Praesepe Share Discussion Threads

[abbey8] 22/2/2010 14:26

thank you for your help.

[jpjp100] 22/2/2010 12:15

#137 You need to talk to PRA directly on that surely? Matthew Proctor is the FD ad would be my first point of contact if I had such a question.

[abbey8] 22/2/2010 10:18

jpjp, are we offered any shares??i have 20k in here of shares

[jpjp100] 22/2/2010 07:43

its a nice looking deal, especially the roll over of the debt... PRA would have struggled to raise that much debt on those terms in the current market and, as long as its put to good use (with more acquisitions) it should be made to pay quite well.

[trigger45] 22/2/2010 00:11

Thanks Plunge.

[abbey8] 21/2/2010 17:04

thank you plunge, just wonder is this going to be any good to us?

[abbey8] 14/2/2010 20:01

may be we get some holding company to keep us going??

[jpjp100] 14/2/2010 19:39

#128 short term I am inclined to agree

the new shares are being issued at 7.5p, that is usual with placings I suppose and, with the enlarged share capital, it should even out about right.

the key to it now, imo, is whether the management team can squeeze out some cash from the enlarged business nice and quickly and use it to do some of the other deals mentioned

As I said earlier, I really would like to see them do the Spanish and the Dutch deals. I am pretty sure they were looking for the money in this round but didn't get it for whatever reason. If the new sites can be brushed up quickly and the new group cashflow harnassed, they could fund a couple of the smaller UK deals internally... That might give them a chance to come back to the market for the money for the bigger deals - the Dutch one needs £11m!

[abbey8] 14/2/2010 15:53

it does not sound a good deal for us.

[jpjp100] 14/2/2010 14:03

the objective is, I think, clear

- do a reverse takeover of another business (privately held), paid partly in new shares

- as part of that deal, roll over an existing bank facility of £45m on decent terms (likely the acquisition company is part owned by the bank already)

- so PRA gets a bunch of new sites and a £45m 'overdraft' at a decent interest rate

In addition there are 4 more deals, including one in Spain and one in NL that are at late stages of negotiation but no funding is available to close them. I suspect PRA was looking to raise more than £6m but this is all it could get for now.

All the rest is the detail of how its done and some stuff to overcome some of the listing rules on AIM (holding level to trigger a takeover bid and changing the face value of the PRA shares from 10p to 1p)

I think

[abbey8] 14/2/2010 10:08

At last news and it seems good, i need all day to read and understand their
objective.

[jpjp100] 12/2/2010 11:59

sounds like its a done deal for now

had one known about it sooner, one might have had the chance

must be worth a call into the FD to make an offer - there are clearly some more deals that could be done if more money was on the table

[plunge] 12/2/2010 11:52

Does anyone know whether private investors are going to be allowed to participate in this placing?

TIA

[jpjp100] 12/2/2010 11:21

seems a very complicated way of achieving the stated objective, no shortage of fees to be paid there!

but the intent is good and the result should be OK

I read that there is more to come too - enough being raised for one deal here, but 5 are mentioned in some detail.

[jpjp100] 12/2/2010 11:06

Big announcement, placing, reverse takeover, convert loan notes to equity....

[jpjp100] 12/2/2010 09:16

A nice little e-zine has appeared on the www.praesepeplc.com home page

'How do you grow a pan-European gaming business in the midst of a recession'

Worth a look imo

[abbey8] 08/2/2010 09:05

i am sure news will be coming soon.up trade ?

[brownie69] 04/2/2010 16:51

Knowing Nick Hardings track record with Talarius etc I'm sure he is working on deals. The whole strategy here is to further consolodate a still largely fragmented sector. Plus i like the space as its a recession proof niche of the gaming market.
Further bolts ons to the central costs equals a higher % at EBITDA level per unit added.

DYOR etc

[abbey8] 02/2/2010 08:38

gambling seems is the talk of town now days,just wish we hear some more
news.thanks

[jpjp100] 02/2/2010 07:43

You saw the bulletin box on praesepeplc.com following the EAG trade show in London I guess?

Steve Lawrence's appointment is good news as is the increased number of Bingo licences. If Micro Bingo works, it will be a nice business model

[jpjp100] 01/2/2010 12:44

yes, but unless and until there is an announcement, there isn't a lot to discuss