Utilico Insights - Jacqueline Broers assesses why Vietnam could be the darling of Asia for investors. Watch the full video here.
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One remark.
Asians cannot buy the PTEC unregulated biz as AFAIK PTEC is just a software provider there (unlike in Latin-America). Thus, if Asians want to keep their grey/black market with PTEC products, they must have a buyer that tolerates unregulated biz. Switching to another provider may be complicated for several reasons (eg. Tom Hall )
Massive number of trades as expected. Been thro. all and only two large trades amongst them. Both 100K buys at 8.30ish am. Agree with TaffTaff and would argue that the asians could now average down on their investment and take advantage of the lower share price and build it to 51% and take full control.The takeover panel ruled that they were not in concert so there you go. Guaranteed they have a plan for a no vote, so this may be it.The pension funds must have given Playtech good warning that they wouldn't be backing the vote for them to issue the RNS before the vote. We have to thank Aristocrat for poking the bear and JKO for exposing how undervalued Playtech is. Sell italy to entain and SPAC caliente and you got most of your money back. Asians buy their unregulated asian market and we are left with one lean machine focusing on the US. Could i be missing something???
so many people buying here- what do they know that we don't? anyone with insight into the matters please
It is not so simple. Asians have taken 28% of free float off the market and will not sell it at current prices. Not sure who is gonna sell here to reach -10%, maybe only some M&A investment funds. IMHO failing of Aristocrat offer is already in the prices.
This will knock another 10% off the sp.
Longterm prospects ok but I really wanted the bid to go through, take profits and walk.
thanks. suppose my votes wouldn't make any difference anyway..
I'm with Hargreaves Lansdown and the voting details were shown on there a few weeks ago.
has anybody on this B/B received any notification regards voting for the takeover ? i have all my accounts with halifax and not received a word ?
6.8 GBP price tag will not see my signature. It is far less than sum of the parts at current prices (including the existing biz, stake at Caliente and SNAI, US biz&opportunity) and leaving out any synergies that different branches of PTEC businesses have (distribution of games, marketing know-how, etc.).
I argue that the situation has also changed compared to the time when Aristocrat made its offer. A few months ago it was not known that Caliente is worth 0.67B GBP more than on the balance sheet (read my post below). It was also not known that the acquisition of Sisal reveals a price for Italian operators that corresponds to 1.5+B GBP for SNAI (roughly 0.5B more than expected by the market).
So we are talking about 1B+ GBP extra value in PTEC which corresponds to 3+ GBP per share.
I believe it is fair to assume Aristocrat did not have insider information about Caliente and SNAI when making the offer.
Now the question is how much I would be ready to give up from the extra 3+ GBP per share to Aristocrat for their immediate cash offer.
I think I would accept the all-cash offer starting from 8.5 GBP per share, which leaves more than 1/3 of the upside to the acquirer. Otherwise, I am ready to wait for divesture, a new offer or continue with BAU.
https://www.thetimes.co.uk/article/asian-investors-could-yet-block-playtech-sale-b6w7b5n0n
Just read another of interest
https://www.thetimes.co.uk/article/rich-hold-the-aces-in-playtech-takeover-d7s605fr3
Excellent summary in today's Times.
STEFANOS: Thanks. Even more reason to remain holding.
gruyere.. consensus is that the sum of parts is far greater than the £6.80 offered. The latest conservative figure out there is that £9 is achievable with ease. The directors are keen to get the aristocrat offer through as they will be getting substantial bonuses and salary increases as incentives which is the norm. If you go back in the posts ,there are some detailed breakdowns of book values of all their operations. One analyst at the weekend described PTEC as a hidden gem. I was worried that the asians had us by the b*lls.
Stefanos: Agreed and at least there sounds like there is a back up plan. Who knows, maybe the sum of the parts might be greater than the whole. It is also a bit of an arm twist to the Asian investors.
nice to hear that playtech will play the asians at their own game. if they block the takeover then they will break up the company and sell all of it peacemeal to highest bidders so we get full value of sum of parts. Must have really p*ssed of playtech to get so stroppy.
I suspect that JKO couldn't get all the figures together cash wise and Eddie Jordan was using Asians as an excuse to save face. If he was a lolly , he would lick himself. Just have to sit this out. Pure luck, but sold out of TGA reluctantly on friday and went all in on ptec. Saved a pretty penny. Taking it as a good sign..
I suspect they are calculated risk takers, the only hand open that won't lose them money is to go north of 680 p on the table and squeeze value out of Aristocrats, I am hoping either they want it at say 750p themselves or want closer to say 850p+ increased bid from Aristocrats as 750p from JKO didnt entice them to talk
hope you're right.. I'm worried that they block the vote and just sit tight without any announcements ,happy to let the share price drift as they know they control its eventual destiny. They're gamblers at heart and probably enjoying all the uncertainty and using it to their advantage. Twist or fold???
Not long to wait til 2nd Feb, unless it is further postponed.
I am finding it hard to imagine any realistic scenario where Ptec doesn't get bought for less than 750p+ once this all plays out - any views?
Playtech are already in partnership with Mr.Paul through casino Les Ambassedeurs. They provide the software for their online gambling. I see aristocrat willing to sell the asian operation as its unregulated and could be a regulatory problem, but i think its the sum of parts that is interesting everyone and is what they are playing for. God knows whats going on behind the scenes and where this could end. Not doing my ulcers any good though.
No Idea, but they are all involved in the Asian betting industry from what I read- I was trying to work out if they use Playtech services in their existing operations and want to block a t/o to maintain status que or whether they actually want to buy it. Aristocrat comments about not operating in markets that jeopardise their licensing would seem to be at odds with the unregulated nature of the Asian ops - this is just my rudimentary understanding, any LTH with specific knowledge of what Playtech do in Asia atm would love to hear thoughts.
I also read that Aristocrat were the only player that had already got approval to operate in the US, are the Americans going to let this group of HL/ Chinese investors into their market? Not so sure about that.
A lot of unanswered questions but I bought in Friday on the high level assumption that people would not be piling in about 700p if there was no value, so 570p seemed a fair punt.
I noted the comments by sum about this retracing heavily if the current bid is blocked, but I would say this also, in the pandemic Willhill was down at sub 30p, its t/o price was north of £2, so don't underestimate the future value of Playtech either..with the American market growing at such a clip, I can only see more interest in Playtech stock in the near to medium term.
Does anyone have knowledge of whether the “28% group” has, or could raise, the funding to outbid Aristocrat and so take the company private?
The Times have identified the ringleader of the H/K crew. He's Tom Hall a.k.a. "Hong Kong Tom" who was the ceo of Playtech when it was floated in 2006 .He personally owns 1.3% of playtech and is acting as the conduit for the asian investors. The board of Playtech have reached out to him but have hit a brick wall and admit they have no idea what their intentions are.
I suspect the reason they haven't engaged is to avoid confirming they are acting in unison which would force them make intension clear, by waiting in the wings the competition is now out of the running for 6 months, so just them and Aristocrats, to whom they could then sell off what they dont want and reduce the cost of purchase. I suspect any news of a counter offer will not come until just before 2nd Feb. Likewise the others could also build up a blocking stake against HK, at some point they will have to sit down and all be adults.
PYUECK - so you think they have bought over a quarter of the company north of 700p just to sit on it? Interesting, not totally implausible...perhaps you are right but there are too many potential bidders for this not to get sold IMO