIS rules regarding qualifying investors which came in to effect last November, these disqualify an investor receiving EIS tax relief in placings and open offers if they already hold shares in the company which were purchased without EIS relief. We all seemed to agree it was a ridiculous rule.
I mentioned that Neville should now do it bit more on the PR with some recorded interviews and investor presentations, he agreed that he had been a bit light on those activities recently and should now do more. During the post-meeting chatter, I overheard one of the directors saying that they should now be out of a closed period, so they should be free to buy shares. It didn’t really sound like a statement of intent to buy shares though, so make of it what you will.|
|Just out of the GFIN general meeting, will write up some notes later
I was the only ordinary PI there needless to say.|
|Anyone know why the share price has risen so much, given the announcement made earlier this month? Happy that is has though but don't understand why. What am I missing?|
|This big raise is appalling news for those existing investors who were not invited to participate given that it was over subscribed and at a huge discount (why both?). I attended the AGM last year and I specifically raised the point that if there were another fund raise they should look at all avenues to give existing shareholders a bite of the cherry.
I participated in the IPO and the last placing and I get this as a reward: a big kick it the nuts, I'm annoyed and I intend to attend the GM and give them (specifically the directors and Allenby) both barrels on July 20th.
On a related topic, I'm attending another event hosted by Gfinity's PR firm (Walbrook) on Tuesday evening, so I will see if I can find out a bit more about the new investor, Charles Street International Holdings, as a google search revels absolutely zero.|
|BG- I think gfinity is the future growing trend of online events/sponsorships.
If this is done right they could end up very big indeed.
You need to look to the future (3/5 years and see how this could go.
Lots of potential and I have a few tucked away.
My partners son is in to computers big time and is starting to actually write games himself.
He has staggered me with numbers and figures of how many take part/watch tournaments online.
Big money to be made and where there's a captive audience involved you can be sure big sponsorship will follow
It's the future and it's only going to grow.
Great buy out potential moving forward and got some big hitters involved who own stock.|
|Another Allenby raise at a very low base from the share price only a few weeks ago. Surprised they're not closer to 5p than 10p though especially with the cash being used for "general working capital" .Is there more to these than meets the eye?|
|not this one though timbo003
|Just spotted this, fresh news today - looks encouraging if Strive can make the right connections...
"Strive Sponsorship, the sport and entertainment marketing consultancy founded by former Team Sky Head of Partnerships Malph Minns, has added its first rightsholder to a growing roster of clients after a competitive pitch process.
Strive will advise Gfinity, an AIM listed electronic sports (eSports) business that hosts leagues and events, on how to monetise the rapidly expanding global community of competitive gamers through sponsorship. With over 226m fans regularly engaging with eSports, and growth predicted to reach 345m by the end of 2019 (source: Newzoo), Gfinity’s ambition is to become the leading promoter of eSports events globally."
|There's a new interview with Neville Upton on ProActiveinvestor regarding the new Gfinity app for Microsoft's X-box which was announced earlier today.
Well worth a listen.
Very encouraging, it's about time Neville came along to one of the Proactive events at the Chesterfield hotel (and other similar events) to raise investor awareness.|
|Video interview with CEO Neville Upton
Neville Upton, chief executive officer at online gaming competition specialist Gfinity PLC (LON:GFIN) discusses interim results for the second half of 2015 with Proactive Investors after revenue tripled over the period.
After investing more than a million pounds to upgrade its online platform, which Upton says is 'amazing' , the company is now ready to expand 'dramatically'.
Upton says the growth of the eSports market is 'staggering' and that there is not much competition in the space at the moment.|
|I was offered the opportunity to participate in the placing, so went for a small top up, good to see directors subscribing for a few. The fall seems a bit over done considering the modest size of the fund raising.|
|Well worth a read:
|There's a new Interview with Neville Upton (Gfinity CEO) on Proactiveinvestors, well worth a look:
|Everyone seen this article in this weeks weekend FT magazine?
Surprised I've not seen any comments anywhere. Reads well for GFIN imho.|
|Investor day for institutional shareholders today, no invites for PIs though :(|
|See article in the current edition of IC (subscription required):
Game On: new ways to profit as video gaming comes of age
A rare play on this nascent market is Gfinity (GFIN), which organises eSports competitions. Its website, which provides league rankings and runs competitions, has nearly 350,000 registered users. The group is currently hosting a 25-week championship at the Gfinity Arena - a repurposed 600-seat section of Vue's Fulham Broadway multiplex - where contestants vie to win up to $50,000 in prize money by playing Fifa 15, Starcraft and Call of Duty: Advanced Warfare. The matches, which are streamed live on online platforms such as Twitch and MLG.tv, are on track to garner 50m online views. Gfinity also has a two-year sponsorship deal with The Sun newspaper.|