Bidtimes Share Discussion Threads

[shawzie] 06/6/2006 17:04

I estimate the nav of this share to be between 1.25 and 1.75p, dependant on the
value of the Blue Chip Casino investment. So I expect the market price to fall
accordingly.

[lbo] 11/5/2006 16:02

Looks undervalued IMHO. I would expect about £150-200k equity from the properties and the Blue chip stake is worth at least £375k and then you have the 150k loan to the Blue chip Director. Never mind the value of the Aim listing and the holdings in SRS and Innobox.

[paddywak1967] 11/5/2006 12:43

surely the properties they own must, by themselves, be worth more than the company's current valuation?

[paddywak1967] 11/5/2006 11:51

The current valuation of this company is £608,000 at the mid price of 3.5p a share. Having read through previous posts on this bb and taking into account their assets, investments and the recent disposal of one of their properties this would seem very cheap. Am I mistaken or is this company undervalued???

[Abuse team] 30/4/2006 21:37

Post removed by ADVFN

[substantial wealth] 23/2/2006 14:01

Brent Fitzpatrick Company Secretary & Non-Executive Director
Brent Fitzpatrick has spent the last ten years as a corporate finance consultant and gained significant experience in identifying and advising a number of companies on their acquisitions and subsequent flotations. He is currently chairman of Aboyne-Clyde Rubber Estates
of Ceylon PLC and a Non-Executive Director of Global Marine Energy plc and Bidtimes plc, both AIM quoted companies.

Brent brings his substantial knowledge of Corporate Governance and City experience to the Board and sits on the Audit and Remuneration Committees
I like the look of this bit. Real affinity (RAF)



Trading across all divisions subsequently has improved; with a number of
significant new business or incremental business wins from Card Protection Plan,
Teletext, EMC BV, and, through a co-operative arrangement with another agency,
projects with Honda and Mercedes. The Company has achieved record sales in two
of the last five months and made an operating profit, after plc costs, in
January 2006. The Board is optimistic that this growth will continue across
each of its operating subsidiaries

[lbo] 22/2/2006 13:23

Another director buying (Brent Fitzpatrick) and more buys showing up today after the RNS.

[lbo] 16/2/2006 16:08

Anyone know who this is that turned up today?

The Company has been notified today that, following the purchase of 80,000
ordinary shares in the Company, Mr. Barrie Bluck now holds 600,000 ordinary
shares of 5p each in Bidtimes, representing 3.45 per cent of the issued share
capital of the Company.

[callumross] 15/11/2005 14:12

but surely with under £600k net assets the share price is higher than net asset value per share - maybe they were trying to say the share price is too high relative to assets?

[lbo] 13/11/2005 17:55

Could we soon see some corporate activity?

"The board has been actively monitoring the companies share price over the period, and would like to emphasise to shareholders that the board does not consider the current share price to be reflective of the current net asset value of the company, as shown in these interim accounts,"

[tonyx] 30/9/2005 18:45

MMs still happy to absorb sells @ 6.25p.

[latestarter] 05/9/2005 16:42

hmm thats 250k they have taken onboard in the last 2 weeks and not knocked back the price, or let me have any at 6.5..........

[tonyx] 03/9/2005 10:13

aah! Found it as "investments" on balance sheet.

Short term unsecured loan to Mr C Parry, a former director of Blue Chip Casinos Plc, of £145K. Rate 2% over base rate, repayable 11/05.

[tonyx] 03/9/2005 09:46

MMm....cant see the loan note in recent results RNS. Where is it?!

Should be under loans made to other entities like last year but its not there.

[latestarter] 03/9/2005 09:37

one of the previous directors, parry i think was the name

[tonyx] 03/9/2005 08:46

latestarter,

Many thanks for the post above and for taking the time speak to the company.

It does seem the company know which direction they want to go & the casino business route does seem like the best option in the current climate.

Interesting times ahead for shareholders.

BTW, is the loan note from someone associated with Blue Chip? I seem to recall that the note was part of the deal when BDT took thier stake in Blue Chip.

Cheers.

[tonyx] 30/8/2005 19:37

Im not selling either.

Would like to add but put all my spare cash into oil stocks such as DGO, VPC, NLG & DNX last month & topped up in them last week.

[lbo] 30/8/2005 17:36

Russell Stevens
Russell Stevens, a youthful thirty-something, leads a packed energetic life. As well as being chief executive of business services group Meriden, he is managing director of investment outfit Bidtimes, deputy chairman of Innobox (all of which are listed on Aim) and is passionate about the prospects of an ambitious casino project that he has helped steer for the last two years.

As if this wasn't sufficient to keep even the most zealous serial entrepreneur happy, he is still in the driving seat of a Midlands accountancy practice called Hamiltons, and was, until very recently, finance director of a struggling Aim venture called MediaSquare.

'I do have a wide spread of interests' he confesses, in an almost blasé manner,' but they are not as disassociated as you might think. As in many of the things I have done, there is a considerable deal of synergy at play. And as cliched as it may seem, I am aiming to deliver shareholder in every one'.

The most important – and successful – of Steven's ventures at present is Meriden, a 'value-added business services' venture he brought to the market in the summer of 2001 following a £650,000 fundraising. This company, in which he is an 86 per cent shareholder, consists of all the operational interests, sans the audit department, of the Hamiltons accountancy practice he started from scratch over a decade ago (the auditing department of an accountancy practice may not belong to a PLC under UK law).

'Quite simply, I reached the point where I wanted to take the accountancy and consultancy practice to a new level. So, I emptied all the business services and consultancy businesses into what is now Meriden and bolted on other interests. It seemed to be the ideal model from which to proceed'.

In its present guise, Meriden provides a range of management consultancy, corporate finance, IT, marketing and recruitment services within the confines of fully serviced office accommodation otherwise known as a 'centre of e-xcellence'

'What we have in Meriden is a branded services company that enables other small and growing companies to thrive. It's about accelerating growth, acting as an enabler and a catalyst, and always promoting the brand'. His accountancy firm, Hamiltons, provides auditing and other services on behalf of Meriden on an exclusive basis (the profits made from this are routed back to Meriden says Stevens).

The concept of an 'incubation centre' is of course not knew (the dotcom boom created one every second for a while), but few have possibly proved as profitable as Meriden. In the year to August, it made pre-tax profits of £609,289 on turnover of £5.5 million. The shares now trade at 30p (issue price 25p) valuing the group at a reasonable £8.70 million.

As ever, Stevens is angling for more growth, although growth dictated by patience, a virtue he extols. 'We will roll the e-xcellence concept out across the UK. I am looking for suitable partners which I expect to have in place by the Spring, but there is no desperate rush'.

The same attachment to slow, gradual progress is perhaps what characterizes the development of Innobox and Bidtimes, two companies that cannot, as yet, boast the kind of profits – or shareprice growth – as his almost wholly-owned Meriden vehicle.

Bidtimes, floated two years ago at the height of the dotcom boom at 25p (and now worth 4.25p) has around £1 million in cash and a 14 per cent stake in fellow Aim outfit SRS Technology, which it acquired through the £1.25 million share purchase of another vehicle called Firefly. Says Stevens 'Bidtimes is now an investment vehicle growing slowly. It is looking for investments in companies which are capable (but are under no compulsion) to be resident in Meriden's centre of e-xcellence. It is a separate entity, but the synergies are obvious'.

Bidtimes also holds a small stake in Innobox, another boom time investment vehicle whose sole asset, other than cash resources of around £745,000, is a £200,000 stake (acquired through convertible loan notes) in a company called Aerospace Composite Structures. ACS owns rights to an air cargo container that is said to be tougher, stronger, lighter and more durable than existing products. Unfortunately, events (the dotcom bubble bursting and 11 September to name but two) conspired to hamper its progress, but Stevens remains unfazed. 'There has been delays, but I would be surprised if Innobox didn't reap rewards. ACS has much potential'.

As with all budding entrepreneurs, potential is always being sought. This is perhaps why, under his direction, Bidtimes has taken a stake in Blue Chip Casinos, a business Stevens and a colleague started a few years ago. 'We are basically building a chain of medium sized casino halls around the provinces. I was approached by a friend, liked the idea and put £250,000 in. It has now received investments totaling £5 million'. His big hope is that, when deregulation comes to this industry (slated to be in around 18 months) the UK will follow the French pattern, where casino sales and profits soared. 'When the change comes, we will be very well placed. It's a game with huge barriers to entry and one that could prove very profitable.





The Gaming Revolution
Companies: BDT LCI MRD RNK SLY TTH
28/02/2003

Casino operators big and small could hit the jackpot when the Government's radical gaming proposals become law. James Crux identifies the stocks on which to place your chips

A legislative revolution is sweeping through the gaming industry. For decades, Government policy has focused on bringing gambling under strict control – to limit casino, betting shop and bingo hall numbers to merely satisfy 'un-stimulated' demand.

But a new set of proposals, contained within last year's Government White Paper, 'A safe bet for success' (itself a response to Sir Alan Budd's independent 2001 report) will radically de-regulate the industry.

In a nutshell, this paper proposed establishing a single regulator for all operators (the Gambling Commission). It also backed the notion of non-membership casinos (at present you have to apply and wait 24 hours before becoming a member) and argued for the ending of restrictions as to where a casino could be opened. Most surprisingly, the paper supported the concept of unlimited jackpot slot machines and an increase in the number of slot machines allowed.

Casinos to cash in

A Merrill Lynch report – 'New British Gambling – Where were you when 'Budd' was published?, predicts that abolition of the 24-hour rule and more extensive casino advertising will result in 'significant growth in casino visitation numbers'.

Above all else, however, the broker places greatest emphasis on the impact of the linked slot machines concept – the number of slot machines per casino could rise from (say) around ten machines to eighty.

Overall, Merrrill Lynch says the 'net result of these assumptions is a short threefold increase in forecast EBIT for a hypothetical provincial casino operator'.

The Government's review suggests a ratio of eight slot machines per casino gaming table with no upper limit when a casino offers more than eighty gaming tables. The linking of slot machines through an established operator's casino estate dramatically boosts the possible jackpot, luring in more punters.

The French Experience

As you can imagine, casino operators are licking their lips and rightly so, given the explosive growth seen in the French casino market in the late 1980s after changes in the law. In a five-year time frame following the introduction of changes, the French industry achieved a fourfold increase.

Some analysts suggest that the UK changes, which could be in force by 2005, might increase the number of casinos from the current 123 to around 1500. Slot machines might number 100,000!

Players to back

Backing this sector before the explosive growth (and the attendant takeover feeding frenzy) is complete is obviously a very alluring policy – and there is a lot for budding investors to choose from.

Recently resisted by its smaller rival London Clubs International, Stanley Leisure is the biggest casino operator in Great Britain with 37 provincial casinos and three in London. Recent interim figures to 27 October were excellent (the group's best ever half time figures) with pre-tax profits powering ahead 58 per cent to £23.8 million on a 30 per cent sales hike to £473.1 million. Sales in the gaming division alone rose 30 per cent to £91.5 million. Casinos drove up the figures with the London casinos in particular delivering a stellar performance.

Intriguingly, Stanley Leisure has obtained a licence for the largest casino in the country at the Star City development site near Birmingham. Thanks to the Gambling Review recommendations, business will be boosted by a betting facility that will be provided on the premises.

Following the interim announcement, analysts at UBS Warburg pencilled in profits of £48 million for the full year, for earnings of 25.36p, with £51 million and 26.84p shaded in for 2004. The shares trade on 13.9 times forecast earnings for 2003, falling to 13.13 for 2004. On this rating, Stanley looks nicely set up for the de-regulated era.

LCI looking good

Since last August fledgling, London Clubs International has been providing live entertainment and alcohol on its gaming floors. In the half to September, the company made profits before exceptional items and tax of £2.6 million, compared to a £14.7 million loss, as the London casinos yielded better win percentages and outstanding debts fell.

Though Middle Eastern players stayed away from its London casinos, its Middle East casinos benefited as residents stayed at home rather than travel abroad. Intriguingly, its latest casinos at Southend and Brighton are being buoyed by a relaxation in regulations, including the introduction of live entertainment. This may provide the template for future openings when deregulation kicks in.

Subject to a recent indicative approach at 25p a share from rival Stanley Leisure, the shares are currently changing hands for 20p, valuing the business at £29.48 million. Stanley Leisure withdrew an indicative offer (after it realised it couldn't meet a takeover panel deadline) and cannot bid for six months, but on a forward rating of just 5.4 times, the shares have a value feel to them, with or without bid activity.

Rank leader

It would be injudicious not to mention Rank Group, the massive market leader in bingo and casinos. Owner of Mecca bingo halls and Grosvenor casinos as well as an internet betting arm, it has bought loss-making phone and web betting business Blue Square for £65 million. Chief executive Mike Smith says calendar 2002 figures will hit consensus forecasts of a £200 million profit for earnings of 19.17p when they are published in February. At 234p, the shares are rated on a mere 12.2 times forecast earnings – attractive given that the Blue Square deal sets Rank up as the only mainstream gaming company able to offer a 'full suite of gaming products: betting, bingo and casino games'.

Attractive AIM punts


Formerly cash shell XS Leisure, Top Ten boosted its bingo club numbers to sixteen after acquiring the five-strong Welcome Social Clubs for £3.15 million. Interims to 29 September showed pre-tax profits of £268,000 on turnover of £3.7 million. Bingo-specific benefits emerging from the Government proposals include the abolition of demand tests and the rule requiring membership at least 24 hours before playing – bingo clubs will also be allowed to mix jackpot and other gaming machines, all factors that should buoy prospects at Top Ten.

Serial entrepreneur Russell Stevens, the man behind Aim-quoted Meriden and investment play Bidtimes, has helped steer Blue Chip Casinos for the past couple of years (it's a private venture but Bidtimes has taken a stake). 'We are basically building a chain of medium-sized casino halls around the provinces' he says. Blue Chip has one casino up and running and three 'in process that should open in the next twelve months'.

'When the change comes we'll be very well placed. It's a game with huge barriers to entry and could prove very profitable. We've been approached a few times but its not the time to sell.'

[tonyx] 30/8/2005 14:41

A few trades @ 6.55p-anyone here buying/selling?

[tonyx] 20/8/2005 08:10

Hi guys-back from a week away in Sunny Devon. Promised the wife I wouldnt bring the laptop so had no internet access!!

Some good posts above and great research as well.

Off to read the 236 e-mails I received whilst I was away.