|As I mentioned, Investec didn't explain how any scaling would be calculated, which made it unattractive for small holdings. It was not an attractive offer imho. The good news with the awards is the PDMRs have to wait three years. Again, they don't explain what the performance conditions are. This guarantees the conditions will be achieved in three years time,"The awards will normally become exercisable (or vest as relevant) shortly following the third anniversary of grant, subject to continued employment and to the extent the total shareholder return and financial performance conditions are achieved. Once vested, the awards structured as nil cost options shall ordinarily remain exercisable for a period of 12 months."|
Surely this ……. kind of rip-off should be illegal?
Last week some of the a… h…. were only able to offer in the tender a tiny percentage of their shares which were accepted in full while other poor bas’ were razored back also surely it should have been a requirement to have to declare in the tender documents that they were to be given these shares virtually on the day the tender closed.
Where were these ("PDMR") when we were putting our money in to keep the company off the rocks?
I can think of many nouns, verbs and adjectives to elucidate and describe this form of pure directors van….m
On 24 March 2017, awards over ordinary shares of 50 pence each in Sportech PLC (the "Company") were made to certain Directors and other persons discharging managerial responsibilities ("PDMR") as follows.
Name of Director/PDMR No. of Shares under the Award Structure of Award
Ian Penrose 419,552 Nil Cost Option
Mickey Kalifa 200,328 Nil Cost Option
Andrew Gaughan 191,387 Nil Cost Option
Luisa Wright 105,773 Nil Cost Option
As always VZ|
|123gaming launches £1m funding campaign23 March 2017Gaming technology company 123gaming has announced plans to raise up to £1 million (1.2 million/$1.2 million) on equity crowdfunding platform Seeders.com.123gaming said it will use the funds to upgrade its betting platform in the US and launch an online horse racing contest and wagering site in the UK later this year.Sportech has kick-started the funding campaign by committing to an investment of £100,000 in 123gaming, which has provided skill-based gaming platforms to US horse tracks for over a decade and also operates US-based horse racing online wagering site 123bet.com.A successful £1 million fundraising for 23% of the firm would value 123gaming at £4.3 million."We are very pleased that Sportech has helped us get this funding underway," 123gaming chief executive Rob Earle said."We have successfully undertaken smaller funding rounds through the Enterprise Investment Scheme."There has been a significant response to our games in the US, with very little marketing spend, and we are now 100% focused on expanding our offering in both the US and UK with Sportech as our partner."Andrew Gaughan, president of the Sportech Racing and Digital arm of Sportech, added: "Based on our experience distributing the 123racing wager in the USA, Sportech continues to be bullish on the appeal of the 123gaming platform in the US gaming marketplace and the opportunity for expansion in the UK."Related article: 123gaming now available for online distribution|
|I don't really understand the RNS, other than SPO has acquired (from somewhere) the target 10% of shares in issue. Directors sold around 10% of their holdings to show what a good idea it was. Penrose a bit less.Now that's out of the way we can focus on the company revenues. The most exciting thing on the horizon is the Supreme Court case re Compound Interest on VAT overpayments. Hearing is July but it may be towards the end of the year before a decision is made by the Judges. It was unanimous in the Court of Appeal.I think we will see SPO invest further in the USA once they have the cash from Football Pools.RNS"Under the Tender Offer, Shareholders representing 168,450,227 ordinary shares representing approximately 82% of the Company's issued share capital, validly tendered 128,584,543 Shares. As a result, the Basic Entitlement of all Qualifying Shareholders who have validly tendered their Shares, amounting to 16,584,349 Shares, will be accepted in full and excess tender applications will be satisfied to the extent of approximately 3.6 per cent. of the excess Shares tendered.Accordingly, a total of 20,623,804 Shares will be purchased by the Company at a Tender Price of GBP1.015 representing an aggregate consideration of GBP20.9 million. The Ordinary Shares to be purchased under the Tender Offer for cancellation represent approximately 10.0 per cent. of the Company's issued ordinary share capital."|
Thanks to all of you who replied so helpfully.
It was a just as well for me that I was not too keen to tender my shares as whoever is/was responsible for sending me the required documents failed to do so.
Why do I feel the whole charade was aimed at increasing the holding of the Major Shareholders without having to activate a takeover offer under the rules from any of them?
Regards to all,
|The claim for compound interest has not been specified by SPO, preferring to leave it for the courts to calculate.I see some blogs suggesting the compound interest to be around twice the 97 million VAT repayment. This seems high.Just using inflation since 1996, the claim would be another 75 million. Compound Interest would be higher.|
|Remember also the claim for Compound Interest is scheduled for Littlewoods Retail in July. SPOs claim submitted in 2009 is on hold pending the outcome of that case. The High Court already ruled in favour of the taxpayer (which makes sense). "This claim is on hold pending the outcome of Littlewoods Retail Ltd and others v HMRC, which is scheduled to be heard in the Supreme Court in July 2017. In that case, the Court of Appeal unanimously upheld the High Court's decision that the taxpayer was entitled to interest on a compound basis on the overpayment of VAT."|
|SPO has a New Jersey casino licence. Afaik SPO still holds its shares in NYX, which at the time - May 2015 - was 6% of NYX.Unfortunately, NYX share price is very low despite them winning customers.I note NYX won a new OGS casino customer this month. Unfortunately they are a New Jersey company, so SPO does not receive $1 million for that one. The May 2015 SNG sale agreement is $1 million payable to SPO for each new customer outside New Jersey until 2020. Up to a max of $5 m.|
|Thinking the same. Will hold off. Given the broker targets and US action possibilities I think holding on can't go that far wrong|
|TEB, we have a few days to decide and to see what the share price does between now and the 20th. I'm thinking it's best to hold.If they scale back PIs could be left with a small number of shares, which they then have to pay broker fees to sell. Investec has not explained how any scale back will be done.I doubt that the uptake will breach 20 million in which case there will be no scale back - but we don't know. It may depend on the share price this week.|
|VZ, the RNS dated 10 March gives the timetable.I would not think this offer is attractive to insti holders, so you may be correct that it's targeted at PIs who may be tempted to sell their small holding and avoid the dealing fee. However, after scaling, they could be left with a few shares and incur the dealing fee to dispose of them. Is there a commitment by SPO to take 100% of shares on holdings below a threshold, say 10,000 shares?Closing Date - latest time 1.00 p.m. on 20 and date for receipt of Tender March 2017 Forms and settlement of TTE instruction(s) from CREST Record Date for Tender Offer 5.00 p.m. on 20 March 2017 Result of Tender Offer announced 21 March 2017 CREST accounts credited with by 28 March 2017 Tender Offer consideration and any unsold uncertificated Shares Despatch of cheques for Tender by 28 March 2017 Offer consideration in respect of certificated Shares sold under the Tender Offer and any balance certificates in respect of any unsold|
What is the timetable for the tender/buyback? I have not received the documents yet.
Now as I currently understand it ‘no I am not a doubter, ME! But it would appear the ‘offer’ could be aimed at the small investor, with some 206M plus shares issued some 80% held by major holders.
Total of substantial shareholdings 164,547,339 79.8%
I also see that the directors are only offering a very small percentage of their holding, I find that odd.
I also find a little ‘odd’ should I say the price/premium is very tight to none existent even allowing for no selling and tax costs
A look at the current forecast 12 month price targets for Sportech plc have a median target of 131.50, with a high estimate of 140.00 and a low estimate of 123.00.
Am I correct in understanding if I offer all my shares and the tender is over subscribed I may end-up getting rid of only a small percentage of my holding?
As always kindness and advice awaited.
Regards, Van Zandt.|
|Nice. Nod, you selling any in the buyback?Tempted to hold the lot.Any US regulation will see big action|
|Peel Hunt has reiterated its price target of 140p|
|SPO is the only red on my watch list. The tender offer will likely keep us in a tight range during March.|
|Tax efficient, no dealing costs also share price unlikely to go much above the price tender offer is for|
|I may be a little dim, but why would you want to sell your shares to the company rather than on the open market which presumably will reflect the offered share price anyway?|
|Nod, I think the return of capital is straightforward. The board holds a mandate to purchase the companies shares already and will use that mandate to offer to buy back directly £20m worth from existing holders. Just a variation on the share buy back concept making the offer direct to shareholders rather than in the open market.
Regarding the value of the pools business and what they will do with those proceeds in the fullness of time I completely agree with you. They seem determined to sell the business at almost any price having obviously made the decision in principle some time back|
|Congratulations to all the long term holders. I sold some time back at a profit but could have done a lot better by holding|
|If there are 200m shares and they distribute another £80m or 40p is the remaining business really worth more than 50p or £100m?? Not for me. Am I missing something?|
|Then the next question is what will they do with the £83m proceeds from the Pools? I assume there's no tax bill attached to that?|
|Nod, Its not a share buyback its a tender offer. Do you think £20m will be taken up?|
|200m shares in issue with £20m payback , that`s er,. thats er, x=y , z+n . erm. ;looks like 10p a share?|
|The share buyback is a cheaper way to distribute cash to shareholders. I'm comfortable with that. I think we'll see 110p soon.I will need time to digest all this. More news than expected.|