Leisure & Gaming Share Discussion Threads

[bleepy] 14/9/2010 11:40

My forms for the General Meeting have just arrived in the post.

My votes will be cast as follows imho:

* Approval of the Disposal....Against

* Approval of the Investment Policy....Against


The company has been brought to its knees and by coincidence and immaculate timing are asking shareholders to approve of its disposal..hmmmm!!
To whom...ha ha ha !!!

Secondly they want approval to set up a cash shell,to who's benefit we can probably guess..hmmm!!


No effort or approach by the company to rescue via placement,loans or other that i am aware of.
GC could and should have come forward and made a respectable offer or provided funding to continue given recent history.
Instead Pefaco are fronting the proposed deal with GC still in the driving seat and with directors approval.

Major shareholders need be wary as i'm sure they are of any empty gestures/promises/ultimatums made purely as a stalling tactic.

They have shown their hand so do what needs to be done,the post mortem can wait.

[burgerbarwomen] 14/9/2010 10:54

ldm may i thank you once more for all your efforts

your posts certainly made me think over many months... helping me to get out at a reasonable loss which I've more than made back

the most amusing point of the whole farce was a certain large shareholder telling us he didn't care about the 100k spent on goalslive, when they were set to make 2m profits..

cheers mate

[hiq] 14/9/2010 09:55

How often did I give my humble opinion to Cliff: worth a side-bet, maybe - but DON'T BET THE FARM!

Who remembers that spiel on the Fool some 3 years ago when Cliff was writing share reviews by invitation of TMF?

He prefaced it with intrigue and excitement, like he'd found a little disregarded gem in the desert.

Then a week or so later when they published it, I was completely disappointed as it just didn't stack up as a value share or decent opportunity.

[rkhl] 14/9/2010 09:48

Best piece of solid gold for ages, nice one LDM, succinctly put, holders take note of POST 2898.

I can say LDM that your continual posting of the facts over the last few years saved me a packet. Thanks LDM and good luck with your investing.

[hiq] 14/9/2010 09:39

LDM - I also warned Cliff repeatedly for the last 3 years and was treated like dirt or worse.

[jmaccer] 14/9/2010 09:32

all of this in 2 weeks before the door closes? contacts made, agreements made with suppliers and clients, diligence done; good luck with that. another floor in this approach it is said that one of the suitors was none other than GC himself, so as opposed to taking over the operation himself now he has been recruited by these people and i guess they have done this for a reason. a number of shareholders contacted myself yesterday and they are all happy to let this go, take what's on offer and try and be instrumental in gaining something further from the shell, which they believe is the sensible business mans decision and what their accountants and families are advising them to do also. but good luck whatever you decide to do. i am now going on my vacation to sunny climes now and will look forward to seeing the final result of all of this on my return in November.

[fft] 14/9/2010 04:41

jmaccerr,

if you have read the document, you would know that if the offer is accepted, the PLC gets the money, not the shareholders. The amount left for sharehoklders after an investment is made, a year of running costs as a plc etc etc, will be diddly squat.

There is no mechanism to return money to shareholders.

[jmaccer] 13/9/2010 22:43

i have asked one question many times now and not got any answer - who provided the funds for the current short term loan? from my understanding it was not the shareholders - they have known about the financial situation surely since the shares were suspended and have chose not to put in any additional funds, surely that tells its own story.

as for greece 'opening up' most European countries are trying to implement their own legislation, however as seen in germany and austria recently this is no quick and easy task. the eu has to ratify all types of legislation and until it does so outside operators will continue to operate from offshore, greece can ill afford any EU fines for non compliance. i would therefore suggest the greece issue is far removed at this stage. even if and when it does so the financial gains may not be worth the costs in complying and this cannot even be contemplated until the draft legislation is seen.

[saturdaygirl] 13/9/2010 21:24

rkhl

Can you cross the road on your own , without LDM

Pr*ck !

[rkhl] 13/9/2010 19:46

I would wait to see what LDM says before doing anything rash. He's called it right so far.

[bleepy] 13/9/2010 19:02

IG

Of all the conspiracy theories afloat and villains lined up,one thing is for sure,its the shareholders footing the bill and lining others pockets.

Ask yourself why the directors(and GC) are backing the offer on the table and not supportive of the major shareholders+others efforts to rescue LNG.
Why,if in dire straits did they not approach the shareholders.

By their own actions they are isolating themselves for whatever reasons.

The business is up and fully running and will continue to be whoever finally takes control.
On the horizon is cash poker in Italy,Greece deregulating along with other markets.The EU finally showing its teeth providing more opportunities in the future.

LNG has developed its own software,owns its own call centre and like most business's has its debtors.
The sportsbook outlook is not predictable but certainly consistent over a 12mnth period,poker proving to be a backbone.

So how and where has it gone wrong that has led us to this,searching questions,how many of them will answers be found for?

I support the efforts of the major shareholders and wish them well having been backed into a tight corner.

Can LNG continue to run without the present directors and Mr.Betshop,certainly.
They are all replaceable imho.

[investmentguru] 13/9/2010 17:12

Bleepy, do you think that Betshop's demise was deliberately engineered by management or it is just a happy coincidence that they are taking advantage of?

IG

[bleepy] 13/9/2010 14:40

jmaccer

fortunately the major shareholders along with many others holders think otherwise,you've no doubt read the bb's on the MF site so you are well aware of this.
Yes,we all understand the complexity of providing an alternative solution given the time scale.
GC could have bought Betshop any time he wanted for a decent price instead its been brought to its knees expecting shareholders to feel grateful for the pityful terms on offer.Not forgetting he was paid 13ml back in 2006 for Betshop,its worth far more now given its poker contribution(with cash poker to come).
With Greece unvieling draft legislation to regulate their egaming market it could add the 50 outlets lined up there to the Betshop estate,how convenient for GC would that be(and profitable).

[jmaccer] 13/9/2010 13:48

i thought the idea of a forum was for the ability to express opinions and ideas. in my opinion voting against doesn't serve any purpose except to allow the same group to buy at half the cost or less with no payments to shareholders, i cannot see any logic in this type of action. i am happy to hear any opinion on how this achieves any objectives but as yet i am yet to hear any.

[stevi111] 13/9/2010 13:03

jmaccer........kindly ferk off !

I will be voting AGAINST the disposal and I hope every other shareholder here does as well.

I'm sick and tired of being ripped off in situations like this. I work bloody hard for my money and I dont mind losing my investments in genuine circumstances but its pretty easy to see what exactly is going on here.

[fft] 13/9/2010 12:58

jmaccer,

are you NC or RC in disguise ?

[jmaccer] 13/9/2010 12:20

having watched the 'help for heroes' benefit concert last night with my children can i suggest that those people considering saying no in order to try and get some sort of revenge consider saying YES and donating any proceeds to charity. having re-looked at all of this there seems to be one or two intent on some sort of revenge. buying shares comes at risk, we all know that some you win, some you lose, there are no guarantees. at least allow some others to benefit if you don't want to, there are people far worse off than most of us in this world.

[investmentguru] 13/9/2010 11:29

This can hardly come as a surprise, several on here predicted it, including me back in May:

"How about this for a theory, completely unrelated to any real business, of course. Company A sells business to Company B for a fat amount but continues to manage business. Business conveniently goes down pan after a suitable time period. Company A offers to buy back business for a pittance and it stages a remarkable recovery. Company B shareholders get shafted."

I believe (sadly) that the LNG shareholders are going to get screwed whatever happens. All victims of the 'Italian (Con) Job'.

[burgerbarwomen] 13/9/2010 09:25

Davidosh speaks out on the Fool site!

[saturdaygirl] 12/9/2010 21:18

Was only going to give 10 ..

[burgerbarwomen] 12/9/2010 21:16

thanks sat girl but I'd be embarrassed to be currently associated with the present management

I've my reputation to consider you know!

[hiq] 12/9/2010 20:54

I guess it was over-weening arrogance at its worst.

[saturdaygirl] 12/9/2010 20:49

bb i can gift you a few shares if you like ?