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|pyueck: A word of warning on GVC accpetance in Nominee:
With GVC hovering a mere 3-4% above the 233 that would make it better value to go for the cash than GVC shares, I must all warn you of a peril you may be unaware of.
If you are a nominee shareholder you will have a date to decide whether to a) take cash and gvc shares as per deal, b) to take all cash, or c) to take as many gvc shares as possible. For III this is the 5th of March, this is a week before crest shareholders can decide.
The effect of this is you need to be REALLY careful about choosing option c, especially as it is very uncertain whether the GVC shares will be above or below the equivilant cash value.
If you choose option c and the GVC price is above 233 then you are likely to get a few more shares than you would if you chose option a, as most other holders will choose to receive as many GVC shares as possible. However if you choose option c and the GVC share price crashes between the date you decide and the date everybody else decides you will end up with LOTS of GVC shares as almost all other shareholders without an agreement to take GVC shares will opt for cash.
GVC is a very hard to value company and it is forseeable that there could be large movements of the share price. If the worst was to happen and the share price crashed say 30%, you could be at a huge loss. However if the shareprice rose 30% your upside is very small as pretty much all shareholders would take GVC shares and you wouldn't get many.
Thats why for me if assuming on the 5th the shareprice is above 233, I will be taking option a, not option c. Obviously if it is below I will take the cash, in fact if it's much below 240 I might go for cash due to dealing costs.
Just a note beware option C, you have been warned!!!!!!|
|trentendboy: It an interesting to consider what would happen to the SBT share price on deal rejection - and indeed what would happen to GVCs price.
We all know GVC and Hills got a fantastic deal.
The new US development would have lifted SBTs price but probably not as high as 55p.
I would imagine SBT would fall back to low 40s even with new US news.
GVC - likely to fall as well.
These two sentences appear contradictory - these things are never clear.|
|grizzly bare: Hi finkie. I feel a bit like you today and I wish I could blame it on alcohol but I can't!
I really feel I have had enough of Sbt now and am trying to decide whether to sell now and move on. I don't want to hold GVC shares but if I did I'd simply buy them.
I thought I'd hang on to see the start of the GVC re-listing to see if we could squeeze another couple of pence out of the Sbt share price but it seems we can't!
I bought most of my Sbt holding at 42p so I suppose I should be happy with 55p.|
|grizzly bare: The share price closed at 54p today ...
1. So we have a possibility that the bid may be voted down, but not great. What would this do to the share price I wonder!
2. And we have the possibility that a white knight may appear on the horizon, but not great. What would this do to the share price! :-)
3. And we have the deal if accepted, underwritten at cash 55p (which we hope is watertight!)
4. And each 10% increase in the closing GVC share price of 233.5p will increase the value of the 55p bid by approx 1p. So if it goes to 300p (+ 30%) the bid is worth approx 58p!
Am I right?!!!|
|grizzly bare: Well just come in from Christmas shopping and nice to see the SBT share price break up through 50p again.
The other online gaming firms all seem to have taken a hit today... anybody know why?|
|grizzly bare: So back to a reasoned discussion ladies.
I think the sticking points on this deal are Spain and Greece. The fact that both economies are basket cases and falling off a cliff is beginning to show through in SBTs trading in these regions and this is of particular importance to GVC.
The Greek Governments decision of 5 Nov may be making GVC think twice about operating there if they think their Directors could be thrown in jail. Greece is part of the European Union... Turkey is not!
It was Ladmans fear of "Mr.Plod coming knocking on his door" that stopped Ladman taking his deal further.
What will happen I don't know but this may explain talk of a trading statement and William Hill revising their offer downwards! And the SBT share price drifting lower.
What are Sportingbet going to do about Greece if the deal doen't go ahead.|
|grizzly bare: William Hill share price no change!
Something has badly spooked the SBT share price... will it prove to be well founded... or false rumour!
I dont want to see an RSN today. No bad news RNS and we might see the share price climb back.|
|wonder4: Forgive the ignorance, chaps, but am I right in thinking that if a formal bid is not made by Nov 13th, that's the end of the courting process with William Hill, and thus the SBT share price will plummet?
Observations on how the coming week might unfold gratefully accepted (I suspect there will be lots of PIs like me wondering what the hell is going on.|
|aleks_atanasov: William Hill
Sportingbet reject WMH/GVC offer at 52.5p - ALERT
Sportingbet (SBT) has rejected an indicative offer from William Hill and
GVC of 52.5p. With SBT's shares up 20% since the offer was announced
on 17 Sept and (as yet) no counter-bidders we believe that WMH and
GVC remain in a strong negotiating position. We do not believe that
WMH and GVC will have to pay over 60p/share to acquire these assets.
If WMH were to acquire SBT at 60p/share, this would imply a cost
of £350m for SBT's regulated businesses. On its own, we estimate that
the deal would be 4% earnings enhancing at this price and leave WMH
at 1.7x net debt/EBITDA in FY13E (assuming 100% debt funded).
The exclusive agreement with GVC, which would acquire the
unregulated elements of SBT, remains a material advantage for
WMH. We do not know of any counter-bids, but note that any other
bidder would either have to acquire the unregulated elements of SBT or
find another partner willing to take them on, both of which we see as
SBT's share price is up 20% since the WMH/GVC approach was
announced on 17 Sept, and it has doubled since May 2012. Following
the news about SBT's rejection of the 52.5p bid, SBT's shares closed at
53.5p. It seems to us that much of any take-out premium is already in the
share price. Given the constraints on counter-bidders, we do not believe
that WMH/GVC will have to pay over 60p/share to acquire SBT.
At 60p/share acquiring SBT's regulated assets, in combination with
buying out the PTEC minority, would be 14% EPS enhancing in
FY13E. We still assume that £200m of the deal would be funded with
equity and the rest with debt, leaving WMH's FY13E net debt/EBITDA
at 2.0x. This is only slightly less favourable than the 15% EPS
enhancement and 1.8x net debt/EBITDA that we estimated for a deal at 52.5p
MT- copy and paste|
|gotnorolex: Thought I'd share this correspondence with the CFO with you!
Just witnessed another substantial drop in the share price after the RNS of granting share options to JAMES KEANE of 5 DIMES CONSULTING LIMITED. I have conducted an on line company check and cannot find it listed anywhere! Would you kindly explain? I hold a considerable amount of stock in Sportingbet plc and am extremely concerned about the share dealing (sell out) by Daniel Talisman which shows a lack of faith in the company that granted him another massive share option.
While you're bound to tell me you have no control over the share price please remember that sentiment, confidence and performance drives it. Right now with SBT gearing up and looking forward to returning to the US shortly, we should be in a much healthier state. Don't blame you for skulduggery in Spain, but with a little more awareness and forward planning maybe you could have dodged the injunction like Poker Stars did!
Looking forward to an explanation.
(Very impressed by the prompt reply)
Thanks for your email.
As you correctly predicted I cannot stop staff selling shares once options vest. I would point out that I bought shares in November (at 35p) and I can assure you that I have no intention to sell any.
The James Keane company is probably domiciled abroad as he lives in Canada. Hence the fact that you could not find it. James is one of our longest standing employees and is responsible for our Emerging markets division which he has built up from scratch.
I can understand the current share price as our position in Europe is difficult to forecast at the moment with the economic difficulties in Greece and the lock out in Spain. However the Australian business, the disposal proceeds from Turkey and the opening up of new opportunities all point to a significantly higher share price at some point.
On the Spanish issue we have been at the forefront of market disruption efforts by the new government and Codere. We had exactly the same case made against us as Pokerstars, Bwin and Betfair. Inexplicably we lost whilst no one else did. We were not poor, just had a very strange judge. Codere have refiled all the cases so we will have to wait and see what happens next.
We do try to maximise shareholder value and will continue to do so. I am in Australia this week but am back in London next week if you want to discuss any of the above.
Chief Financial Officer
Assistant - Susie Howard
Email: [email protected]gbet.com
Tel: +44 (0) 207 184 1812|
Sportingbet share price data is direct from the London Stock Exchange