Worldspd Share Discussion Threads

[carrera] 16/3/2012 14:57

Is Clients Money Safe with this Company, anyone know?

C.

[noon] 16/3/2012 14:05

WorldSpreads Group PLC

Suspension of shares

Further to the announcement earlier today regarding the suspension of its shares from trading on AIM, Worldspreads confirms that following a review of the Group's financial position, possible financial irregularities have been identified. Whilst the Group and its advisers investigate, Worldspreads has requested a suspension of its shares from trading pending its findings and clarification of the Group's financial position

Given the uncertainty as to the outcome, Worldspreads is currently unable to assess its financial position, and inform the market accordingly, and considers the suspension to be appropriate. The Group expects that the suspension will remain in force until such time as Worldspreads is able to determine with sufficient clarity the Group's financial position.

The Group has notified the FSA of these developments. Further announcements will be made in due course.

[acta_topup] 16/3/2012 13:45

I suspect it's game over

[alfg] 16/3/2012 13:42

Shares suspended apparently

Clients can`t withdraw funds

[wexboy] 23/2/2012 02:55

Hi folks,

Just posted Part V of The Great Irish Share Valuation Project, including valuation and some commentary about Worldspreads:



Cheers,

Wexboy

[tr65] 08/2/2012 16:22

...or die?

[fast mover] 10/1/2012 14:29

When is this little baby going to come alive?

[sjcsystems] 13/6/2011 11:36

It is ironic that WS say their future is in Europe when for many years, any such suggestion was frowned upon. Are they going to be renamed EuroSpreads ?

[lbo] 19/4/2011 21:07

SPREAD betting company Delta Index is seeking a buyer or strategic investor to help bankroll an accelerated expansion out of Ireland, the company confirmed to the Irish Independent last night.

[ibrahim1962] 28/3/2011 15:43

Mention of Conor Foley's dealings in Ben Jaglom's monthly column

[socrates9] 11/2/2011 17:27

Well said SJC
If the MD (and other members of his board) had faith in the company why were millions of options held by them at in the money prices allowed expire in December.

Laughable stuff all round unless you are a holder!

[sjcsystems] 11/2/2011 16:18

And the options...

[fast mover] 11/2/2011 08:34

It's good to see the MD has bought three tranches of shares in the business in the past 3 days... He clearly has faith in his vision for the future prosperity of the Group.

[brownie69] 28/1/2011 19:05

WSPR=Disaster area.

Cant imagine why Foley etc not been investigated for the way they gave the only consistently profitable part of the business. They it appears they left enough ambiguity in the disposal to contract to even make that price doubtful!

Completly screwed up the business model and marketing.

Is it possible to short this dog anywhere?

[lbo] 28/1/2011 14:16

Worldspreads shares plunge on warning

[sjcsystems] 18/1/2011 14:31

Merrion and partners face suit over spread-betting deal
Dispute centres on the sale of Irish spin-off and involves a €1.55m deferred portion of the price that OR Spreadbetting has refused to pay
Mark Paul
Published: 16 January 2011
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W orldSpreads, the Aim-listed financial spread-betting company, is suing the Merrion Capital-backed consortium that bought out its Irish business in 2009 in a deal worth more than €11m.

WorldSpreads has filed a High Court action against OR Spreadbetting, the consortium that owns the Irish spin-off now trading as MarketSpreads.

Merrion has a 47% stake in OR Spreadbetting with management led by Brian O'Neill, a co-founder of WorldSpreads, and investors holding the remainder.

The legal row is over a €1.55m deferred portion of the sale price that OR Spreadbetting has refused to pay pending the resolution of a separate row.

WorldSpreads and MarketSpreads are engaged in a dispute over which company is responsible for expenses accrued at around the time that the deal was closed in late 2009.

In preparing its 2010 accounts, MarketSpreads discovered expenses that it believed should have been covered by WorldSpreads.

WorldSpreads, whose chief executive Conor Foley co-founded the company alongside O'Neill, has now sought summary judgement for the €1.55m in the High Court.

Foley declined to comment last week. MarketSpreads said: "We have had an excellent year, and we are in a very strong financial position. WorldSpreads has agreed with us that we owe it less than the €1.55m."

There is a further €1.55m slice of the sale price due in 12 months' time.Sources said the two companies were expected to sit down this week to try and hammer out a resolution to the dispute.

In its first year since the management buyout, MarketSpreads expected to generate sales of about €6m. When it traded as the Irish division of WorldSpreads, its sales were about €4m.

Its shareholders include former Merrion chairman Ray Curran and Fergus Rice, another former WorldSpreads executive who bought out its sports betting business.

In November, WorldSpreads reported six-month sales up 23% to more than €7.4m,although it recorded losses of €440,000, compared to a profit of more than €1.6m in the same period the previous year.

The company said the losses were due to an expansion drive across continental Europe and Britain.

[sjcsystems] 11/1/2011 14:01

No mention on the news wires of any of those options being exercised...

[socrates9] 14/12/2010 12:18

Maybe she's a killer hire but I've never heard of her, looks very low key.
Hope she lasts longer than Roger Hynes.
Interesting she is also not buying any stock.

I dont think any director new or old of this firm has ever bought any meaningful amounts of stock.
Very large pool of options expiring today.
Will be interesting to see whether any of it is exercised.
If the directors don't show faith and pay up why should anyone else?

[sjcsystems] 14/12/2010 11:58

There is always the offering of credit, plus MarketSpreads are not reliant on the Irish market alone. Life goes on regardless in Ireland, yes there is hardship, but ordinary people are still living their lives within their means.

I see WS have a new Director, is this a token female presence on the Board ? Any ideas on where she came from ?

[guidfarr] 14/12/2010 03:27

"As for your comments about the Irish economy, I think you're failing to realise that spread betting companies and their clients do well whether the economic conditions are good or bad."

yes but with what money will Irish people bet on if they don't have a job and their disposable income crumbles with ever increasing taxes?

[sjcsystems] 06/12/2010 21:33

Yes guidfarr, but all those offices are in Europe, so it fails to mention South America, China and others, all of which used to be on their website 'map'. It also fails to mention Spain and Hungary which were their first two foreign locations, or Greece, Serbia, Lithuania and Portugal for that matter. More telling though is no mention of Ladbrokes or for that matter Victor Chandler. I believe PanIndex are doing a lot of marketing activity in Scandinavia so perhaps WorldSpreads are looking in the wrong direction.

As for your comments about the Irish economy, I think you're failing to realise that spread betting companies and their clients do well whether the economic conditions are good or bad.

[guidfarr] 04/12/2010 19:02

I agree that the new owners of marketspreads and sportspreads are doing a good job...but with the Irish economy in an abysmal state what future does that market hold? And I do understand why worldspreads would have wanted to part ways with its sports division - today's live betting is taking much of the action away and it would make sense for Worldspreads to concentrate on financials. I mean even IG has openly put up its sports division for sale as it is now basically a distraction more than anything else.

expansion overseas:

"Conor Foley further pointed out that the results highlighted strong trading during the period with activity in all business units expanding. International expansion was also progressing as expected and the Group was now operational in France, Germany, Denmark and Sweden. Marketing campaigns were under way in those territories as well as in the UK and the initial response had been encouraging."

[sjcsystems] 03/12/2010 09:46

www.marketspreads.ie and www.sportsspread.com are the two sites you are referring to.