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The RNS did not say how much they were getting or how much of their US B2C business they were selling (unless I missed it) so not of too much use, which I guess explains market's lack of response. But it has to be good news - they are getting out of the market, so if they can get something for any of it, it's better than just shutting things down.
This one seems to trade in its own little micro climate. No concerns for me (at the time of print, naturally).
Got an 85p buy order set for another little trading tranche, should it hit. GLA.
Surely a positive? And this news was already discussed a while ago.
Wonder why the negative reaction from the market today.
Sorted should be a boost
+25m ANNUALLY
-7/8m costs 2024/29
Savings Net £16/17m - reinvest in business growth £10
WIll there be a special dividend ?
RECURRING annualised BENEFIT to Adjusted EBITDA of approximately £25 million from 2025 onwards.
Expects to incur net one-off cash costs of approximately £40 million in relation to the exit of the US, inclusive of the brand licence termination fee already announced, with such payments occurring from 2024 until 2029.
Https://www.londonstockexchange.com/news-article/888/sale-of-us-b2c-assets-to-hard-rock-digital/16399014
888 Holdings Plc
("888" or "the Group")
Sale of US B2C assets to Hard Rock Digital
888 (LSE: 888), one of the world's leading betting and gaming companies with internationally renowned brands including William Hill, 888 and Mr Green, today announces the conclusion of its strategic review of US B2C operations. As a result of the review the Group has agreed the sale of selected assets to Hard Rock Digital ("HRD"), completion of which is conditional upon, amongst other items, relevant regulatory approvals. It is expected that the disposal will be completed in a number of phases, with final completion expected in Q4 2024.
The Group has commenced a controlled exit of its remaining US B2C operations, with the intention of fully ceasing operations by the end of 2024, subject to regulatory approvals and process. The exit of US B2C operations is expected to realise a recurring annualised benefit to Adjusted EBITDA of approximately £25 million from 2025 onwards. The Group intends to reinvest approximately £10 million of these savings into growth and value creation initiatives.
The combined net impact of the sale and exit of US B2C were already incorporated into the financial targets that the Group announced on 26 March 2024. The Group currently expects to incur net one-off cash costs of approximately £40 million in relation to the exit of the US, inclusive of the brand licence termination fee already announced, with such payments occurring from 2024 until 2029.
Add & trim.
When I first started 888 I had a small holding, went south so added increasing quantities.
I now have 8 x my initial holding averaging at below 60% of the the close price.
Hope my trims did not spook the market 😉
Unfortunately we didn't get to stay around the 93p mark.....would have been a very nice result on the day
Well done again Mary. I did not add, but not trimmed further myself yet either.
I was quite happy with the current name (do not like the new one) and while not concerned with the update today, I did not anticipate more than a fairly flat day.
Demonstrating how totally out of touch I am right now with the 'feel' of SP movements, on a short term basis anyway.
It is less annoying when it is to the upside as an existing holder, as the silver lining to this particular cloud :) GLA.
The volume on the rNS Jan drop was 2 way at 5.1m and these are the last few days here.
26 Mar 2024 85.00 93.40 82.50 92.50 92.50 1,525,767
25 Mar 2024 86.80 88.00 83.80 83.80 83.80 1,620,702
22 Mar 2024 86.50 93.25 86.28 87.20 87.20 2,051,044
21 Mar 2024 87.35 87.35 82.05 86.40 86.40 615,774
20 Mar 2024 88.15 88.95 83.50 84.30 84.30 2,313,273
Trimming no more today.
107 /92 indicaed to me that 107 is the next target.
Love a bit of backwardation
888 was an easily recognized brand name. I understand that they want to decouple the holdings group from the core brand but Evoke doesn't really do much to "evoke" much enthusiasm
HIt a trim so did a slight one. This is heading towards £1.
RNK on the move too, a few buys and it will go to 80p from 67 - tim eto add when the price is low.
I guess the rich americans are now rolling out of bed and starting to buy.
Given the turbulence, I think the results are good. A year of steadying the ship and planning the next route.
Acting like a Harrier today - vertical jumping
Guess any suitor would need to pounce soon.
Good to see the up move being confirmed.
Spot on Mary. What a waste of time, effort and money on a naff name change. Results okay but debt still too high.
Hopefully not , go broke with evoke
Results not great imv , when compared with Flutter BUT the strategy looks compelling and if the market buy into the optimism we could get a decent rise here , more so than with fltr which has growth priced in to some degree. [ I hold both 888 and fltr]. We shall see.
Agree re the name, and when it comes down to it every time the Company is mentioned in the press it'll be Evoke (formerly 888) so they may as well not bother.
Nice year on year comparisions + 41% ebitda
Morning confluence
Will be adding on weakness.
# Seems to be inline with the Jan RNS - but no fireworks nor disasters so on track
# Name change to evoke ! OMG - I remember abdn name change so not a fan - at least "Flutter" & "Entain" are creditible.
Go woke with evoke ! Geez.