Share Name Share Symbol Market Type Share ISIN Share Description
Global Market LSE:GMC London Ordinary Share KYG3927E1145 ORD USD0.0002 (DI)
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 50.00 0.00 00:00:00
Bid Price Offer Price High Price Low Price Open Price
0.00 0.00 0.00 0.00 0.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Media 18.79 -4.77 -5.78 4
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 0.00 GBX

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the analyst: It certainly does mnt. The chart seems to suggest further falls, but the fundamentals suggest we are well overdue a rise. The share price in the context of fundamentals is going to look ridiculous come November. First step I'm hoping for would be a rise to about 11p sometime after the November results, once they have bagged somewhere near £3m profit. I'm expecting that, as long as the proposed US gambling restrictions are rejected. A price of 11p in January (if GMC do make near to £3m for the year) would give them a historic PE of 8 dropping to 5.5 for the current year. That would be very low historically, but may seem about right in the current climate for a gambling-associated company that is growing, profitable and with no debt. In a slightly better climate, a PE of 16, falling to 11 for the current year would seem more reasonable. That would give a share price of 22p. In a better (normal?) climate, a PE of 24, falling to 16 for the current year would seem more reasonable. That would give a share price of 33p. I can't see that in the near future though!
batman9: From another board interesting post. I think the key to understanding the market makers is to consider that they are only traders, just like us, buying and selling shares to make a profit. They want to buy at the bottom and sell at the top. The difference between them and us is that they take a very short term view - they like to keep a 'flat' book overall (holding no shares) to minimise risk. They also have influence over the price movements, as they set the prices. They have two ways of making money - the first is through the spread, the second is through price movements. They can make money from the spread even with a flat price, by moving from the bid to the offer and back, buying and selling and profiting from the difference between the two. This doesn't really affect us, unless the spread is very wide in which case it's hard to profit. It's when they make money from the share price movements that we should be interested, because the market maker's interests are the opposite of ours. For them to profit by buying cheap and sell expensive, we have to sell at the bottom and buy at the top. This is achieved in a few ways: - If a share has been low for a period of time, people have sold out and moved on and the MMs have a holding, they will want to get rid of it. The share price will start rising for no apparent reason, causing people to speculate and buy into the rise. The price may then stabilise when the MMs have cleared their stock, or they may continue the game by dropping the price to encourage selling, and repeat. - The MMs may go short on the stock. To do this they may raise or lower the price to encourage buying (on some stocks, people will buy in when it looks 'cheap', on others people will see a rise as precluding 'good news and will buy). The price will then fall, leaving you with a choice of holding for an unknown length of time to get your money back, or selling at a loss. If the share price suddenly rises on good news, with a lot of people buying in, you can assume that the MMs will have previously held a flat book and unless they had prior warning of news and accumulated a decent number of shares through a 'treeshake' (suddenly dropping the price, then raising it again to frighten investors into selling) they will have gone short on the stock. They then have a large paper loss - they have sold shares they do not have and must buy back at some point to balance their books, and have sold them at an average price lower than the current price. Many investors will try to sell at the top, helping to balance the MMs books, but leaving them with a large loss. This is the main reason that stocks 'retrace' after a rise - the MMs will drive down the price as far and for as long as possible, to sap the moral of investors, and hopefully to encourage them to sell at the bottom. It's worth noting that when they do this, sometimes the buying still outweighs the selling. I believe they allow this in the hope that given enough time, the buying will dry up and people will lose confidence and start selling. If the share price suddenly falls on bad news, the MMs will try to limit selling as much as they can, and will drop the price as fast as they can. This is so that when they do absorb all the sells they will accumulate shares at the lowest price possible, and hopefully sell them back into the market on any bounce or future rises.
crossfingers: I concur with the frustration re. GMC share price. Just does its own thing despite all around going up grrrrrrr...... anyway you have just got to feel sorry for Carruthers now he's just been dumped by BetOn Sport now! Personally sometime not in the too distant future, depending on GMC's figures and increasing t/o it will be a bid target for PRTY.
superdealer: I'm not trying to short it. I hold lots of GMC shares and am losing money on them. Perhaps it is because of people on here claiming that GMC share price will rocket when it turns out that it is just ramping.
millionaire: sabretooth think it will help Gaming Corporation actually as it is free advertising for the concept, albeit a different company advertising it. It will give a higher profile to the mobile phone gaming concept and propel GMC share price as this will increase their reach. Once Vodafone, O2 and T-Mobile see the effect that it generates, where are they going to find a company to promote the concept on their networks????? YOU GUESSED IT....... GAMING CORPORATION PLC. A time to be positive and EK knew this and so bought 750,000 last week. Lateral thinking is required sometimes!
the analyst: LOL Jack! - yes I have more fun on other financial boards, not usually the advfn ones and very rarely this one for some reason (not sure why!). Trouble with this one might be that most people are obsessed with the share price, and how much money they are not making. This might cheer you up Jack - try asking this chicken why the gmc share price is so low! -
the analyst: Handofstone, yes a current PE of 55 looks high, but I think you may need to look at the figures more closely. It seems that you are not on your own in being confused. My guess is that you have not looked at the H1 vs H2 comparison (i.e. pre- vs post-aquisition of The H2 pre-tax profit of £800k is really the only relevant figure and even that only contains 5 months with included. Based on that £0.8m (£1.6m pa) figure, GMC are on a current PE of 18. Not too high at all, although not particularly 'cheap' either. But a long way off the 55 that leaps out at you before you actually research the company in any sort of detail. There are obviously two conflicting views to the way people perceive the GMC share price: a) undervalued based on the fundamentals (current trading / forecast growth) vs b) undecided based on the management and their spin. From the AGM and the recent press release we are told in no uncertain terms that GMC are on course to make £3.2-3.6m this year. In fact, if the AGM was anything to go by, the profit could well turn out to be higher than that. Possibly £4m pre-tax. Come November, if forecast profit is banked, the current share price would represent a current PE of 8 and the forecast £6m for 2007 would represent a 1 year forward PE of less than 5. That would be very cheap for such a high growth company. Probably undervalued by 2 to 3-fold. So, why the low share price? All we can presume is that people do not believe the figures or that they do not trust the company's management to have shareholders' interests in mind. Either that, or someone has been building a substantial short position over the past few months. On the subject of director buying, I don't really mind whether Justin buys more or not, although it would help I'm sure. But the fact that he banked over £1,000,000 in cash from the company last year (over £99k salary, £120k bonus and over £855k in share sales) will definitely have some impact on the way he is perceived by investors. The directors had no problem buying shares in the run-up to the aquisition when they obviously knew about the deals in the pipeline. So why do they say they have problems to buy now? It is of course worth noting that Justin still holds 7 million warrants. I doubt that anyone on this board holds more than 7 million shares! The progress of the company is the real issue and as far as I cen see everything is going very well. At the end of the day, I am happy with holding and may add more as I do believe in the company and its prospects. The AGM gave me a lot more reason to be optimisitc than pessimistic.
the analyst: Part 2 Anyone else that went to the AGM please fill in any gaps, or add things I missed out (I've missed a lot out I know) and correct any mistakes I've made. I can then re-post a corrected version with a link to it in the header for anyone that would like an update on the AGM discussion. Current trading: They said they were conifdent of meeting broker estimates of £3.3m for the year. I got the impression that they are hopeful that they will exceed forecasts. They stated again that the company is highly cash-generative and has cash in the bank. They stated that they might do something with the cash, but that point was not expanded upon. Gambling laws The new laws regarding advertising content was discussed. Justin knew of the new laws and he thought that it would not adversely affect GMC. In fact, he thought that if anything, it could be good for business, as it would create a level playing field. Basically, the law affects the wording that can be used in the adverts in the UK. It will be interesting to see if/how adverts change on the portals and magazine in the future. Mobile Gambling Mobile gambling was questioned a few times. They mentioned that there has been a recent uplift in registrations over the last month and a figure of 7000 was initially given, as had been stated in the accounts. Jason then gave newer figures of 8000 customers, then changed his mind and upgraded that figure to 'over 9000', then 'between 9 and 10 thousand'. They didn't seem to know the exact figures, but it looks good. Justin mentioned that Orange had now started to promote the casino more actively. He then went on to say how initially they had a problem with Orange not promoting it, but now they have proved the model and so the network is more comfortable with the product. The back-end system is the main reason for this, especially the age identification, but also payments and security. Justin stated that they take 50% of net revenue from the deal and that they thought the profit coming through was now significant for the business. Each player was spending £50pm at the beginning of the year, but they had no figures for more recent times. Revenue per customer was far outstripping estimates and was more in-line with online gambling. They said this had come as an unexpected and welcome surprise. Asked whether players that originally signed-up had stayed with the casino, they said they are the only company in the UK so customers are in effect forced to stay with them. I'm not sure if that answered the question. I think they probably mean that they are the only company to have a deal with a network rather than the only company in the UK. A potential deal with a European network was mentioned although it was not possible to determine how advanced the negotiations were. They thought they would get more revenue share from this potential deal than the 50% with Orange UK. They also mentioned that they have a lot of success in expanding the game range and importantly, the number of phones supported (each game must be able to work on over 80 phones). The mobile business was in development for 2.5 years before coming to market apparently. They talked at some length about the mobile offering although that is all I can recall at the moment. I think the emphasis given to mobile gaming reflects their enthusiasm for the product. Share price Share price was asked about on a number of occasions. Many were very concerned about the share price. Others were more interested in the progress of the company. As would be expected, Jason said he was thought it was very much undervalued. Mentioned that there are 5 brokers following GMC and they have 'buy' notes out. Said that they valued GMC at 20p or more. They were obviously disappointed with the price performance. Jason said that from his experience you can't keep a share price down forever if it is performing well and thinks that news in the next few months or perhaps over the next year will see a re-rating of the stock. When asked about potential bids, he said they would consider them. He did not say he would prefer to grow the company himself as many directors often do when given the same question. Director buys Why are directors were not buying? They did not really answer the question. They stated that both Julian and Justin were major shareholders and implied that they could not buy because they are so close to new deals being made - i.e. that they know too much to be able to buy without breaking LSE trading laws. Imo the answer was weak. Last time the directors did buy, Justin purchased 180,000 (May 2005). He now owns 250,000. Major shareholder? Institutional buying They mentioned that in the past couple of months there have been a few large funds buying significant quantities of stock and seemed pleased with that aspect. Location of business On being asked if they intend to stay UK based, or perhaps move to Gibraltar (for example). They stated that they have a company in Jersey ( and had investigated the tax in detail. As the tax laws stand they do not envisage paying more than 10% tax overall at any point in the future. Jason said that had outperformed even their greatest expectations. I get the feeling that a lot of resources that would otherwise have gone into the portals, etc. had gone into (and rightly so I guess). Domain names The new eu domain name was discussed. They have applications for the .eu domains, and others. They said that they have strong claims to them, but that only time will tell. Online poker/casino No information was given on the performance of the new casino and poker offerings. No questions asked about them either.
millionaire: As expected! Wish I could predict the lottery numbers as well as I can predict the GMC share price drop.
herbyrainer: Hi, After reading the mindless cr8p on here I decided to try and give the serious/new investor some factual advice. 1. The share price does not matter! Yes you read it correctly the share price DOES NOT MATTER! Obviously to the day trader, shorter, spread better or CFD trader it does. The share price should be your secondary concern after studying the fundamentals of the prospective company. After all your reading/studying the prospects of the company and accounts have finished then you decide what you are prepared to pay for future earnings (Share price). Looking at prospective p/e's is another subject all together I recommend reading a good book such as the Financial times guide to investing or something similar. Right, let us now look at GMC and some facts. All the shorters, CFD spread betters etc... look for shares, which are volatile understandably to make some money. As GMC has been drifting lower since June/July with short spikes along the way day traders IMHO became interested in this share. Now all I hear on here from them is moaning why is this share not moving, mm's tree shaking etc... (My Speculation) The institutions were prepared to pay 0.14p per share for the future earnings of the company based on their analysis of the company sector etc... Banks and institutions don't sit looking at GMC's share price all day discussing why the share price has risen fallen etc... (They don't give a sh8t). When the share prise rose 35.7% to 0.19p the institutions did not sell when the share price rose 17.86% to 0.16.5p the institutions did not sell and when they had their latest chance in Sep/Oct to break even they did not sell. Now the price has fallen 28.57% to 0.10p they have not bailed out why? Because they do not give a sh8t about the share price movements short term. The Drummond brothers have lock-ins until March the 3rd 2006 however Peter Williams and Damion Greef are not under this restriction. If the company was so sh9t why have they not cashed their Warrants in? Even Charles Black who has left the company and cashed nearly all his Warrants in has retained some, why (?) if the company has no prospects. Do you think Jason and Justin tried to pull the wool over the institutions eyes by buying more shares in the company in May and September 2005? Of course not, open your eyes. The company is not going to give updates every week for the sake of the short-term trader they will give them when they have something to report good or bad. So for all those who have bought this share and are now considering selling because of all the sh8t you have read my advice is hold or top up, as news will be here by March 31st latest. Regards H-R
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