Praesepe Share Discussion Threads

[drambui] 28/10/2010 09:50

Steady as she goes!

[jpjp100] 20/10/2010 12:03

Drambui - 20 Oct'10 - 11:48 - 261 of 261

Buckingham Bingo won't be happening, carrying too much debt for that now! All in my humble.
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Yes, you could well be right Drambui. I guess it depends on how motivated the seller (Barclays) is and how the deal could be structured - potentially giving them some upside by equity participation / some (potential) additional security by spreading the debt across the broader group created by the transaction.

PRA can't, of course, write a cheque to cover the associated costs in one go.

Its not an easy one.

[drambui] 20/10/2010 10:48

Buckingham Bingo won't be happening, carrying too much debt for that now! All in my humble.

[jpjp100] 20/10/2010 07:55

I really want to believe that the delay in updating the bulletin box on the praesepe website...

'Our half year results will be released on October 8th and I shall paste the commentary onto this page at that time. Nick Harding September 2010'

...is due to the fact that Nick Harding and others are locked in a darkened room doing a big deal (Buckingham Bingo?) at a scintillatingly low price.

I really do want to believe that!

[divinausa1] 20/10/2010 06:16

PIs have got their eyes on to many oil and gold companies to notice

i have loaded up, going forward should be good rewards imo

[drambui] 18/10/2010 07:59

Flying under the radar for now, did anyone notice the recent management purchases at all, lol?

[jpjp100] 15/10/2010 13:39

£60k in two days by Simon, nice to see. A drop in the ocean from his deep pockets of course, but he isn't someone that one would expect to throw money away.

Now, the interesting thing about Simon's involvement as a non-exec at PRA is, imo, that he is also Director of World Bingo Tech which, as I understand it, is closely linked with Metronia - which makes Video Bingo Terminals. You can see such terminals in action in, for instance, The Crystal Rooms or one of the beacon bingo clubs. Having had a dabble and having watched others playing them, I can tell you that they are pretty effective at taking money off players.

You might recall from the interims just a few days ago this paragraph...

'We are excited by the opportunity within the 2005 Gambling Act to operate video bingo terminals ("VBTs") in our venues, and have now converted 30 of our venues from licensed AGC venues to what we are describing as 'Micro-Bingo clubs', operating under cash bingo premises licenses. This will allow us to offer progressive, pari mutuel bingo games across multiple venues. This new high street gaming concept is being developed in conjunction with a small group of gaming operators and we expect the first beta test sites to launch in December.'

So, my view is that Simon will have had some involvement in the development of this pari mutuel bingo concept and these purchsaes are an indication that he likes what he has seen.

[ukinvestor220] 15/10/2010 11:50

Simon Thomas purchased 318,182 Ordinary shares in the Company at 7.5p per share on 14 October 2010. Following this transaction, Simon Thomas is interested in a total of 1,681,793 Ordinary Shares, representing 0.4% of the Company's issued Ordinary shares and total voting rights.
=£23.9K

[jpjp100] 13/10/2010 17:47

between them they have 'nearly' as many shares as me LOL

and I can tell you that they are considerably richer than me so, as a percentage of liquid wealth, I am into PRA much more than they are.

I spent some time at one of the provincial sites today - a split AGC / LBO. Nothing I saw there makes me want to reduce my holding.

[hiachi] 12/10/2010 19:02

Got drawn to this based on Simon Thomas's £37K share purchase @ 7.5p, current price being 6.75p. Looks very positive. Acquisitions on the horizon perhaps as PRA seem to be going in the right direction and diversifying into new markets. Anyone got an opinion on todays considerable purchase from Mr Thomas or a target price they are looking for? GLA

[ukinvestor220] 12/10/2010 15:53

David Williams purchased 655,723 Ordinary shares in the Company at 5.5p per share on 1 October 2010 though Wentworth Limited, a wholly owned company, representing approximately 0.17% of the Company's issued Ordinary Shares and total voting rights.
= £36K

Simon Thomas purchased 500,000 Ordinary shares in the Company at 7.5p per share on 11 October 2010. Following this transaction, Simon Thomas is interested in a total of 1,363,611 Ordinary Shares, representing 0.4% of the Company's issued Ordinary shares and total voting rights.
=£37.5K

[jpjp100] 08/10/2010 08:09

First observation

My calculation on the annual run rate on revenue is >£54m

core estate 5,477k / 28 wks = 10,171k / 52 wks
new agcs 5,658k / 12 wks = 24,518k / 52 wks
bingo sites 4,607k / 12 wks = 19,963k / 52 wks

+ the 8 additional AGC's acquired recently, let's say they do £1m revenue in the year between them.

+ any other acquisitions between now and then

[rambutan2] 07/10/2010 23:21

I've not got any great expectations on the results front, but are more interested in anything said, hinted at, on the acquisitions front.

[jpjp100] 07/10/2010 14:03

it would be nice to think the results were going to be magnificent - but who knows, we could be tragically disappointed. It would be also nice to see a rerating but I think that even if that happens, its not game set and match to existing holders just yet. The group needs to get a lot bigger - say £50m market cap - to get on the radar of some of bigger funds / institutions.

Then, with a prod from several sharp sticks, the broker might put out some decent material to generate more interest.

Like you mr empirestate, I am optimisitc. But let us not forget about the amount of debt now being carried and how that can negatively influence investor sentiment.

Until 0700 tomorrow...

[empirestate] 07/10/2010 07:47

d-day tomorrow. good to see some reasonable numbers in the Rank statement for mecca bingo. it should be interesting to see the revenue numbers and i hink that we will see a rerating of the shares on the back of decent numbers and a positive outlook for the groups portfolio.

[empirestate] 02/10/2010 23:23

can u imagine the comparative numbers after taking on beacon. Beacon made an operating profit of £5.4m from a turnover of £35.9m in the 56 weeks to April 26, 2009.

[jpjp100] 30/9/2010 07:17

I think that probably has something to do with the uncertainty around the decision (or the time it is taking to get an announcement) on B3 stakes

[jpjp100] 27/9/2010 07:31

I am pretty sure that PRA would like to get its hands on Buckingham Bingo - you only have to read the latest bulletin box on PRA's own website to see how much bingo is lauded to know that.

I would be surprised if PRA / Marwyn / Barclays / Buckingham haven't talked about it - at great length - any company with a stated objective of consolidation / acquistions is likely talking with most other decent sized players in their industry

I don't think this little flurry of articles in various newspapers is merely a coincidence - it never is

As to whether a deal is done / close to being done / can be done on terms acceptable to all parties.... Like you, I just don't know

time will tell

[rambutan2] 26/9/2010 23:29

jpjp, I agree that not one to rule out, but Barclays Ventures is winding up which is why i suggested that they'd be wanting cash...





That said, I did notice that the recently relisted Breedon (BREE) had been one of theirs...


And guess who was behind the relisting - yes, Marwyn. Hmmm.

[jpjp100] 26/9/2010 09:35

#241 I would have said the same about the beacon deal, but they got that one landed. I agree that Barclays may want cash but the option of some listed shares and the consolidation piece could be made to look quite tempting imo

if I am right with these numbers its not an impossibly big deal to do, pretty much another beacon

- about £36m debt? (beacon was about £40m)
- peak valuation £90m (beacon was £100m)

Not easy, but not one to rule out

Time will tell, maybe there will be a hint on 8 Oct?

[rambutan2] 25/9/2010 21:43

I struggle to see how PRA can structure a deal with the shareprice where it is, and would have thought that Barclays would want cash.

in any case, a bit of history...

[jpjp100] 25/9/2010 16:21

A little article in The Times today suggesting the Buckingham Bingo is about to be sold and that PRA is a likely buyer