Share Name Share Symbol Market Type Share ISIN Share Description
Gfinity LSE:GFIN London Ordinary Share GB00BT9QD572 ORD 0.1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.75p +3.45% 22.50p 21.50p 23.50p - - - 0 07:42:27
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Media 1.4 -3.1 -0.0 - 49.10

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DateSubject
19/11/2017
08:20
Gfinity Daily Update: Gfinity is listed in the Media sector of the London Stock Exchange with ticker GFIN. The last closing price for Gfinity was 21.75p.
Gfinity has a 4 week average price of 21.50p and a 12 week average price of 21.50p.
The 1 year high share price is 36.88p while the 1 year low share price is currently 11.63p.
There are currently 218,203,545 shares in issue and the average daily traded volume is 236,282 shares. The market capitalisation of Gfinity is £49,095,797.63.
28/7/2017
06:59
timbo003: Irrespective of whether this morning's announcement has any effect on the share price, it should definitely increase mainstream awareness of e-sports in general and specifically Gfinity's Elite series.
12/5/2017
10:04
timbo003: The placing was first offered around the broker circuit at 14p (soon after the Microsoft announcement). I heard about it on April 11th but declined the offer to participate as it was not EIS qualifying and I wasn't sure whether Charles Street would invest. There was no way I would have invested unless Charles Street were following their own money (remember, we got screwed by them in the last placing at 5p) The company were obviously surprised by the share price action soon after then and so presumably went about renegotiating the terms. I am relieved to see that Charles Street are participating, had they not, the Chairman (Tony Collyer) would have got both barrels from me (again) at the next AGM.
27/12/2016
23:52
timbo003: As posted on the ShareSoc AGM forum..... This year’s Gfinity AGM was held on Tuesday 20th December commencing at 10.00 at the company Solicitor’s HQ (Fladgates, 16 Great Queen Street, WC2B 5DG). For Investors who are unfamiliar with the company, Gfinity is an AIM listed esports business that provides a hub for the global community who compete against, or view on-line competitors playing a range of best-selling electronic games such as “Call of duty” and “League of Legends”. Gfinity listed on AIM during December 2014 at 17p/share, raising £3.5m which valued the company at around £13m. Since the IPO there have been two placings: the first at 20p/share (Nov 2015); the second at 5p/share (July 2016). The company is currently valued at around £20m with a share price of 13.5p (mid). Gfinity is currently loss making, The house broker (Allenby) forecasts on November 8th suggested that the company should achieve its first full year profit for year ending June 2019 (0.56p/share) without the need for further equity funding. On November 17th Allenby issued a new note suspending earnings forecasts, (this followed Gfinity’s announcement concerning the Elite series), the broker stated “that the series represents a major investment for Gfinity and commercialisation is at an early stage. As a result we are suspending our forecasts until proof points start to emerge” Links to Gfinity’s main gaming web site, main investor web site, the Annual Report, the AGM resolutions and the recent Broker notes are here: Gamer's Web site Corporate Web site Annual Report AGM Proxy form Allenby Research Notes There were around 12 attendees at the AGM including the Board of Directors and the usual AGM functionaries (Broker, PR and Registrar), I was the only ordinary shareholder present. The Chairman (Tony Collyer) opted to begin with questions before moving on to the formal resolutions, so I duly obliged My questions mainly centred around the last fund raising in July which was a heavily discounted placing at 5p/share. The directors did not need reminding that I had attended the general meeting at the end of July (which was held in order to seek shareholder approval for the placing) and that I had voted against both the resolutions at the previous meeting (my notes from the GM meeting in July are attached). Q: Could you please go over the rationale for why you went for such a large discount for the placing in July, the placing was oversubscribed, therefore you should have adjusted the price upwards so demand matched supply, rather than demand exceeding supply. A: The cornerstone investor (Charles Street) would not negotiate on the price (5p) or the percentage of shares they should own post placing (29.9%). We wanted them on board, they are well connected in the industry and will help the company develop. Q: That is a lame excuse, you are rubbish negotiators. The non-execs should be looking after all shareholder’s interests, on this occasion they have failed to do that, unless you can come up with a more convincing reason I will be voting against both non-execs who are up for re-election this year A: I can understand why you would want to vote against the NEDs, although note that one of the NEDs up for re-election (Jonathan Varney) currently takes no remuneration for his services. Q: Should you need to conduct another fund raising, it should preferably involve an open offer to accompany a placing, should that not be possible for any reason, could you please ensure that at least existing shareholders who have supported the company in previous fund raisings are given the opportunity to participate, I know of several other AIM listed companies that have taken steps to do this in the recent past. A: If we do raise further funds we will try to involve existing shareholders, but we cannot give any firm undertaking to do this. Q: Could describe (on a sum of the parts basis) how revenues are currently generated, and how they might be generated in 2-3 years’ time which is when the House Broker estimates the company will achieve break even ? A: Jonathan Hall (CFO) elected to answer the question Gfinity revenue comes from 4 main activities: * Gfinity’s own events: Gfinity branded events/competitions where Gfinity exploit all commercial rights through advertising sponsorship and broadcasting * Partner events: Paid events/competitions for Games Publishers or sponsors (fee for service) * Online digital: Online tournaments for hobbyists (revenue from sponsorship and advertising) * Venue: hiring out the Gfinity arena at Fulham Broadway for events and product launches For the current financial year the revenue split might be (reading down the bullet point list above) 20% : 60% : 10% : 10% . In three years’ time there should be a big increase in revenue from Gfinity’s own events to give a revenue split of around 55% : 25% : 10% :10% (Note: I assume this includes revenues generated from the proposed investment in Elite Series) I indicated that I had no more general questions, so the Chairman moved onto the AGM resolutions. Apart from pointing out a typo in the Annual Report I had no further comments on the Annual Report or the Resolutions. When it came to the voting there were around 26m votes in favour of all 7 resolutions (which corresponded to around 17% of the total shares in issue), the only votes recorded against the resolutions were my votes against resolutions 2 and 4 (re-election of the two NEDs) and against resolution 7 (disapplication of pre-emption rights). After the meeting I realised that I hadn’t asked whether any future fund raisings were likely to be eligible for EIS/VCT tax reliefs, so I put that to the CFO who then confirmed that the company should meet all the new criteria and therefore they should still qualify. Since the meeting I have had time to reflect on whether I should sell, hold or accumulate. Given that I benefited from EIS tax relief in the IPO and the first placing, selling now is out of the question, so I will definitely hold at least until the 3rd anniversary of my purchases. I would definitely not buy in the secondary market at around the current price (such a purchase would not qualify for EIS tax relief), however if there were another funding round I would consider participating, but only if two conditions were met: * The investment would have to be EIS qualifying * I would need an assurance that the investors who took the placing shares at 5p/share were following their money and investing again. If I didn’t have these assurances, I would definitely pass. [Note this is not a verbatim record, I did not make a recording of the event)
20/7/2016
23:45
timbo003: 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.
20/7/2016
10:00
theblackswan: 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?
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