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Papillon Hldgs Share Discussion Threads
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|Bad news from the My club law suit in the USA
Several documents just appeared on the Court PACER system. They have just formally submitted their motion for Summary Judgement for Non-Infringement for all the accused systems.
“….(collectively, “Defendants221;) hereby move for summary judgment of non-infringement pursuant to the Court’s Order granting permission to file a motion for summary judgment of non-infringement based on the “changing information” limitation which requires that the accused systems receive and supply “only data that has changed.”
It includes a 21 page opening brief which sadly seems to be a rather compelling argument as the key points all hang off the precise definition and reasoning set by the Court itself in the Order Construing Terms. Quest are going to need to pull a rabbit out of the hat on this one. Answering brief due on 16th.
Don't touch this with a bargepole|
|Don't be ridiculous.|
|Thanks conarty, I agree 100%. The share price is only going up from here.|
|I first wrote about Papillon Holdings (PPHP) when it joined the Sub-Standard List back in June (HERE) assessing whether it was “fit” enough for the squad. Well, I had no reason to worry as a mere three months later, it has issued an appalling RNS which will have the inevitable disappointing long-term consequences for shareholders.
As a reminder, Papillon is one of the many sub-scale investment companies with limited funds and was established to make an acquisition in the industrial and services sector which, I noted at the time, was previously was pretty wide.
Yesterday it announced that it was:
“…pleased to inform shareholders that it has signed non-binding Heads of Terms to acquire the entire issued share capital of myclubbetting.com Limited, a specialised betting and gaming related business, for new shares in the Company (the "Acquisition"). The Acquisition, if completed, would result in Papillon shareholders having a minority interest in the enlarged group (the "Group").”
As a potential RTO, the shares were suspended yesterday at 1.325p giving a market cap of £1.75 million and shareholders are now locked in.
So what are my concerns?
First, although the investment policy was drawn as broadly as possible I still think it is pushing it to make an investment in an online betting company particularly as the admission document pushed the energy and resources experiences of the Board of Directors; however, I imagine if pressed on this point, it would argue that it squeezes into the definition of the “entertainment” sub-sector of the “services̶1; sector.
Nevertheless, it still feels a bit disappointing.
More importantly though is my concerns with the deal itself.
Myclubbetting.com Limited is a reincarnation of Worldlink Group plc which listed on the Standard list (surprise) in late 2011 at a share price of £2.50 and was in liquidation a year later with over £4 million of debts and the shares suspended down at 8p. Its performance, however, clearly merited a bonus of over £1 million to its CEO, Neil Riches!
Upon liquidation, the assets were acquired by the CEO and others for £180,000 plus a future potential revenue share and that company is now called Myclubetting.com.
It enables local sports clubs to run betting services; however, this is a hugely competitive market. It was so when Worldlink went bust 4 years ago and is even more so now with recent consolidation in the online sports betting market.
On the plus side, it has had some recent press as Sam Allardyce, one of its brand ambassadors, had to step down from the role on taking on the England manager role. I guess all publicity is good publicity, right?
The recent abbreviated accounts of Myclubbetting.com Limited for the year to 30 April 2015 show losses to date of £2.7 million. I am interested to see more up-to-date financial information in the forthcoming prospectus but would be very surprised if the business is profitable at the moment or will be in the near-term.
By now, Papillion will have less than £700,000 in cash and once costs of the RTO are taken into account, it is highly likely that it will need to raise further funds to fund Myclubbetting.com. I can’t fathom why third parties will provide additional funding for a business and a management team that took a very similar business into liquidation a few years ago. Guess this is the Sub-Standard List though so anything is possible.
I feel for the shareholders locked in here as I reckon the share price is only going one way, as and when it comes out of suspension. I’ll review further once the prospectus comes out with a more definitive view on the RTO.
- See more at: hxxp://www.shareprophets.com/views/23633/papillon-holdings-a-shocking-deal-even-by-the-sub-standard-shockers-xi-standards#sthash.sVxX85OC.dpuf|
|Riches claims My Club Betting is due to launch on Europe’s Nasdaq (First North) stock exchange at a £10 share price with a value of £75million.
It didn't. For obvious reasons. NASDAQ North wouldn't let them.
They are now using Pappilon to extort more money from investors.|
|But a similar scheme by chief Neil Riches fell into liquidation four years ago.
Allardyce had agreed to work with the firm, in which he holds shares, and had promoted it on television in his role as a pundit.
But our investigation found the company was run by a businessman who lost investors more than £4million when a near-identical previous scheme went into liquidation within a year of its stock market launch.
As that venture, called Worldlink, was crashing in 2012, 57-year-old boss Neil Riches paid himself a £1,076,485 bonus on top of his £223,500 salary.
Allardyce, 61, quit his role with the new firm — which promises lucrative rewards for hard-up sports clubs — immediately after he was alerted to The Sun’s findings.
He said: “The reason I joined My Club Betting was because I am so passionate about grassroots sport.|
|Anyone thinking of investing in this. Please read the threads on WGP|
|paid_piper 17 Sep '12 - 20:02 0 0
Intraday chart. Click to open a chart window 6 Month chart. Click to open a chart window
Long Term Chart
2 Year chart. Click to open a chart window
Mkt.Sector SQSL Mkt.Segment SSX3
Turnover - Profit -
Norm EPS - PE Ratio -
Market cap 3.36 NMS -
No News Available in the last month for WGP
Stephen Pearson, former Chief Marketing Officer, Worldlink Group Plc (LSE:WGP) (“Worldlink221;), the UK listed Company and owner of patents on providing changing data in real-time for mobile devices, has instructed his lawyers to take action against Worldlink for breach of contract.
Pearson had been consulting for the company since March and was announced publicly by Worldlink on 18th June to manage its sports and gaming division Worldlink Sport. He has been instrumental in brokering and management of a number of high profile football agreements including Premier League clubs Newcastle United, Fulham FC and Sunderland FC. In addition he has overseen all marketing and PR functions of Worldlink.
Pearson joined Worldlink as Consultant Chief Marketing Officer after running his own successful marketing agency, for the last 12 years, which specialised in the sports and gaming markets. However, Pearson has now terminated his consultancy agreement with Worldlink due to its failure to comply with its obligations under it.
Stephen Pearson stated, “I am extremely disappointed with Worldlink and its directors. Worldlink have been very happy to use my good name publicly to promote their business and I have worked for them tirelessly over the last few months. Regrettably I have been obliged to instruct my solicitors to take all necessary steps following Worldlink’s breaches of contract. To protect my good name in the international sports industry, I wish to make it clear that I no longer have any involvement with Worldlink”.
Pearson continues “ I was also concerned that Worldlink Directors did not take my advice to publicly announce the termination of a previously announced investment from Andrew Ellis into Worldlink Sport (RNS Number : 9556H) that never transpired. I have been very concerned that leaving such false information in the market was misleading to investors of Worldlink and to the sports rights holders who were led to believe this was to fund their sponsorship agreements.. I also wish to have no party to what I consider misrepresentation|
|Here is the link to this ridiculous companies report
|Is a good business idea and expectations will be more realistic so lets see|
|Steer clear of anything to do with myclubbetting. Look at the discussion board of WGP.|
|Interesting website for myclubbetting.com.|
|And here is the RNS of the potential RTO....
9 September 2016
PAPILLON HOLDINGS PLC
("Papillon" or the "Company")
Suspension of Listing
The Directors of Papillon are pleased to inform shareholders that it has
signed non-binding Heads of Terms to acquire the entire issued share
capital of myclubbetting.com Limited, a specialised betting and gaming
related business, for new shares in the Company (the "Acquisition"). The
Acquisition, if completed, would result in Papillon shareholders having
a minority interest in the enlarged group (the "Group").
The Acquisition is subject, inter alia, to the completion of due
diligence, documentation and compliance with all regulatory requirements,
including the Listing and Prospectus Rules and, as required, the
The Acquisition, if it proceeds, will constitute a Reverse Takeover
under the Listing Rules since, inter alia, in substance it will result
in a fundamental change in the business of the issuer.
As the Acquisition will constitute a Reverse Takeover under the Listing
Rules, the listing in the Company's ordinary shares have been suspended
at the request of the Company pending the publication of a prospectus
and the application for the enlarged Company to have its Ordinary Shares
admitted to the Official List and to trading on the main market for
listed securities of the London Stock Exchange.
The Company is working on the preparation of a prospectus in relation to
the Acquisition and will, in due course, be making application for the
enlarged Company to have its Ordinary Shares admitted to the Official
List and to trading on the main market for listed securities of the
London Stock Exchange.
The Company will update shareholders as the matter progresses.|
|The 4m trade should trigger a 3% holding RNS I would think if 132m shares in issue|
|Interesting share trades this afternoon - approx. 7% of shares traded and the 4m trade wasn't someone having a punt given the 25% increase today. RNS tomorrow? :-)|
|Sure it won't be long :-)|
|I'm pretty sure they have made one!|
|Interesting to see how long first deal takes to arrive..........|
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