888 Share Discussion Threads

[trentendboy] 26/10/2017 17:28

it did react late - expecting it to move higher tomorrow

[oohrogerpalmer] 26/10/2017 17:23

Understand that Pennsylvania have approved online poker etc, would have thought 888 share price woukd have reacted!!!

[jamesjoel] 09/10/2017 16:00

hxxps://www.cardschat.com/news/888-shares-tumble-as-co-founders-family-cashes-out-for-146-million-52363

888 Shares Tumble as Co-Founder’s Family Cashes Out for $146 Million
October 7th, 2017 by John Reger

The stock price of 888 Holdings tumbled more than 6 percent on Wednesday, after it was announced that the family of co-founder Aharon Shaked was selling their remaining ownership interests in the online casino and poker company. The O Shaked Shares Trust, which held about 13 percent of the total company, dumped 46.3 million shares, netting about $146 million.

Shaked family, 888
The heirs of the late Aharon Shaked sold their remaining interests in 888 Holdings on Wednesday and the news caused a 6 percent slide in the stock price. (Image: Globes.co)

Shaked, who died in 2010, founded with his brother Avi Shaked and brothers Shay and Ron Ben-Yitzhak in 1997. The foursome built 888 into one of the biggest online gaming sites in the world, with the poker division hosting more than 10 million players in 13 countries.

But the remaining members of the founding quartet have been distancing themselves from the business in recent years. In May 2016 the Ben-Yitzhak’s reduced their holdings from 10.4 percent to 3 percent. That news triggered a 3 percent stock slide.

The Shaked family had been shedding their control, too, selling 40 million shares in June for about $141 million. There was no reason given for the transactions, but an inquiry by the UK Gambling Commission might have been a motivating factor.

Record Fine, Acquisition Failure
In August, the UKGC hit 888 with a record $10.1 million fine, citing the publicly traded company for responsible gambling violations and unscrupulous marketing tactics. These stemmed from a complaint by Britain’s Advertising Standards Authority over a fake news story created and distributed by an 888 media affiliate.

The Ben-Yitzhak brothers are thought to have reduced their presence after talks to merge with William Hill fell through in 2015. William Hill had offered about $2.60 a share, while it was reported that Avi Shaked demanded closer to $4.
William Hill then issued a statement saying, “Due to a significant difference of opinion on value with a key stakeholder, it has not been possible to reach agreement on the terms of a possible offer and the Board of the Company has agreed with William Hill to terminate discussions.”

Then There was One
With this divestiture from the O Shaked trust, Avi Shaked remains the lone founder with any significant involvement in 888. He and his brother split 48 percent of the company and while the children of Aharon Shaked got rid of their portion, Avi still owns his 24 percent.

But just because ownership is changing doesn’t mean the company is necessarily changing directions. In January, 888poker signed with the World Series of Poker to be the title sponsor for the third consecutive year. They also hosted Event #60, $888 Crazy Eights No-Limit Hold’em 8-Handed at the WSOP, which may sound a bit gimmicky, but is testament to the company’s ingratiating itself with the wider poker world.

The stock price did start to rebound after Wednesday’s slip. The price was 240 pence on the London Stock Exchange on Thursday, but bumped up to 243p after Friday’s close.

[shaker44] 08/10/2017 13:25

why do people enjoy making cryptic uninformative posts??

[jamesjoel] 08/10/2017 13:14

Massive sale!

[coxsmn] 07/10/2017 14:34

888 under scrutiny?

[srpactive] 05/10/2017 09:46

Thank you both.

[mylands] 05/10/2017 09:39

Active

What is meant to happen, as far as I know, is that the shareholder informs the company and then they issue the RNS, not the shareholder. If the shareholder doesn't tell the company not sure what the 'penalty' is. The company will know sometime after the change in holding from the registrar and would then issue an RNS.

[loganair] 05/10/2017 09:39

srp - This can easily happen if for example a company is taking on a much larger stake, say going to 20% then the said company only needs to keep the Stock Exchange informed until it has stopped doing what ever it is doing. Then and only then does this company have to produce a RNS.

[srpactive] 05/10/2017 09:33

N

If it does happen I reckon 270p, dyor.

I do not hold here.

[srpactive] 05/10/2017 09:32

Mylands

What happens if a shareholder breaches by not informing the
company via rns that it has gone from 9.99% to 11.6%?

[noujay] 05/10/2017 09:31

Well if it hits £2 it's t/o time for sure I'd suggest, maybe at a premium which gives c. £2.40!!

[loganair] 05/10/2017 09:23

Noujay - On the strength of the share price may have been manipulated up to allow the major share holders an exit out at a higher price then would otherwise have been the case in a take over situation.

[mylands] 05/10/2017 07:45

RBCRBC

Don't think there is any obligation for a listed company to detail the major shareholdings on their website, that is if they have a website. They have to release an RNS each time a holder goes over or under 3% and also when the holding goes through each percentage point above 3%.

So, you have to trawl through all the holdings' announcements to keep track of the major holders if a company does not list them, or look in the annual report as I did for 888.

[noujay] 05/10/2017 07:18

On the strength of?

[coxsmn] 04/10/2017 22:44

Fall to £2 quite likely here.

[rbcrbc] 04/10/2017 19:04

Aren't they supposed to list holding >3% on their website ?
I can't find it on there....

[mylands] 04/10/2017 18:29

OK, I think I have worked out the actual holdings that remain of the Shaked family.

The annual accounts for the year to 31st Dec 2016 show Sinitus Noms held 86.2 million shares on behalf of Dalia Shaked and 86.2 million on behalf of O Shaked. Ben Yitzak had reduced his holding of 37 million to 9.3 million (2.59%) in May 2016, below the declarable threshold, and is no longer shown as a major shareholder.

On the 5th June this year O Shaked reduced his holding by 40 million shares and then sold the balance of 46 million today.

So, the only remaining declarable stake is Dalia Shaked's held through Sinitus Noms of 86.2 million (24.1%)

[kop202] 04/10/2017 16:35

No research on my part......just what was reported on my newswire

[srpactive] 04/10/2017 15:42

I thought they sold some in June at 270p and the other day at 240p?
======================

The largest shareholders in 888 Holdings, owners of 888poker, the Shaked Family, have reduced their equity in the company by 37 percent after selling 40 million shares.

Under rules of the London Stock Exchange, companies must report any substantial purchases or sales of shares so the sale was made public via a Regulatory News Service or RNS.

The RNS issued on Jun. 6 shows that the Sinitus Nominees Limited as trustee of the O Shaked Shares Trust triggered the sale of 40 million shares on May 31 and as a result now own 46,283,534 shares or 12.87 percent of the company. The sale went through at a price of 270 pence per share, netting the family £108 million.

This sale comes 11 months after the other 888 Holdings co-founders sold 27.8 million of their 37.1 million shares; Brothers Shay and Ron Ben-Yitzhak banked a reported £60 million from the sale.

[oohrogerpalmer] 04/10/2017 14:50

Hopefully bottomed out cos I've just topped up.

[mylands] 04/10/2017 14:30

According to the 2016 accounts there were three holders over 5% as of 31st Dec 2016:

Sinitus Nominees on behalf of Dalia Shaked 86,283,534 (24.1%)
O Shaked Shares Trust 86,283,534 (24.1%)
Majedie Asset Mgt 35,336,801 (9.9%)

Sinitus Noms now have no holding following today's sale.

As KoP202 says if the O Shaked Shares Trust votes against an approach they hold the key as it needs over 75% acceptances to force the remaing 25% to accept any bid.

[kop202] 04/10/2017 13:35

Good bet when this bottoms out

[kop202] 04/10/2017 13:34

The shares sold were owned by the family who were left the shares in upon the death of one the Shakes back in 2010Avi Shaked still holds approx 24% and was apparently the major shareholder who blocked the earlier WMH approach

[oohrogerpalmer] 04/10/2017 13:09

Doesn't look like any t/o is imminent at the moment !!!